11K end of this ralley?

2020年2月9日

Hey there,

If you look at my latest post on Tradingview you will see that scenario A played out nicely so far.
We broke the posibility for a rising wedge break down and managed to get above short term
downward resistance.
We are now looking for a touch of this ascending channel, coinciding with important horizontal resistance
and fibonacci significace. 10k has been broken and currently seems to hold.
Ethereum has some strong resistance and seems like it is not yet sure wether it wants to move up.
Other altcoins could lose some strength which could maybe strengthen bitcoin dominance.

Trading in this environment can be tricky. I am currently in a position and will exit on break even,
but I would even stay away from buying dips for now, since it looks like bulls are losing strength.
I will definetly buy the shit out of bitcoin on a heavy retracement down to the mid 9000s.

The ascending triangle is broken on the RSI which would indicate another ralley to 11k.
Of course Bitcoin can go further, but it will get extended.
Especially the TI Indicator currently has a countdown on a green 5 daily, so that would also
support the idea of a continuing uptrend and maybe ralley into 11k.
I will scale into positions on the pullback I am looking for.

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See you back next time.
Cheers,

Konrad