Bulls are winning battles on the low timeframes again, but the big fight is yet to come.
This major bearish flag into key resistance will be a tough nut to crack.
Do that however, and things will look rather good.
Decision time soon. $BTC
Is this a bear market relief rally or is the cycle bottom really in?
That's the million dollar question.
But ironically the answer is quite simple to this.
We don't know. We simply really do not know yet.
Bottoms only become visible and apparent once they are already formed and you get a new range after a breakout (something like I made on the chart below - scroll down).
And those that do call the bottom is already in? Those have done that every single range that followed before this one (I remember all of them).
Although if the bottom is truly in they will only repeat their last call but completely ignore the fact that they said that at every range (See! Called it! Follow me for more!).
We simply do not know yet at this time at that is completely okay and fine. Realising that actually helps.
When you really think the bottom is in every single time before confirmation you take losses to the downside.
That's simply the reality (or higher entry if you don't sell).
If you wait until the bottom is confirmed, you take no losses to the downside but you give up some upside in return.
That's also the reality of things.
Yet if the downtrend is long and big, the latter strategy wins EVERY TIME.
And today we don't know this yet. We could even go to $50k for all we know. And the confirmation entry in that case will ALWAYS still be lower than that bottom is in people thought every range.
(hope I'm not making things to confusing)
It's a tradeoff but a worthy one in my opinion.
But as of today the bottom is not confirmed and visible yet. It's still a downtrend in every way (even though the bottom could theoretically be already in).
Also to add:
People that said the bottom is in every range are quickly to point out that you will miss out heavily!
It's always the only argument they use. In reality no one is sidelined and no you're absolutely not missing anything.
A true new wave (uptrend) won't end after 10-20% going up. It never has.
If we change structure again we probably will rally to $200k and beyond next time.
Only someone that truly doesn't buy (not even after visible evidence) is sidelined.
Often hard to explain to them though. At least that's my experience.
Conclusion:
- We don't know yet if the bottom is already in
- It's absolutely fine if you don't pull the trigger yet
- Yes, nothing wrong if you want to dca here either
Exciting times ahead though ๐ค
$BTC Some large liquidation clusters nearby.
The local low at $70.4K would be a first level to watch on the downside.
Above, ~$72K & ~$73K are levels to keep an eye on in the short term.
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$STO is still trying to make that second pump to finish this impulse. Daily RSI is trying to curve back up! ๐ช Just remember that these coins could rug ANY moment so monitor your position constantly!