Accumulation, Supports, and Playing the Range
It's going to take a few days to reset the indicators on higher time frames and playing this range could be very profitable if your buying the dips and selling the peaks, I've outlined a few of the key areas to look for the breakout depending on exactly how bullish or bearish this correction may be.
Look to buy in the 8600s and sell in short of 9k. If we were to brake the resistence here, then it would be super bullish, so I expect we will fall again.
Look to buy in the 8500s and sell in short of 8900. Although it's possible we break up here, I'm more likely to believe that we correct at least one more time.
Look to buy in the 8400s and sell in short of 8800. This seems like the less bullish but still not bearish place to break and I'll still play this area safe. Although rebuying on a breakout seems smart.
Look to buy in the 8300s and sell in short of 8700. After a few days of resetting indicators I assume the odds of breaking out here are quite a bit better and would be more likely to hold my position but I would sell into weakness knowing we could very well test our recently turned downtrend line to make sure it's support, we have not been testing the lows TA wise so in all honesty it may not happen. Be ready for it though.
If we do fail to break out into new highs, we will test the downtrend line which sits slightly above the 8200 area over a few days of this range and at that point would reset a majority of the indicators which should be a great area to bounce from. This is the most bearish scenario I can see currently and since theoretically we shouldn't feel bearish, I wouldn't hold out too long for this.
At any point in time things could go bad. A long squeeze would put us back into a bearish scenario and more than likely for the entire year. It's possible so make sure to set your stop losses. None the less, I feel the odds of this are slim. Most of the people whom held out for months, people who've recently invested, and the current trends of the past few weeks suggest to me that we are looking to break the 9k area into 10k area at some point to retest the double top around 11k but I'm not permabullish and can suggest that we will eventually fall from some part of that range for a much larger correction.
At this point I don't see us getting a better buy in than the 8200-8300 before the next breakout. If you play the range, you should be able to accumulate some extra BTC before we do that.
Not a financial advisor,
BCG
Look to buy in the 8600s and sell in short of 9k. If we were to brake the resistence here, then it would be super bullish, so I expect we will fall again.
Look to buy in the 8500s and sell in short of 8900. Although it's possible we break up here, I'm more likely to believe that we correct at least one more time.
Look to buy in the 8400s and sell in short of 8800. This seems like the less bullish but still not bearish place to break and I'll still play this area safe. Although rebuying on a breakout seems smart.
Look to buy in the 8300s and sell in short of 8700. After a few days of resetting indicators I assume the odds of breaking out here are quite a bit better and would be more likely to hold my position but I would sell into weakness knowing we could very well test our recently turned downtrend line to make sure it's support, we have not been testing the lows TA wise so in all honesty it may not happen. Be ready for it though.
If we do fail to break out into new highs, we will test the downtrend line which sits slightly above the 8200 area over a few days of this range and at that point would reset a majority of the indicators which should be a great area to bounce from. This is the most bearish scenario I can see currently and since theoretically we shouldn't feel bearish, I wouldn't hold out too long for this.
At any point in time things could go bad. A long squeeze would put us back into a bearish scenario and more than likely for the entire year. It's possible so make sure to set your stop losses. None the less, I feel the odds of this are slim. Most of the people whom held out for months, people who've recently invested, and the current trends of the past few weeks suggest to me that we are looking to break the 9k area into 10k area at some point to retest the double top around 11k but I'm not permabullish and can suggest that we will eventually fall from some part of that range for a much larger correction.
At this point I don't see us getting a better buy in than the 8200-8300 before the next breakout. If you play the range, you should be able to accumulate some extra BTC before we do that.
Not a financial advisor,
BCG
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