This could possibly be the final pull back before breaking above 3k again.
For those of us that have value bought in around the pullback it can be good news for us.
But let me share another possible scenario, where that is not 'e' wave of elliot wave theory. We could be heading towards the red X, which will mark another buying oppotunity. It will coincide with the main trendline of the bull run, creating a strong support that will be tested.
If the final support breaks, which will form a lower low, there bear trend will be confirmed. At that point of time, for those of us believing in crypto's can start accumulating.
In summary, we still want to remain bullish till the final support has been broken. We will evaluate the charts again when that happens. The pull backs now are good oppotunity to increase your position to enjoy a short term profit.
For those Fibo chartist, good for you if you gotten in at 61.8% region, perfect value buy.
Now we wait and see the bull strength, if it comes down to the 2330 region again, we might want to close it out for a breakeven while waiting for a re-entry(:
To avoid confusion, this could be the final impulse(trending) wave in elliots theory, no one can ever spot the end of the wave perfectly, have in mind a big bear might be near if 3k breaks out.
Checkout yesterday's chart on BTC, we were expecting a take profit region of 2850-2900, not too far from where it landed.
It landed on our standalone resistance at 127.4-132.8% @ 2820, we expected a pullback before a higher high. But the dip happened a little too early, as we expected stronger resistance at a higher high. But no worries, still in the green, there is no perfect charting. We can just keep updating our chart to cater to new possible scenarios.
Every factor counts,
entry, position management(trailing your stops), take profit
Disclaimer
*I am not a guru...
*These chart and infomations provided are my personal view and ideas on the market, use it at your own risk.
*Trading is risky business. You and only you are responsible for your trades. Do trade with caution.
*Trade with money you can afford to lose, not the money you and your family needs to survive on.
*Trading is all about consistancy, there is no holy grail that takes you straight to heaven.(let me know if you have found one)
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