I'm watching weekly CCI here. Maybe we go into a triangle here, until the risks are out of the way. This is what I see as most probable. Not a huge drop, like most think, but it can also happen. For that reason, to prevent losing my huge profits I got in the past two years, I have reduced my position to 20%, which I never sell. I also hold 20% in ETH spot. I am hedged via a margin position too, and waiting to exit the hedge and look to trade BTC once the dust settles.
For now, take a break gents, relax, watch oversold readings in CCI in the weekly. Don't oversize trades, don't use leverage if possible. It's a two edged blade. If we don't hold support at 880-920, we could see a significant decline back to lower support levels. I don't it'll happen, but better be prepared in case it does (here's when the margin positions help with hedging our risk).
Good luck,
Ivan Labrie.
Komen
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Exactly as expected, a bit more downside, and then up again. Market is sideways for the most part.
Komen
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This resulted in a more extreme rally, but we can now get some kind of correction or consolidation for up to 13 weeks.
+1. I'm also expecting price to compress over the next few weeks. Still targeting ~$1200 as upside though, for this current push - before going down and starting the compression range on the 3D chart.
IvanLabrie
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@Spofas, it's likely to remain sideways until fundamentals evolve. That's how markets work. Now market makers make money, fake breakouts get faded, and margin traders lose left and right, both to borrowing costs, and to fake breakouts.