One Last Push Before Correction?
Updated
It's been a common pattern that BTC only truly starts to correct when there is FUD to come along with it. Typically that FUD comes on Mondays. Currently we appear to be in an ascending triangle going sideways, fighting to keep above 8800 level. The best dumps come after buying climaxes with sideways movement / an attempt to break high. Lot of people call it the Bart pattern. Currently we are not in one imo.
The green horizontal lines are when Asia usually starts/stop trading -- essentially a high volume period. I'm expecting that period of time to be a decision point. The targets I have come from previous wicks from the 7.2-9.2k pump (previous resistance. Expecting it to get rejected off of one of those or the 113%/127% fib lines if we start to fly.
TL;DR, I'm longing these wicks until the targets highlighted on the chart, SL around 8800, if it breaks below 8800 with volume, this might be the start of the real downtrend towards 8k. I have shorts placed between ~9.1 and 9.2. GL
The green horizontal lines are when Asia usually starts/stop trading -- essentially a high volume period. I'm expecting that period of time to be a decision point. The targets I have come from previous wicks from the 7.2-9.2k pump (previous resistance. Expecting it to get rejected off of one of those or the 113%/127% fib lines if we start to fly.
TL;DR, I'm longing these wicks until the targets highlighted on the chart, SL around 8800, if it breaks below 8800 with volume, this might be the start of the real downtrend towards 8k. I have shorts placed between ~9.1 and 9.2. GL
Note
Also, the oscillator above shows buying/selling pressure, when it gets tight like it is now, usually indicates a big move is coming -- sorta like a Bollinger Band for volume.Note
Got stopped out my scalp long on the dump, should've seen it coming due to the bearish tilt you can see above^. Flat for now but naturally long until the same targets above get hit. 9k seems a bit out of reach at the time I'm typing this due to how the SRSI being a bit topped out on the lower timeframes. Definitely possible to drop below all support within a few hours. I think this was mainly to stop out shorters.Trade closed: target reached
Took longer than expected, but hit target.Note
This a good reminder to avoid taking bets against the overall trend when going sideways like this. A lot of people went short -- and like I said above, the best dumps come from a buying climax, not sideways consolidation.
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