After a failed trade I did Shorting in the 5.735 area hitting my SL @ 6.245 which at the time seemed "logical" for the end of the reaction rally, now I am planning another short doubling the risk in $ amount in the mid/high 8k area, the red circle on the chart. So follow this idea with a grain of salt no matter how good the Technician is, the market can always do something unexpected and "irrational" to the observer.
Method used - channel analysis with inverted chart as I could not really see the action/reaction lines with the normal direction of price. Target for the Bitcoin top - somewhere in the Red Circle, 8.4 to 8.8-8.9 area where it previously was resistance multiple times during the 6k "support which of course was not a horizontal level and this "did nothing on the way up". according to most TA people. This is because we have not yet hit this level. It is never horizontal...
Contrary to most people who see this massive move up and are now euphoric I am not so convinced AT ALL. For many reasons fundamental, psychological and historic bubble pop patterns. Don't have the time to discuss them here though.
Method used - channel analysis with inverted chart as I could not really see the action/reaction lines with the normal direction of price. Target for the Bitcoin top - somewhere in the Red Circle, 8.4 to 8.8-8.9 area where it previously was resistance multiple times during the 6k "support which of course was not a horizontal level and this "did nothing on the way up". according to most TA people. This is because we have not yet hit this level. It is never horizontal...
Contrary to most people who see this massive move up and are now euphoric I am not so convinced AT ALL. For many reasons fundamental, psychological and historic bubble pop patterns. Don't have the time to discuss them here though.
