BTC to retrace into choppy waters before continuing Bullish
Hello World!
My nickname is 'Wolf'. I was a fairly popular #Crypto trader on Twitter reaching over 130K Followers before getting banned from the platform for trolling to much. I have since 'rebranded' to a more professional image and have left the Twitter-verse to branch out onto more social media platforms such as TradingView, Facebook, Discord, Telegram, Twitch (twitch.tv/thewolfreloaded), Medium (medium.com/@wolfreloaded) and others that I am currently working on creating. Hope you enjoy my content, cheers!
I'm going to start sharing my ideas on here. I've been fairly weary about buying or entering any daytrade long positions at current levels due to the alarming amount of bearish indicators being shown.
I believe that the market is just waiting on the sidelines to see what happens. Either 'Spoofy' can push to make Bitcoin liquidate some shorts, or we'll continue to go sideways until we break the support trend > algo bots trigger stops > daytraders trigger stops > noobs panic-sell. With this being said, I think that the market sentiment is rather bullish and we should see a lot of support on the previous downtrend line which will now become support. Also, there is a clear level support below from our previous accumulation point.
From a market mentality point of view, I think that the markets are waiting for this to happen which has bulls waiting on the sideline to increase their positions. I don't think we'll retrace far so whatever sort of healthy retracement occurs will most likely look like choppy waters as the 'Right Shoulder' is made in Rectangle sideways action. With such bullish sentiment, the 'Right Shoulder' is usually a lot smaller than the left shoulder as it's prematurely confirmed to continue the rally upwards. However, we could see the retracement go as far as the Daily Bollinger Band Basis line which should interract with the Lower level displayed in the chart.
All of this being said, I think the safest play is a Short with the stop above the Rising Wedge, incase it turns into a running wedge and a low-leverage Long to hedge against any losses on the Short. Should the Short turn into profit, you can wait until the retracement is complete and add to your Long for a better position on the next push upwards.
The current state of market is in 'FOMO' mode, however this FOMO mentality can be very dangerous, especially if you're new. The retracement is used to shake out weak hands and is always healthy. I also believe we'll be seeing 11K, but understand that it needs breaks on the way there to accumulate margin positions as rocket fuel.
My nickname is 'Wolf'. I was a fairly popular #Crypto trader on Twitter reaching over 130K Followers before getting banned from the platform for trolling to much. I have since 'rebranded' to a more professional image and have left the Twitter-verse to branch out onto more social media platforms such as TradingView, Facebook, Discord, Telegram, Twitch (twitch.tv/thewolfreloaded), Medium (medium.com/@wolfreloaded) and others that I am currently working on creating. Hope you enjoy my content, cheers!
I'm going to start sharing my ideas on here. I've been fairly weary about buying or entering any daytrade long positions at current levels due to the alarming amount of bearish indicators being shown.
- Rising Wedge
- Daily Overbought StochRSI
- Bear Divergence on multiple timeframes, Daily being the most pronounced
- Large Ichimoku Cloud Resistance
- Weakening Buy Pressure
- High Bollinger Band on Daily
- At Level Resistance that could turn into a neckline for an Inverse Head & Shoulders
I believe that the market is just waiting on the sidelines to see what happens. Either 'Spoofy' can push to make Bitcoin liquidate some shorts, or we'll continue to go sideways until we break the support trend > algo bots trigger stops > daytraders trigger stops > noobs panic-sell. With this being said, I think that the market sentiment is rather bullish and we should see a lot of support on the previous downtrend line which will now become support. Also, there is a clear level support below from our previous accumulation point.
From a market mentality point of view, I think that the markets are waiting for this to happen which has bulls waiting on the sideline to increase their positions. I don't think we'll retrace far so whatever sort of healthy retracement occurs will most likely look like choppy waters as the 'Right Shoulder' is made in Rectangle sideways action. With such bullish sentiment, the 'Right Shoulder' is usually a lot smaller than the left shoulder as it's prematurely confirmed to continue the rally upwards. However, we could see the retracement go as far as the Daily Bollinger Band Basis line which should interract with the Lower level displayed in the chart.
All of this being said, I think the safest play is a Short with the stop above the Rising Wedge, incase it turns into a running wedge and a low-leverage Long to hedge against any losses on the Short. Should the Short turn into profit, you can wait until the retracement is complete and add to your Long for a better position on the next push upwards.
The current state of market is in 'FOMO' mode, however this FOMO mentality can be very dangerous, especially if you're new. The retracement is used to shake out weak hands and is always healthy. I also believe we'll be seeing 11K, but understand that it needs breaks on the way there to accumulate margin positions as rocket fuel.
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I was stopped out. My mistake was that I thought the market would all correct together, I didn't think that the 'Cryptocurrency Life-Cycle', as I call it, would become resurrected. This is the cycle when alts and BTC pump back and forth into each other creating stronger rallies for each.