Triangle was broken. Not a good looking day, to say the least. If you are a short term trader, then a short would be in order, but keep in mind, anywhere in the circle I placed could be the bounce area, so instead of shorting, I will be laddering in all the way down. This is why i hold the core of my investments. The bounce will be so massive and so quick, that nobody will have time to react.
The strongest support is at the next yellow support line, which would form a larger Triangle pattern, which many alts have already shown. This is a severe bear market, and could last for weeks or months. Nobody knows, but I still think we are in the early stages of this revolution.
I already bought a little bit on my ladder below the last swing low, and my larger orders are further down. Keep in mind, WallStreet and the market makers know everything in the book. They may try a coordinated attempt to make people think we are headed to $4000, only to pulverize the shorts when least expected, and start the new bull run.
The WXY in yellow is a possible alternative on the way down
This is why, if you believe in this sector, and the opportunities this technology will bring, you always have to have some money in the game, IMHO
Hope everyone is well and practicing smart money and risk management in order to have cash for all of these levels
The strongest support is at the next yellow support line, which would form a larger Triangle pattern, which many alts have already shown. This is a severe bear market, and could last for weeks or months. Nobody knows, but I still think we are in the early stages of this revolution.
I already bought a little bit on my ladder below the last swing low, and my larger orders are further down. Keep in mind, WallStreet and the market makers know everything in the book. They may try a coordinated attempt to make people think we are headed to $4000, only to pulverize the shorts when least expected, and start the new bull run.
The WXY in yellow is a possible alternative on the way down
This is why, if you believe in this sector, and the opportunities this technology will bring, you always have to have some money in the game, IMHO
Hope everyone is well and practicing smart money and risk management in order to have cash for all of these levels