- Now it's weekend with less whales
- is much lower, but that's logical because it is weekend, but also offers more room for manipulation
It looks like we have finished the purple area and could be going up from here. I do think chances are bigger that we should see a bigger consolidation phase with prices between 7400 and 8300. My view on things now is, that even if we go up from here and break the 8400, i think a new high will be less sustainable. I think the high for this rally will be less high than if we make a bigger correction now. I am still long from the 6710 and i am planing to ride it out with the next wave up.
Bigger game plan:
Since almost two weeks now i have been saying that we would need higher prices in the 8K's and maybe even 9K's to shake out all the bears, but the weakness of the market was confusing. When the second rally to the 7200 got sold of pretty hard, i got confused as well because i really thought a solid was formed. Since that drop from the 7200 i knew the market was getting weaker but still i went long at the 6710 because i believed my theory about the accumulation was right. But that drop from the 6950 to 6700 was not giving much confidence as well :). But quite fast after that drop the whales showed their hand and started to push the market up and triggered a massive short squeeze. When we were still in the 6K levels i talked about that IF we would rally up to the 8K/9K levels i would start to build up a big short position. That idea has not changed, yet!
So what my plan for now is, that if we do rally up from here, i could be building up my short position around the 8800/9000. If we DO make that bigger correction now, than i will probably start building it up around the 9200/9400. But i won't start to short it without any signals that momentum is slowing down. For more information please read some of my previous analysis.
I want to thank you guys again for making me the number 1 author of the week, thats a record for me :) And today i crossed the 5000 followers as well. Last but not least, i have the number 1 Bitcoin idea, again :)
Good luck trading and don't don't trade to much during weekends :)
So it looks like we are making an identical move as a month ago. If we continue like this we should see another move up soon. But i don't like it when things get TO easy, so be aware
It's just that this market has become meaner every week. So we have to think about every scenario
Don't forget to like guys if you like this idea and my updates :)
When you look at my primary chart, you can see that i marked it as a heavy resistance area. I was thinking about just selling here at 8370, but market sentiment is still very strong, so the green support could catch the price if we drop from here
Thats it for today guys, Good luck trading,
Don't forget to like if you appreciate my work here, i am also loosing grip on the daily author :) LOL
I posted a new idea, don't forget to like :)
I'm still trying to figure out what happened in the market these days.
Maybe I'm wrong, and maybe I'm right, in any case, there are a lot of things to learn.
I'll find patterns, tricks and ideas and learn about all of them and I'll post a lot of updates here. Be with me and let's figure it out together.