This is a bull market! Long the support, don't short it...
Updated
I hope this time the chart speaks for itself. No pitchforks, moving averages, or even Fibonacci's, pure and simple volume support (previous resistance turns into future support). DYOR
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What's harder than being wrong? Admitting you were wrong!I made a mistake by going long too early at the lower 9k range and encouring others to do so (although DYOR was mentioned). However, some stability can be found at the 0.5 FIB (8476), and knowing Bitcoin, it might definitely be possible that whales are now accumulating and trapping many daytraders in their bottom shorts. I'm not going to say that the bottom is in, but I will simply say that it might be in, and a bottom at the 0.5FIB is more than healthy for this bullish momentum. In case that this turns out to be our correction bottom mid term, those lower 9k long positions could be in huge profit very soon, just pointing that out.
What if we close a daily below 8400? Let's look at the 0.618 - 0.64 golden pocket area which stretches from 7900 - 8000. This price range, based upon volume, seems to be an area of importance as well. In my opinion this would be the last bullish stance avoiding a drop to the 5400 dollar region (if not lower).
Please be mindful if you plan on going short anywhere in this region, a drop below 8400 is not the same as a daily close below that PT! I've seen so many traders making that same mistake, wickcoin is there to trap you, try to be smarter!
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Hi guys,Today I bring to you the 3 possible scenario's going forward.
For the first scenario I have to thank my friend Bart! tradingview.com/u/BartDeMaere/
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The second scanrio that I find most plausible.Note
And of course the third one for the super bulls that live among us. (Don't forget, 11-11.5 is next resistance zone)
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