BTC - What's on the menu now?
Updated
btc failed to hold the important 64 k level allowing us to fall below Bull market support
I had a few long positions get stopped out
To move on the the next potential movement we only need to zoom out and look at the levels , we seems to have gotten so ahead of ourselves pushing the market higher we left a level without a backtest , we will , in my opinion see that corrected with a potential for lower levels of the Fibonacci
Bears may regain the dominance and we could see future zig zag and corrective corrective structures
I had a few long positions get stopped out
To move on the the next potential movement we only need to zoom out and look at the levels , we seems to have gotten so ahead of ourselves pushing the market higher we left a level without a backtest , we will , in my opinion see that corrected with a potential for lower levels of the Fibonacci
Bears may regain the dominance and we could see future zig zag and corrective corrective structures
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WE ARE IN DANGEROUS TERRITORYNote
we may hold 60 k and depending on what we do off 64k will determine alot , its Monday , institutional investors are taking over dominance over price and I believe they want to push it higher, the fact we wicked down to 60~ briefly speaks volumes about a pool of long positions waiting to be taken , they want the sale price
However beware of getting trapped, the market has a tendency to suck in investors and reverse and as such that is why we try to look for pivot points for entries instead of fomo'ing.
Look for pivots , use tight tolerance shorts and split your positions up into fire sale hopeful areas as well as use the fib . that way if you catch it reverse action will get stopped out from buying pressure and we can observe where we go from there
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support at 60500 , we will see if the bears really have it or if there is will among institutional investors to push this higherNote
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we are back in it, lets see where we close today
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