02/09/2020
With the dotted vertical lines drawn, I had ruled out this move on September 1st after BTC continued to pump and not retest the first purple box.
Today however, we had an unexpected dump down and it went through the first box but found support above the second. I think this validates the TA once more and the move to the upside is now in play. This could be interpreted individually but for myself I think the dump today has brought the retracement and furthermore a pump upwards just as likely as when I posted it.
Today's dump seemed like a sell off, although there was an order block around the 11.1k level, likely to be some sort of manipulation, otherwise I would have expected that block to be moved down further towards the 10.5k mark. Many longs during this uptrend were liquidated and the move could possibly FOMO people into shorts but I would approach with caution as we could very well see another downside play.
Most of the market was red today but this would be a good opportunity to load up on your favorite coins, I would not recommend selling because of a 5% downside move.
Thanks for taking the time to read this update.
Today however, we had an unexpected dump down and it went through the first box but found support above the second. I think this validates the TA once more and the move to the upside is now in play. This could be interpreted individually but for myself I think the dump today has brought the retracement and furthermore a pump upwards just as likely as when I posted it.
Today's dump seemed like a sell off, although there was an order block around the 11.1k level, likely to be some sort of manipulation, otherwise I would have expected that block to be moved down further towards the 10.5k mark. Many longs during this uptrend were liquidated and the move could possibly FOMO people into shorts but I would approach with caution as we could very well see another downside play.
Most of the market was red today but this would be a good opportunity to load up on your favorite coins, I would not recommend selling because of a 5% downside move.
Thanks for taking the time to read this update.
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