Current short term situation looks like the bear flag has been invalidated. With a 1D close above and test of the top trend, it is a safe bet that BTC is going to take another leg up to $71XX or possibly even extend to $78XX. Alts should follow as long as BTC doesn't move too fast. However, we are still in a bear market so we must remain cautious.
If my theory is correct, this will be a fake out to trap longs. Twitter sentiment has turned bullish, many people seem to believe the bottom is in so its possible this is just a bog. Not to mention we have the shorts that can fuel it, shorts closing will be another good psychological trap.
Fake out to -> drop will be invalidated if BTC climbs above the top trend at $78XX and confirms support.
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My position;
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Entry : $6759 ( and below )
Target 1 : $7074
Target 2 : $7747
Stoploss : $6647 ( Also suggested to trail with stop loss once the move has begun )
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This is not financial advice, I am not your financial adviser. This is explicitly my own opinion and should not be treated otherwise.
If my theory is correct, this will be a fake out to trap longs. Twitter sentiment has turned bullish, many people seem to believe the bottom is in so its possible this is just a bog. Not to mention we have the shorts that can fuel it, shorts closing will be another good psychological trap.
Fake out to -> drop will be invalidated if BTC climbs above the top trend at $78XX and confirms support.
----------------------------
My position;
----------------------------
Entry : $6759 ( and below )
Target 1 : $7074
Target 2 : $7747
Stoploss : $6647 ( Also suggested to trail with stop loss once the move has begun )
----------------------------
This is not financial advice, I am not your financial adviser. This is explicitly my own opinion and should not be treated otherwise.
Comment:
Target 1 reached, moved stop to $6912
Comment:
Stop loss lowered to $6774
Layering buys from $6900 - $6800
Layering buys from $6900 - $6800
Comment:
All buys were filled. Stop loss raised to $7147