Emergency update
After hitting the 0.618 fib retracement BTC did a significant drop.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Regarding my long term investment positions:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~
Market movement update
~~~~~~~~~~~~~~~~~~~~~~
My previous idea of the 20+ days consolidation still stands. Although it is possible to drop further, it is unlikely to drop in one straight line without at least a dead cat bounce. The big players need time to distribute their positions, especially after 7 weeks of bullish candles.
In addition, my idea of ranging market between $6000 - $10000 still stands as well. If you refer back to mid 2019, that's exactly what happened - a drop followed by a rise, then followed by sideways distribution phase. Could the same pattern repeat itself? We don't know yet until a pattern emerges, whether it's an ascending triangle (bullish) or a range box (indecision).
That's it for now. I will give you an update when there is more clue as to what BTC is going to do. This & next week's weekly candle close might be critical.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Regarding my long term investment positions:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
- I am going to add back the 5% portfolio I bought previously @ $7700 and sold @ $9250 (if price does get to $7700)
- I am also going to use another 10% capitals to buy between $6000 - $6200
~~~~~~~~~~~~~~~~~~~~~~
Market movement update
~~~~~~~~~~~~~~~~~~~~~~
My previous idea of the 20+ days consolidation still stands. Although it is possible to drop further, it is unlikely to drop in one straight line without at least a dead cat bounce. The big players need time to distribute their positions, especially after 7 weeks of bullish candles.
In addition, my idea of ranging market between $6000 - $10000 still stands as well. If you refer back to mid 2019, that's exactly what happened - a drop followed by a rise, then followed by sideways distribution phase. Could the same pattern repeat itself? We don't know yet until a pattern emerges, whether it's an ascending triangle (bullish) or a range box (indecision).
That's it for now. I will give you an update when there is more clue as to what BTC is going to do. This & next week's weekly candle close might be critical.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.