The kid's on fire (so far) - BTC breakdown
Looking forward to the weekend, you guys.
In the meantime, it looks like my bearish scenario is playing out more or less as planned. Got stopped out like a ding dong on a counter-trend scalp, but c'est la vie. Luckily recovered with a short and have the stop-loss in profit territory so I can sleep tight.
I'm expecting some kind of pullback but I think the next wave is down, and far down. This is the final sacrifice to the Lord God of Bitcoin so make sure it's not you. Ride the trend with your trading account and don't think about touching your savings. I believe we're about to enter a dark time for the next few weeks but when we make it out, it'll all be worth it. This is something that I like to call "Shawshankin' it" - we're about to start crawling.
Of course, that's the bearish prediction. On the contrary, this could just be a healthy pullback on the way to 10k, with a bounce around 7700. I just don't think that's the case. However, depending on price action and volume, I may be convinced to change my mind.
The next few days will be important. The next levels of resistance will be near the falling wedge trend line in the 7700-7800 zone. If price breaks back into the wedge and closes a daily candle confidently below the trend line, I would imagine that to be the final nail in the bull run coffin until the real bottom is put in.
Here's a chart, but I'm not sure one is needed for this post. I think most traders will be waiting to see what happens after we reach 7700-7800.
Stay safe fam.
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