Share
There's no Bitcoin charts thread so I thought I'd create one to consolidate them.
https://www.tradingview.com/chart/BTCUSDT/fpNZr9fj-BTC-WAR-BETWEEN-BEARS-AND-BULLS/
"This will be quick and this is important to understand, and if your trading you should have a chart like this on your screen and not just the path you HOPING for. I'm not going to hash out who is right and who is wrong as some think you are either right or wrong when trading. I also want to be clear, if your investing you can be long here!!!! I'm not telling you nor have I ever told anyone to short their portfolio in this market, I have specifically said NOT TO. I have stated I'm trading around a core position. Not shorting my long term stuff.
LONG TERM - We are in a bull market until proven otherwise. this is over several years and not months, weeks or days. However EW is happening in all cycles long term, mid term, and short term. They call this fractals. Within every bull market there are mini bull bear cycles. So you must understand what time frame you are concerned with, long term for investing, short term for trading. I have us in Wave IV shown below.
As you have noticed we now have a battle of the bulls and the bears. Camps are separating, people are slinging mud. If someone tells you everyone else is wrong and they have the clear path to prosperity stay away! Yes used car and snake oil -0.88% salesman are abound. You must in the end rely on your own analysis, I do, notice I have not switched camps. Yet!
Why am I still bearish? Well point blank, it's following the path we had from the start. Nothing has changed, no major test areas have been broken, the current trend line may have broken, but that happens all the time and often fails. I'm looking for major support resistance levels. There are mine, on the chart to see. This is why for a week I have specifically stated $4200, $4400 and $4600 are levels that are still in play for a pullback. Note the fibb extension from the last dip is $4550 right in line with our thesis. Nothing on the RSI has shown we are incorrect, and I am not going to change MY thinking because of one day of movement that we knew was going to likely happen.
However, as others have pointed out, and I pointed out last week. This is not the only valid path. To me it's the most probable of them, but not the only. Why? Because in the long term cycle we have not made a full correction to the 0.618 level which has happened in all the midterm cycles. It's a pattern. Does it have to happen. Absolutely not. I have mentioned that as well .382 is enough but I'm going on history and what my signals are telling me. We can go to $6000 from here, I personally don't see it likely but that's just one opinion. IT'S YOUR MONEY YOU MUST DO YOU OWN HOMEWORK!
But as I said ,and to clarify the alt possible paths, I have provided this chart above as my map so to speak. You should already have this chart up if too your trading. The blue arrows are the paths that validate my path. Where the red deviates from them is what I am looking for to NOT happen. If it does I will quickly modify my trades and positions. Now these are overall paths and do NOT expect them to follow it to a tee. They seldom do. But these are the trends your constantly monitoring along with your other indicators to give YOU a feel for where the market is. I'm always monitoring at these critical levels to see if something has changed. We hit the trend line , but nothing changed. We did not hit the long term support resistance line yet. That has to happen and how the market reacts there will give us better direction. Until then I'm huddling unfavorably with the Bears.
So good for short and sweet."
