It is possible that BTC is showing the 50% retracement of what could be the 1st wave of a macro bull pattern. This would also mean that we have closed wave 2 and are at the start of wave 3.
We are still very capable of breaking down, and if it breaks down below $8,100 it would negate the 50% retracement option. Wave 2 is often a 50% retracement of wave 1, but can also be a 61.8% retracement of wave 1. This would allow a drop down to $7,800 and the count would still hold validity. Either way, my original thought that we could have already moved into a bullish impulse wave is still a viable option.
For a lot of reasons, this should be considered a no-trade zone until we have confirmation of a bullish break of the larger channel resistance coming off of $9,970. That being said, I know some people that are long-term holders of BTC started stacking portfolio buys already at this point (15% at 8200, 20% at 8000, etc.) Look at all the ideas that are out there, look at your own TA, manage your own risk/reward and do well. We could very well be close to entering an exciting time for BTC and crypto as a whole.
We are still very capable of breaking down, and if it breaks down below $8,100 it would negate the 50% retracement option. Wave 2 is often a 50% retracement of wave 1, but can also be a 61.8% retracement of wave 1. This would allow a drop down to $7,800 and the count would still hold validity. Either way, my original thought that we could have already moved into a bullish impulse wave is still a viable option.
For a lot of reasons, this should be considered a no-trade zone until we have confirmation of a bullish break of the larger channel resistance coming off of $9,970. That being said, I know some people that are long-term holders of BTC started stacking portfolio buys already at this point (15% at 8200, 20% at 8000, etc.) Look at all the ideas that are out there, look at your own TA, manage your own risk/reward and do well. We could very well be close to entering an exciting time for BTC and crypto as a whole.
We can keep a close eye on our RSI levels as we approach the $7,800 mark. Given how incredibly over-sold we currently are on multiple time-frames, I am guessing BTC needs to breath for a bit. I also want to note it would be a clever zone for peeps with a lot of money to acquire a lot of BTC as people off-load like crazy. I will also post one more bearish option shortly with its rationale.