Bitcoin Still In Bear Market
It is almost impossible to pinpoint a specific target where the market might start to reverse.
Currently, this scenario is what I have been waiting for months, which will certainly not look like this in the end.
But that's unimportant, because that's TA.
It can not always go in one direction only.
In December, you could blindly choose a coin and make profit, because then everything went up.
We react to the market and not the market to us.
That's why we have to be open to everything until we have clear signals.
To the possibilities:
- For now I continue to expect that we break through the top and then reverse again to break the bottom.
- Be careful, should we break the top or current trendline.
- It may be that we drop another 5-10% from here before it goes up, but that would not change the idea,
it would only change the trend line.
-> So it's time to wait what Bitcoin offers us.
It is almost impossible to pinpoint a specific target where the market might start to reverse.
Currently, this scenario is what I have been waiting for months, which will certainly not look like this in the end.
But that's unimportant, because that's TA.
It can not always go in one direction only.
In December, you could blindly choose a coin and make profit, because then everything went up.
We react to the market and not the market to us.
That's why we have to be open to everything until we have clear signals.
To the possibilities:
- For now I continue to expect that we break through the top and then reverse again to break the bottom.
- Be careful, should we break the top or current trendline.
- It may be that we drop another 5-10% from here before it goes up, but that would not change the idea,
it would only change the trend line.
-> So it's time to wait what Bitcoin offers us.
Note
''It may be that we drop another 5-10% from here before it goes up, but that would not change the idea, it would only change the trend line.'' This shouldn't happen anymore.
We broke out of the flag and critical area of around $9,800.
This should go up till around $10,200-$10,600 until we see another correction.
Note
Because someone asked me private:A ~10% drop can still happen and would shake out all longs before the upmove, so I recommend to not panic when we go down and move your stops.
Note
Bitcoin broke trend line. If it's not making any bull flag, then I am expecting a ~5% drop.
Could go down more, but there is no reason to panic.
Like I said a sharp drop would shake out all longs and make people fearful.
This is how the market works.
Note
A drop would be very good to be honest. The whole bulls would turn bearish again and think it would have been a bull trap. This is the best example of how the whole smart whales reduce the money from the fishes.
Think differently.
By the way, I will continue to hold my Litecoins and Bitcoin Cashs as they look very strong in contrast to other Coins.
Technically I do not see that they will drop with Bitcoin together.
If they should do it, then I like to wait with them.
Note
Could also be just a running flag and we are going higher here. This would increase the fomo for later.
Very unsure with Bitcoin right now, but I am still expecting an upmove later - doesn't matter if we drop from here.
Note
To clearify Bitcoin just formed a running flat and will rise more.Should break $10,000 easily and find resistance somewhere around $10,400.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.