BTCUSD ~ Correction Continuation
Updated
As per my previous posts, it does look like BTC has rejected the upward channel we previously held for the entire bullrun up to this point.
The re-entry back into the channel also coincides with 10D and 20D MA's which were also rejected.
Now we are most likely to go down and retest 50D MA and 100D MA.
The 100D MA, over the next weeks, will run up and meet what I call the "price-floor" which I gauge to be around 42k area (not exact, and it will surely wick below it).
I am therefor placing BUYS from 45k all the way down to 35k, hoping for some crazy wicks as n00bs panic-sell.
For me its been very easy to find good entry BUYS on nearly all charts, to line up between the same ranges of fibonacci-retracements with what I expect BTC to go to.
So if BTC is going back down to its 0.618 fib for example, and is currently above the 0.5, you can typically also set buys on other coins at the same fibs (and lower fibs as well, since alt coins will dump more than btc will).
In a bull market, only trade or buy with the trend = we are NOT shorting anything.
Shorting a bull market is suicidal, as is longing a bear market.
Therefor I an NOT marking this chart as a short, even though I do expect we go down.
BTC's strength can pump us up anytime, and it might be too strong for us to even reach the price floor we are hoping for.
Just like those dumb greedy hedgefunds overshorted gamestop - dont be that one....
The re-entry back into the channel also coincides with 10D and 20D MA's which were also rejected.
Now we are most likely to go down and retest 50D MA and 100D MA.
The 100D MA, over the next weeks, will run up and meet what I call the "price-floor" which I gauge to be around 42k area (not exact, and it will surely wick below it).
I am therefor placing BUYS from 45k all the way down to 35k, hoping for some crazy wicks as n00bs panic-sell.
For me its been very easy to find good entry BUYS on nearly all charts, to line up between the same ranges of fibonacci-retracements with what I expect BTC to go to.
So if BTC is going back down to its 0.618 fib for example, and is currently above the 0.5, you can typically also set buys on other coins at the same fibs (and lower fibs as well, since alt coins will dump more than btc will).
In a bull market, only trade or buy with the trend = we are NOT shorting anything.
Shorting a bull market is suicidal, as is longing a bear market.
Therefor I an NOT marking this chart as a short, even though I do expect we go down.
BTC's strength can pump us up anytime, and it might be too strong for us to even reach the price floor we are hoping for.
Just like those dumb greedy hedgefunds overshorted gamestop - dont be that one....
Note
very surprising pump back up into the ascending channel by BTC yesterday.however, looking across various exchanges, i dont see volume above the volume moving average.
methinks this is a fakeout and we'll continue the retracement downwards, but you never know with how strong crypto market is right now....
i am not trading any of this. just HODLing, and obviously hoping my orders are filled with a final drop before the bullrun continues.
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