Usually when there´s a correnction upwards in this bear market, I am not bullish . No, it´s too late. But could it be this time otherwise? Let´s see the chart:
we are moving in a downtrend which is bordered by those orange lines. As you can see, the price is already almost on the top, so USUALLY I would say: look for reversal here or up to 7800. We are on a huge rezistance right now. Definetely don´t buy, it s nonsense.
But I don´t. Why?
Because just check the chart - we have finished a cycle of 5 elliot waves, last time this happened ( by the low of 6000 USD), we went up almost 100% (to the top 11 750) before we continued in correction. That was the famous ABC correction. And now we could face that also.
I am not awaiting 100% again, because the market wasn´t so drastic even on the downside movement. So my call is the resistance at 9100 USD. In my opinion we could end on that one and actually continue the downtrend/make an uptrend/whatever, we´ll see.
But important for you in this moment is - don´t go short, it´s definetely not safe.
I am not saying that the market can´t reverse again and continue to 6000 - in that case, it would be an elliot wave failure and we can´t do anything with that. But I don´t think so.
Why? simply - The market is simply exhaused of the downtrend already. I see people losing faith in cryptocurrency, I see such comments like "I am selling the whole portfolio" all the time. And who buys it? WHALES. Yes, I am awaiting the market to be pumped much more now.
Have a great trades
we are moving in a downtrend which is bordered by those orange lines. As you can see, the price is already almost on the top, so USUALLY I would say: look for reversal here or up to 7800. We are on a huge rezistance right now. Definetely don´t buy, it s nonsense.
But I don´t. Why?
Because just check the chart - we have finished a cycle of 5 elliot waves, last time this happened ( by the low of 6000 USD), we went up almost 100% (to the top 11 750) before we continued in correction. That was the famous ABC correction. And now we could face that also.
I am not awaiting 100% again, because the market wasn´t so drastic even on the downside movement. So my call is the resistance at 9100 USD. In my opinion we could end on that one and actually continue the downtrend/make an uptrend/whatever, we´ll see.
But important for you in this moment is - don´t go short, it´s definetely not safe.
I am not saying that the market can´t reverse again and continue to 6000 - in that case, it would be an elliot wave failure and we can´t do anything with that. But I don´t think so.
Why? simply - The market is simply exhaused of the downtrend already. I see people losing faith in cryptocurrency, I see such comments like "I am selling the whole portfolio" all the time. And who buys it? WHALES. Yes, I am awaiting the market to be pumped much more now.
Have a great trades