Well folks, not too much change on my chart, just a few updates. No doubt the alts are getting some action while BTC is confused. Seems that the whales are fighting. One dumps, one buys. Or maybe this confusion is what they want? Where are we going whales?
8500 is something I'll watch closely. A break out from here is a bullish indicator ... but I also don't want to get caught in a bull trap, with a brief extension above the All Time High Trend Line 1. So I'll wait a little and see what it does. 9177 is the next test. So perhaps I'll test the waters between 8700 and 9200, without betting the house.
On the other hand if 8500 fails, that could be what the bears are waiting for. Probably a smart play would be to setup a bull trap above the All Time High Trend Line, squeeze those shorts, get everyone long, and then setup a nice long squeeze, sending the price down!
If we reverse, I think a 6k double bottom test is a logical target. That could very well start a nice bull run and propel us up to greener pastures. But depending on how much panic sets in 5.4k and 5k are possibilities. Lower than 5k, I'd say the odds start dropping off fast. It's all about probability, and based on that I will stagger in my buys from 6k down.
Remember, only a fool relies on one potential outcome!
Do not use this information for investment decisions. For educational purposes only.
8500 is something I'll watch closely. A break out from here is a bullish indicator ... but I also don't want to get caught in a bull trap, with a brief extension above the All Time High Trend Line 1. So I'll wait a little and see what it does. 9177 is the next test. So perhaps I'll test the waters between 8700 and 9200, without betting the house.
On the other hand if 8500 fails, that could be what the bears are waiting for. Probably a smart play would be to setup a bull trap above the All Time High Trend Line, squeeze those shorts, get everyone long, and then setup a nice long squeeze, sending the price down!
If we reverse, I think a 6k double bottom test is a logical target. That could very well start a nice bull run and propel us up to greener pastures. But depending on how much panic sets in 5.4k and 5k are possibilities. Lower than 5k, I'd say the odds start dropping off fast. It's all about probability, and based on that I will stagger in my buys from 6k down.
Remember, only a fool relies on one potential outcome!
Do not use this information for investment decisions. For educational purposes only.