BTC Rally now or Bull flag forming to 50k ?
The W formation failed to form last week. Changing patterns now show 2 paths. Both result in more downside. First I look at the 30% chance of a small rally to 62k 63K then dropping to 55k 50k rapidly. because sell pressure is still strong and any rally will hit resistance and force a sell-off getting us to the bottom faster. No the bottom is not in, IMO.
Next, I look at the 70% chance of this new trend line that could be forming a flag that should end at 55k ish. 50k is still a possible bottom, but we need to wait and see what happens.
I don't see any big news or events that will force anything to move drastically. We definitely could be seeing waves from 65k to 55k for another month or so. I tend to DCA the bottom of the waves it makes during times like this and look for confirmation for larger moves to enter. My next position will be long. When, now that's the golden question. Have a great week and remember it's always ok not to be in a trade.
Next, I look at the 70% chance of this new trend line that could be forming a flag that should end at 55k ish. 50k is still a possible bottom, but we need to wait and see what happens.
I don't see any big news or events that will force anything to move drastically. We definitely could be seeing waves from 65k to 55k for another month or so. I tend to DCA the bottom of the waves it makes during times like this and look for confirmation for larger moves to enter. My next position will be long. When, now that's the golden question. Have a great week and remember it's always ok not to be in a trade.
BigFoot Investments
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