⭐ Merited by exstasie (1)
An orderly pull back to the 200 Day MA (around $8900) at a minimum is to be expected, and finding support from this key MA would be even more bullish (than being above $9K) in my opinion.
That's my ideal bullish scenario, the "time correction" I was talking about. Confirming the 200-day MA as support would be a conventional and straightforward bullish confirmation that would be difficult to ignore.
Indeed
Either way, prices are looking very strong
Agreed. I just think we need to mentally prepare for the possibility of a deep (50%+ retracement) pullback. In Wave 2 pullbacks, the psychology is often "bull trap over, new lows coming!" Then we get a higher low followed by bullish continuation.....
What? Since when did you consider 50%+ retracements in bull markets? That worries me
Maybe since forever actually thinking about it, considering you didn't consider the "mini-bear" as being a bear market, which is logical on reflection and with some hindsight. I thought we were long done with that though. I'm more of the opinion that spending too long below the 200 Week MA would more likely lead to sub $3K, than support from the $4K level. We'd find support from $4K no doubt, but I find it hard to believe we'd break $5-5.5K after that, instead turning the 200 Week MA into resistance and going considerably lower as a consequence.All theoretical obviously, but I'm more of the opinion that a 50% retracement (full miner capitulation) would be relatively fatal at current prices. Falling to the 200 Week MA maybe, possibly, but not below anymore. I ruled that out sometime ago when these fractals starting to drift away from this possibility. But obviously this is just my interpretation.
Unless it's a wick, wicks are fine and bullish. They are encouraged
