Bitcoin in Dangerous Area Again
Updated
This is the 5th time we've visited the orange line.
These support lines act like a floor. However, the more the market knocks on the floor, the better the chance it has to break through. If Bitcoin falls through, it will test the lows of the move. And if that floor isn't strong enough, it opens the door to much lower prices.
There is also a smaller head and shoulders pattern and we just fell through the neckline. At this point, I hope we hold, but it is more like (60-70%) that we fall through and visit 12k.
If you haven't started thinking about protecting capital, now is a good time. If it holds, you can buy back. I'm just afraid with the holiday weekend, there won't be enough buyers to keep us up in these levels.
These support lines act like a floor. However, the more the market knocks on the floor, the better the chance it has to break through. If Bitcoin falls through, it will test the lows of the move. And if that floor isn't strong enough, it opens the door to much lower prices.
There is also a smaller head and shoulders pattern and we just fell through the neckline. At this point, I hope we hold, but it is more like (60-70%) that we fall through and visit 12k.
If you haven't started thinking about protecting capital, now is a good time. If it holds, you can buy back. I'm just afraid with the holiday weekend, there won't be enough buyers to keep us up in these levels.
Note
So far we have held above support and the longer we stay above, the more chance we have to go back and retest the top of the range. Now that the holidays are over, we will start seeing the volume pick up so price action today will be of great interest. Hopefully we see some bottoming patterns start to form and allow us to take a position.
In my original post, I got out around $15500. I would love to buy back lower but I want to see more bullish signs before I get back in.
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