Bitcoin Projections: It's All About the Correction
Updated
Hey traders,
Quick Summary, focus is on the correction today for obvious reasons, where is the bottom? 8700-8900. lots of confluence at this zone. I project a wick will make it through the 200 ema on the daily chart and bounce with nice volume off the .382 fib line for the overall retracement, if we fall below this area things may get bearish real quick.
Remember, its a bear market til we pass over 11780ish. As such, we can't let these rally's go to our head like Bitcoin is invincible. :) lol
Make smart moves and recognize when critical points are broke to validate certain scenarios playing out. Its easier to make short term projections than long term projections, as a trader, this is where the money is made.
If we break out of the descending channel we are in and find support on top of 8300 then a SHORT TERM long position I will enter to 8600 attempt, although i expect to get shutdown from there and fall lower overall.
Best of luck traders.
If you enjoy my videos please follow and like, you can find me under multiple other platforms as well under the crypto blend or crypto hippo. I can't post the links in here though so just YouTube it. Im the only crypto hippo :)
Quick Summary, focus is on the correction today for obvious reasons, where is the bottom? 8700-8900. lots of confluence at this zone. I project a wick will make it through the 200 ema on the daily chart and bounce with nice volume off the .382 fib line for the overall retracement, if we fall below this area things may get bearish real quick.
Remember, its a bear market til we pass over 11780ish. As such, we can't let these rally's go to our head like Bitcoin is invincible. :) lol
Make smart moves and recognize when critical points are broke to validate certain scenarios playing out. Its easier to make short term projections than long term projections, as a trader, this is where the money is made.
If we break out of the descending channel we are in and find support on top of 8300 then a SHORT TERM long position I will enter to 8600 attempt, although i expect to get shutdown from there and fall lower overall.
Best of luck traders.
If you enjoy my videos please follow and like, you can find me under multiple other platforms as well under the crypto blend or crypto hippo. I can't post the links in here though so just YouTube it. Im the only crypto hippo :)
Note
BTC working in a parallel channel thats smalll right now. Here is a chart of the potential plays im looking to make as more data comes in whether we go up or we go down lets make money both ways! Note
green boxes are my exit and entries given the break of the previous high and a break of the previous low to play either position. I feel its more important to recognize the points that validate a specific scenario to play out over another. always good to recognize both scenarios but pointlesss if you dont know when one is validated over the other.
this is not financial advice, best of luck traders.
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