Expectations for next few days BTC/ALT Retrace opp
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Well it's been an exciting few days and very interesting in terms of TA which has proven its weight in gold over the last week... 21 grams? I got a little caught up on the FOMO and mucked up a small trade - Binance refresh rate is appalling. Despite that, for a novice I have day traded the channel quite well (purple line) and expect this to hold up to point B, possibly point A.
- I suspect we will retrace to the 0.5 Fib, perhaps higher. Either way, unless the picture changes I'm holding FIAT for the immediate term with small trades on ALTs - no margin in BTC
- Still neutral until past £9k.
- Longer term I expect BTC to hold the range for a while at a more gradual pace - give time for the news companies to spread the positive word to try get granny's cash rolling back in and tackle the huge resistance which will not consider this a bull run until BTC is past 9k and short stops are blown.
- I then expect another drop mid-May/June - not so deep but enough to cause concern so traders can sell off their ALTs. I'm certainly not going to consider margin trading any time soon ;)
Enjoy.
HF
- I suspect we will retrace to the 0.5 Fib, perhaps higher. Either way, unless the picture changes I'm holding FIAT for the immediate term with small trades on ALTs - no margin in BTC
- Still neutral until past £9k.
- Longer term I expect BTC to hold the range for a while at a more gradual pace - give time for the news companies to spread the positive word to try get granny's cash rolling back in and tackle the huge resistance which will not consider this a bull run until BTC is past 9k and short stops are blown.
- I then expect another drop mid-May/June - not so deep but enough to cause concern so traders can sell off their ALTs. I'm certainly not going to consider margin trading any time soon ;)
Enjoy.
HF
Nota
Arriving at point B - currently testing the channel. A lot of folks calling short, some calling Moon as ever.- From what I've seen there has been little interest in trying to break the 9k as yet. Perhaps the correction at B will occur.
- Reading the indicators the daily suggests caution but more local ones seem more positive so i suspect a short correction if one happens.
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