I am contemplating whether these new highs are part of an irregular/expanding correction, like so:
This would line up perfectly with a test of the 200-day MA, which I expect bulls to confirm as support at some point.
This would line up perfectly with a test of the 200-day MA, which I expect bulls to confirm as support at some point.
Expanding on this idea a bit, here's what an expanding flat correction might look like:
I've noticed sentiment is really bearish. Everyone keeps trying to "short the top" so it's no surprise the market keeps punishing shorters and incrementally climbing higher.
Based on sentiment and short term price action, I'm still hoping for a spike near/through $10K to fill my asks. Moving manual trailing stop based on 4-hour pivots to ~ $9,500.
It's been fun longing this trend since the low $7,000s but I really want to see a more prolonged sideways correction or pullback before leveraging long again.