This is how I have it:
We are just completing wave 3 up from reversal bounce at $6400, this whole move already feels like its running out of steam. The bounces get weaker each time we drop which is normal in a crash. Unless we get a strong V bounce (This could be it but time will tell) and continue up, we will slowly level out into a ressession of slow decline until mid to late this year.
The new normal is now this $8000 to $6000 range and I feel people will stop buying between $7500 and $8000.
If we are able to break (blue line) then it will only be the main downtrend line (now at around $8400 and red in my other charts) to get through before we are fully out of the trend.
For now I think the (Blue Line) downtrend from the 5th of May will act as strong resistance and start the next wave down, my target is between $5500 and $5200 with a stop just above the line. Might add a breakout long trade ($taget $8400) once through the line and after coming back to test it for confimation.
If we do get to the $5k range then we will need a strong and continues bounce to reverse the trend, otherwise it will be a boring and loosing market until later this year. Will be good to catch up on some sleep....
Markets dont repeat but they often rhyme
Safe trades
We are just completing wave 3 up from reversal bounce at $6400, this whole move already feels like its running out of steam. The bounces get weaker each time we drop which is normal in a crash. Unless we get a strong V bounce (This could be it but time will tell) and continue up, we will slowly level out into a ressession of slow decline until mid to late this year.
The new normal is now this $8000 to $6000 range and I feel people will stop buying between $7500 and $8000.
If we are able to break (blue line) then it will only be the main downtrend line (now at around $8400 and red in my other charts) to get through before we are fully out of the trend.
For now I think the (Blue Line) downtrend from the 5th of May will act as strong resistance and start the next wave down, my target is between $5500 and $5200 with a stop just above the line. Might add a breakout long trade ($taget $8400) once through the line and after coming back to test it for confimation.
If we do get to the $5k range then we will need a strong and continues bounce to reverse the trend, otherwise it will be a boring and loosing market until later this year. Will be good to catch up on some sleep....
Markets dont repeat but they often rhyme
Safe trades