Dear Friends,
What a crazy week! We never get bored in cryptoland! I managed to save some trades in profit, some positions got stopped, and a few still waiting to close at breakeven. It has been overall a lesson as well...
I needed a break to zoom out a little bit, delete all the lines on the chart and put things in perspective to plan the next steps.
This crash had some technical factors, but I believe it was driven mainly by bad publicity that fed massive bearish speculation. It was a well-thought move to put some fear on retail traders, shake out newcomers, burst the bubble of meme coins, and, of course, make some profits.
As for the bigger picture, I remain bullish, but this might depend on what bullish means for each of us.
And here again, no one knows what will happen, but we should rely on the technicals to prepare ourselves for different scenarios.
1. Monthly
We are forming a Bearish Divergence on the Monthly timeframe, and we Hit almost to the exact dollar the Fib 618 Extention. Now we are in a correction that would bring us back to the Fib 382 / 0.5 at around the previous all-time-high till 14k zone. This strong confluence zone would be the bottom of the "hypothetical Bear Market." If the price moves that low, this would be the perfect buying opportunity. All YouTubers and small investors have capitulated. Prepare to sell your house (and your kidney).
Although there is a little history, Monthly RSI seems to like to test the 43 marks and then perform a bounce from there.
I have put an impulsive EW count. I went very conservative on the extension, but even being that "conservative," the target is beyond imagination. And for that reason, I haven't even thought about the waves 4/5
#btc #bitcoin #btcusd #trading
What a crazy week! We never get bored in cryptoland! I managed to save some trades in profit, some positions got stopped, and a few still waiting to close at breakeven. It has been overall a lesson as well...
I needed a break to zoom out a little bit, delete all the lines on the chart and put things in perspective to plan the next steps.
This crash had some technical factors, but I believe it was driven mainly by bad publicity that fed massive bearish speculation. It was a well-thought move to put some fear on retail traders, shake out newcomers, burst the bubble of meme coins, and, of course, make some profits.
As for the bigger picture, I remain bullish, but this might depend on what bullish means for each of us.
And here again, no one knows what will happen, but we should rely on the technicals to prepare ourselves for different scenarios.
1. Monthly
We are forming a Bearish Divergence on the Monthly timeframe, and we Hit almost to the exact dollar the Fib 618 Extention. Now we are in a correction that would bring us back to the Fib 382 / 0.5 at around the previous all-time-high till 14k zone. This strong confluence zone would be the bottom of the "hypothetical Bear Market." If the price moves that low, this would be the perfect buying opportunity. All YouTubers and small investors have capitulated. Prepare to sell your house (and your kidney).
Although there is a little history, Monthly RSI seems to like to test the 43 marks and then perform a bounce from there.
I have put an impulsive EW count. I went very conservative on the extension, but even being that "conservative," the target is beyond imagination. And for that reason, I haven't even thought about the waves 4/5
#btc #bitcoin #btcusd #trading
