Okay so we've found solid support along the black trendline i've wicked off, right above our last resort bottom green box. Good news is that we HAVEN'T passed through the 1:1 for the C (bottom green box), which keeps us bullish.
Do I see us passing through the Black Trendline? ...It's hard to say, but at this point, we seem to be consolidating and sell pressure seems to be slowing down. Which means, there are more people wanting to buy, over people wanting to sell. But because nothing is confirmed yet, the bulls are staying on the sidelines waiting for that confirmation. So just cause we've slowed in selling, doesn't mean everyones going to jump in and buy. But it doesn't mean Bulls will start accumulating along this black trendline.
REMEMBER: BULLISH DOES NOT mean, that we're going to impulse up straight away, but it does mean we aren't BEARISH. WE'RE STILL BULLISH, UNTIL WE BREAK DOWN BELOW THE 1:1 EXTENSION (THE BOTTOM GREEN BOX).
Why? Because if we have 5 waves up, which I'm sure we have, that becomes our big wave 1, and we're currently on our wave 2 down now. But should we breakdown below the bottom green box, that would be our wave 2 retracing more than 100% of our wave 1, so then we can say we are bearish. But until then I'm still bullish.
I'm still watching, and may start accumulating in a couple days, with a tight stop below the bottom green box.
LASTLY **IMPORTANT** If Bitcoin falls there is a chance that we fall down below the bottom green box, unlikely but its still on the table. Hence why I, like other bulls, are Sidelined and watching for the time being.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT IM SEEING**
Do I see us passing through the Black Trendline? ...It's hard to say, but at this point, we seem to be consolidating and sell pressure seems to be slowing down. Which means, there are more people wanting to buy, over people wanting to sell. But because nothing is confirmed yet, the bulls are staying on the sidelines waiting for that confirmation. So just cause we've slowed in selling, doesn't mean everyones going to jump in and buy. But it doesn't mean Bulls will start accumulating along this black trendline.
REMEMBER: BULLISH DOES NOT mean, that we're going to impulse up straight away, but it does mean we aren't BEARISH. WE'RE STILL BULLISH, UNTIL WE BREAK DOWN BELOW THE 1:1 EXTENSION (THE BOTTOM GREEN BOX).
Why? Because if we have 5 waves up, which I'm sure we have, that becomes our big wave 1, and we're currently on our wave 2 down now. But should we breakdown below the bottom green box, that would be our wave 2 retracing more than 100% of our wave 1, so then we can say we are bearish. But until then I'm still bullish.
I'm still watching, and may start accumulating in a couple days, with a tight stop below the bottom green box.
LASTLY **IMPORTANT** If Bitcoin falls there is a chance that we fall down below the bottom green box, unlikely but its still on the table. Hence why I, like other bulls, are Sidelined and watching for the time being.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT IM SEEING**