On the 
YM1! weekly/monthly/quarterly chart, nothing is looking out of the ordinary as of right now.
No matter what timeframe you're looking at, all timeframes have to go through cycles of rise and fall, and this current panic is just a normal red candle on the quarterly/monthly charts.
After this monthly/quarterly pullback, I'm still expecting a push higher to reach at least 48k before any longer term weakness should set in, if at all.
I see $34k-$38k as a mid-term discount zone, with 42-48k as a mid-term premium zone, with 48k as a magnet of sorts for price to draw toward.
I have 2 scenarios I'm currently watching for:
SCENARIO 1 (seems most likely):
SCENARIO 2 (seems very unlikely):
Mostly, I would just counsel people to have a plan. "If bull market stays intact, do XYZ. If bear market develops, do ABC."
YM1! weekly/monthly/quarterly chart, nothing is looking out of the ordinary as of right now.No matter what timeframe you're looking at, all timeframes have to go through cycles of rise and fall, and this current panic is just a normal red candle on the quarterly/monthly charts.
After this monthly/quarterly pullback, I'm still expecting a push higher to reach at least 48k before any longer term weakness should set in, if at all.
I see $34k-$38k as a mid-term discount zone, with 42-48k as a mid-term premium zone, with 48k as a magnet of sorts for price to draw toward.
I have 2 scenarios I'm currently watching for:
- MID-TERM PULLBACK: Bull market stays intact, Trump ISN'T actually Hitler :-), price sweeps under $38k and sets up bounce back toward 48k from there.
- LONG-TERM PULLBACK: World falls apart, Trump IS actually Hitler :-), bear market commences, multiple quarterly red candles, price does a deep pullback to $27.5k before rebounding from there.
SCENARIO 1 (seems most likely):
SCENARIO 2 (seems very unlikely):
Mostly, I would just counsel people to have a plan. "If bull market stays intact, do XYZ. If bear market develops, do ABC."
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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.