Ok now is starting to look like bull flag on short-term time-frame, after failing
ascending triangle break-out. Still expecting a fake-out to higher levels above $21.5K but this ain't no shorting range.
if that's not a good price point to short what is?
this has been one hell of a pop, I fully expect a strong pull back, maybe even retesting 15.5k.
When it breaks down from the bull flag. Not within it, unless you're scalping resistance to support that is, as it's a bullish continuation pattern until proven otherwise.
If we go back down to $15.5K, you can expect much lower than that though.
either way if it breaks up sell because the move is way over extended, or if it breaks down short cuz its going down.
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thanks this was helpful. but I personally will continuing to sell into this rally. I really don't think we will see a repeat of April 2019, the capitulation this time didn't push price That far under fair value. and for the record, i'm not shorting, just spot trading, so i cannot be liquidated.
Ok well that makes my point about shorting redundant then. If you're looking for a fair price to sell from the past 6+ months of trading at the lows then you certainly found it, can't argue with that. DCA would have got you an average price of around $19.5K, so hopefully you're selling a profit. And as the old saying goes, nobody ever went broke selling at a profit. I just hope you aren't banking on pricing falling lower after this, because right now it looks like a coin flip to me as well as others, until there is further confirmation to the upside or downside.
Personally I think Bitcoin is due a 10% correction to around $19K, which is bottom of the previous accumulation zone, that'd also be my short-term shorting target (as well as a target for longs). If price instead continued onto around $25K then I'd expect a deeper correction of around 20%, but therefore this'd be a higher price around $19.5K / 200 DMA. Likewise if for some crazy reason price went further parabolic to $30K, I'd expect a 30% correction to around $21K / current prices. The irony being that price continuing to the upside would deserve a deeper correction for sure, but these prices would still likely be higher.