While we had a nice little pump out of the last minor downtrend, it was not enough to paint a higher high. Now we are left with a pretty massive head and shoulders pattern forming at a major resistance point.... There has still been massive bullish pressure. Dips are getting bought right up and everyone is sure 50k is coming next candle. I am playing the risk management game as of now. Stonks have been getting beat to sh1t, delta variant, coming inflation, questionable future of high risk investments and the general moonboi attitude are all pointing to doom imho. Bitty never does what everyone is sure it will do...
I still think a .50 retrace of the upswing is possible. I know its not fun in the short term but I think this would be the most bullish outcome. The upside from that correction could take us well past 50k and put us on track to paint a new all time high and really resume the btc bull market.
I'm short til 40k and playing sidequests/alts until bitty corrects.
Peace, love, and crayons
-djb
I still think a .50 retrace of the upswing is possible. I know its not fun in the short term but I think this would be the most bullish outcome. The upside from that correction could take us well past 50k and put us on track to paint a new all time high and really resume the btc bull market.
I'm short til 40k and playing sidequests/alts until bitty corrects.
Peace, love, and crayons
-djb