Here's my plan for the correction IF there will be a one. There are basically three uptrend lines breach of which will be a PARTIAL sell signal to me. They are supported by important horizontal support areas/ lines. I will not make a guess which of these supports holds and therefore give me a rebuy signal. I will ladder my sells and rebuys accordingly. I'm in it for the long game, investing not trading, so selling big chunk of my bag and rebuying lower makes sense to me ONLY if correction is really big - possibly to the lowest uptrend line. At that lowest support level I will be watching the 210D MA for additional support so this should better hold as it proven to be an important bull trend indicator. Going below could mean that recent price action was just a relief rally and we're still in bear market. Man, that would suck;-)
Comment:
Nn lower time frames we can see a nice flag printing. It's going to meet the first uptrend line in few hours (up to 12 probably as the US market will be in full swing). Then we will see if it breaks and starts heading to first major support @7200-7500
Comment:
Comment:
So we broke up out of the flag. Nice:-) Good sign but not of the woods yet. CME close still ahead of us... that with the daily close should give us more clarity. All 'n all this dump turn out to be not that serious. Top ten alts already starting to grow. That's exactly what I wan't to see: BTC consolidating on this trendline with alts slowly gaining. Stay strong fellas!