Hello traders.
Just wanted to make quick update on the charts that I posted previously. I look at this as a bear trap and short squeeze.
Might spend some time below this range. the longer we go sideways under this range - the better. Distribution takes time and whales need to open longs while more people short.
First target that I'm looking at is ~$10900 (pullback to be expected after towards 9600-10000).
Ranges that are shown in the chart are your targets to cover longs.. Invalidation of the move would be to see price dropping below $8380 and closing on 4h.
For big swing traders I would suggest sticking to $12250-12500 as main take profit region.
Ultimate goal is to reach hype mode at 14k again where we can expect another distribution phase.
This is not financial advise. I'll keep you guys posted. Take care!
Just wanted to make quick update on the charts that I posted previously. I look at this as a bear trap and short squeeze.
Might spend some time below this range. the longer we go sideways under this range - the better. Distribution takes time and whales need to open longs while more people short.
First target that I'm looking at is ~$10900 (pullback to be expected after towards 9600-10000).
Ranges that are shown in the chart are your targets to cover longs.. Invalidation of the move would be to see price dropping below $8380 and closing on 4h.
For big swing traders I would suggest sticking to $12250-12500 as main take profit region.
Ultimate goal is to reach hype mode at 14k again where we can expect another distribution phase.
This is not financial advise. I'll keep you guys posted. Take care!
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