if you're like me, your trading account just took a hit. i had 6 open positions, all stopped out, negating almost a month's worth of winning trades. it happens. no need to get pissy about it, just make the most of the hand you're dealt!
i'll be the first to admit when i'm wrong. i didn't think the $40k-
42K support would break. it did. price dropped to $30k, putting the overall retracement over 50% (there were no retracements of this magnitude during the last bull run, you need to go all the way back to 2013 to find one).
what does $30k give us? aside from a pretty sweet discount, we have some new margin buying pressure levels to look at. i think the jury is still out on which way the market is headed, but i'm longing the shit out of this thing and using these 2x and 3x levels to take profits (along with prior support/resistance levels of course).
i'll see you on the other side.
i'll be the first to admit when i'm wrong. i didn't think the $40k-
42K support would break. it did. price dropped to $30k, putting the overall retracement over 50% (there were no retracements of this magnitude during the last bull run, you need to go all the way back to 2013 to find one).what does $30k give us? aside from a pretty sweet discount, we have some new margin buying pressure levels to look at. i think the jury is still out on which way the market is headed, but i'm longing the shit out of this thing and using these 2x and 3x levels to take profits (along with prior support/resistance levels of course).
i'll see you on the other side.
Note
just to be clear, the price action here still does NOT look bullish. i think we're going to get a definitive answer around the 42K-$43k zone. if you haven't taken a position on this one yet, i would wait and see which way price breaks out of the ascending wedge. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.