📌 ridethepig | BTC Flirting to Break Lower
Here buyers are giving up the highs as expected and opening up a retracement back towards +/- $27,000 which will put pressure on the late lagging retailers. A more solid floor can be formed below the 4th Jan lows, if sellers can hold below $40,000 for the weekend then best is to cover.
Showing a lack of momentum! Why not ride some profit taking, possibly followed by a very typical BTFD below the lows. But if sellers hold the breakdown with a strong counter then they threaten to immediately complete the major swing down:
The outpost here is not a surprise to anyone who has been following the MT and LT chapters. The enormous breakout on the log chart carried such significance and explains why the sellers originally went fleeing!
Worth considering this move is coming to an end, continuation is unfavourable without a pullback, since the inventory is now hanging low we can witness a slippery slope if sentiment turns negative for the coming weeks.
As usual, thanks for keeping the feedback coming 👍 or 👎
Here buyers are giving up the highs as expected and opening up a retracement back towards +/- $27,000 which will put pressure on the late lagging retailers. A more solid floor can be formed below the 4th Jan lows, if sellers can hold below $40,000 for the weekend then best is to cover.
Showing a lack of momentum! Why not ride some profit taking, possibly followed by a very typical BTFD below the lows. But if sellers hold the breakdown with a strong counter then they threaten to immediately complete the major swing down:
The outpost here is not a surprise to anyone who has been following the MT and LT chapters. The enormous breakout on the log chart carried such significance and explains why the sellers originally went fleeing!
Worth considering this move is coming to an end, continuation is unfavourable without a pullback, since the inventory is now hanging low we can witness a slippery slope if sentiment turns negative for the coming weeks.
As usual, thanks for keeping the feedback coming 👍 or 👎
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-11% and counting today...
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A quick chart update to kick off the weekend... after the -11% collapse yesterday recommend to trail our stops above the 'B' highs here to reduce exposure...
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No surprises...
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Very little to update here, we are on track to complete (iii) in the 'C' of "4'.... WHAT A MOUTHFUL !
'
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...and we got the break, time to trail our stops above (ii) highs and look for the lottery ticket, all very simple so far:
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Buyers running out of steam quickly on every rally ...a quick chart update before we breakdown and kill the weekend off:
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Eyes on Europe this morning, we might finally get the breakdown..
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Dull choppy conditions continue, let see if we can breakdown or finally get stopped on the trail today:
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The traditional chart update, stops held by crumbs at the end and we continue in chop. As dull as it gets for BTC...
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Finally we are breaking down....
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We are -12% today....
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As expected... price crashing into the $28,000 handle
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