Data shows the following two scenarios are possible. Watch for RSI divergence and double bottoms. You will want "higher low" formations, then I would buy. We could see a further drop to complete correction wave A, or this might finally be the beginning of correction wave B. Pay attention more to the charts, not the news. Markets are the democratic expression of investors.
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RSI is coming back around within the descending channel. We should watch the support that has formed as the price will either bounce or test and fall through. If we bounce, we may be forming an inverse H&S reversal. Scoop it up at the soonest pullback. Together with the RSI divergence, this would be enough to take us back to the $4500 breakout level. You will want to ride this rather than buying the breakout at the previous ATH, as the latter could be a bull trap. I should point out that $4500 is just above the 0.5 fibo. This is a perfect place to unload a ton of BTC on the back of retail investors (selling into strength). Correction point B is not far away either, at $4750. So, either get in early, or stay out.
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We are at the 0.5 fibo of the decline... will it turn around and continue the decline?
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There is some bearishness going on here. We are at the 0.618.
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If we trade below $4300 then we could head further south
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This is what I see.
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I hope you have now exited the market as this rebound is likely over.
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BTC is heading toward the alternative point A. Expect down to the max fibo level (purple zone).
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WELL. Will the 0.382 stop the bleeding a lil?
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Just a thought for those following and PMing with questions. Currently I see confirmation of a downtrend with the lower high we set a few days ago. Overall we are still very bullish, BUT we are going for a nice ride - so will the other cryptos.
Institutional players and algos are very active in this market, and they are playing a sneaky game of accumulation. The way they will want to do this is through a process of rallying investors but also by pushing them away. This is already playing out in the threads traders are posting on this site. Some are going long, other are going short. Who's right?
To explain better, many saw a long opportunity while we were in a process of creating a lower high on the chart. Meanwhile, players were opening nice short positions. I know the same pattern will play out a few times in the coming days, which will make or break some traders. In the process we will go lower, and people will sell or stay out of the market.
Here is where accumulation ends: In order for this accumulation to be successful (i.e., for these investors to get gains), we cannot go below key levels, otherwise the big bear wakes up Now I want to warn you, this game of accumulation could see surprisingly low levels. I'll try to keep my posts fresh.
Institutional players and algos are very active in this market, and they are playing a sneaky game of accumulation. The way they will want to do this is through a process of rallying investors but also by pushing them away. This is already playing out in the threads traders are posting on this site. Some are going long, other are going short. Who's right?
To explain better, many saw a long opportunity while we were in a process of creating a lower high on the chart. Meanwhile, players were opening nice short positions. I know the same pattern will play out a few times in the coming days, which will make or break some traders. In the process we will go lower, and people will sell or stay out of the market.
Here is where accumulation ends: In order for this accumulation to be successful (i.e., for these investors to get gains), we cannot go below key levels, otherwise the big bear wakes up Now I want to warn you, this game of accumulation could see surprisingly low levels. I'll try to keep my posts fresh.
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Here is the 1HR crown reversal
Here is the 4HR crown reversal
Here is the 4HR crown reversal
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We kissed the min fibo, but I have a feeling we still have a bit down. What we want to look for is a nice RSI divergence on the 1HR.
