I don’t think we are crashing or Going to Zero.
In my education piece yesterday, I said I thought there were a lot of people trapped in losing positions up higher, some of them I think I getting frustrated and getting out. I actually predicted this in my fist BTC post on TV
“If we break the 200 and close above I would expect a pretty quick trip to, 10,000 (The pink line) and then a retest of the 200 , a bounce here would see $12,000( The Black Line) in play quickly and then I expect consolidation between the 200EMA and 12,000 for some time.”
So while I am not a psychic, its pretty good and we are now consolidating or ranging between the 200EMA on the and 12,000 (This area is shaded for you)
Importantly the break down on the 4 H Chart (attached) has reversed above 9300 support, closed above the important 9750 level and looks to be stable. While it doesn’t look like a panic sell to me it does require me to be BEARISH/NUETRAL. I am under the 200ema (on the 4H Chart) and my previous support . I will move the support line when I get two bars above my new low on each side. (Potentially next bar) but this is a technical move and my Bias remains BEARISH/NUETRAL.
For those looking to sell bounces off the 200 (4H Chart), 10800 and the old Support all offer great chances to sell. I would scale out at 9750, and trail down from there.
For those looking to buy, I would buy now or on the break and retest of old support . Targets are 11,700.
My expectation is next we will revisit the 200ema on the 4H chart and then we will be watching closely again.
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