BTCUSD - WILL THE FUTURE LOOK LIKE THE PAST?
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I am an experienced trader, however I am newer to trading cryptos. One thing that happens in a strong trend is that you will see cycles of pull back.
Looking at the pullback that happened in January of this year I see that this current pullback looks very similar especially visually. From Jan 8th to Jan 22 price dropped from a high of $42000 to a low of $28800 for 31.43% loss. This took place over 19 days.
This would mean that if we saw a similar % drop from the recent top of $58,354 price would likely come down to ~40k. There is a solid support and resist line that is around 42k.
I hear many people saying that March is expected to be a turbulent month, albeit I can't claim to understand this entirely. Anyone care to elaborate in comments, please do so.
My strategy is to add to my positions at each of the support/resist lines that I have drawn in purple. If price follows historical data then price might come back up near the top again before the final push down to ~42k.
I am definitely bag holding some positions from the recent tops. I actually have a few 2x and 3x Margin positions as well. The roll over fees are much less than realizing the losses at this time and with my analysis I am hoping for a bounce up close to 61.8 or 78.6 of the fill leg down before I close them out. I have had some lessons here for sure chasing the breakouts. That said, looking at price action on the higher charts I still see a strong upward trend and no reason to believe we are looking at a reversal.
This is all my own analysis. This is not financial advice. Please like if you enjoyed this analysis.
Looking at the pullback that happened in January of this year I see that this current pullback looks very similar especially visually. From Jan 8th to Jan 22 price dropped from a high of $42000 to a low of $28800 for 31.43% loss. This took place over 19 days.
This would mean that if we saw a similar % drop from the recent top of $58,354 price would likely come down to ~40k. There is a solid support and resist line that is around 42k.
I hear many people saying that March is expected to be a turbulent month, albeit I can't claim to understand this entirely. Anyone care to elaborate in comments, please do so.
My strategy is to add to my positions at each of the support/resist lines that I have drawn in purple. If price follows historical data then price might come back up near the top again before the final push down to ~42k.
I am definitely bag holding some positions from the recent tops. I actually have a few 2x and 3x Margin positions as well. The roll over fees are much less than realizing the losses at this time and with my analysis I am hoping for a bounce up close to 61.8 or 78.6 of the fill leg down before I close them out. I have had some lessons here for sure chasing the breakouts. That said, looking at price action on the higher charts I still see a strong upward trend and no reason to believe we are looking at a reversal.
This is all my own analysis. This is not financial advice. Please like if you enjoyed this analysis.
Ghi chú
Looking today and price is still moving exactly like it did in January. Very few differences. A strong Bear Butterfly is forming just like it did in January as well.
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