Bitcoin big sell off, panic what next?
Updated
Ok kids time for some help
I know a lot of you probably panicking a lot right now thinking this could be it! I'm so overexposed in my longs! The bears have it aarghhh. Calm the hell down. Btc is well known for its volatility, its for this reason that I kept my stops at 57.7k at the swing low on the daily chart and didn't yet raise them. Quite amazingly we have an Adam and Eve bottom and top with a 4hr Macdh divergence (not shown here) causing the big retracement down to the prior Adam and Eve neckline. This was natural due to the rapid move from 60.3k at the weekend to nearly 70k as equites did to, profit taking is entirely natural.
Take a minute breath and look at the chart above.
How wide is that green support zone?
How wide is the red resistance zone?
Now who do you think will win the battle of the bulls and bears here? Which zone has most strength?
And what should you do?
Big buy the dip (if you have any equity left)
When that Adam and Eve top gets broken, which it almost certainly will, we will move very fast towards 80-100k. This is because when divergences at the top get ripped its game over for the bears, so load up once again here while you can.
I know a lot of you probably panicking a lot right now thinking this could be it! I'm so overexposed in my longs! The bears have it aarghhh. Calm the hell down. Btc is well known for its volatility, its for this reason that I kept my stops at 57.7k at the swing low on the daily chart and didn't yet raise them. Quite amazingly we have an Adam and Eve bottom and top with a 4hr Macdh divergence (not shown here) causing the big retracement down to the prior Adam and Eve neckline. This was natural due to the rapid move from 60.3k at the weekend to nearly 70k as equites did to, profit taking is entirely natural.
Take a minute breath and look at the chart above.
How wide is that green support zone?
How wide is the red resistance zone?
Now who do you think will win the battle of the bulls and bears here? Which zone has most strength?
And what should you do?
Big buy the dip (if you have any equity left)
When that Adam and Eve top gets broken, which it almost certainly will, we will move very fast towards 80-100k. This is because when divergences at the top get ripped its game over for the bears, so load up once again here while you can.
Trade active
So here we have it the buy opportunity here in the golden pocketComment
See other posts for my overall analysis of what happened next
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