$BTC – Never underestimate your true inner fear. Being cautious is the first thing in this market. Preserve your capital at best. Don’t chase the market, let the market chase you. There will always be an opportunity even if it breaks 40K.
Nothing has changed for me overnight. Wanted it to break above, but lackluster volume didn’t force me to go long.
Instead being a contrarian and thinking this will go full send down, I think we may be in a zone of consolidation more than anything else.
Could see something like this playing out if the consolidation phase were to play out.
For those who are buying the dips, be patient and buy the dips near crucial key support zones only.
Supply for shorts are near 40K.
Let me break it down in three ways:
- Green line scenario is a fractal scenario where we the same retest of major resistance with a similar ascending triangle like we have seen at previous highs. Whether this is a liquidity trap or not, we will have to see.
- A simple abcde structure here to continue and consolidate is a possibility here (white line scenario).
- Complete flush abc correction down the 28K is also in the books for many bears.
Bitcoin is in another crucial stage of it’s overall picture. If we can hold this exact support and stay above 38K, we can easily resume our way to the upside; however, if Bitcoin does not hold this main trendline as pointed in the purple circle, we may be looking for some harsh, short term pressure.
Another small close up of where we are on the small time frame.
We need to stay above the dotted trend line. Refer to the previous post above to see where we are on the larger picture.
Looking safe once again. Possible 12345 to the upside before another correction.