Damn was I wrong with my last bearish idea, calling a potential top for BTC.
Well, it was an idea and we had good reasons for it. At that time price did not build value above the pmPOC, so a FTR (failure to rotate) could have happened.
I was able to cut my short a break even and swing with the bullish momentum on a few altcoins for example like ADA or JTO. Ideas are given in my profile.
So what now? Did the bearish chances vanish? Not yet.
BTC is currently facing resistance at another pmPOC, which is critical once again. In the same way the lower pmPOC has been.
Bulls really need to push through and build value higher. If that happens, I will become less bearish and open minded for new all time highs.
If bulls won´t be able to build value above the pmPOC, the bearish doomsday scenario will be in the cards.
There are some levels below that normally require reinspection. For example the 95400 pwPOC. I would be very surprised if we don´t see some bigger shorts at least for a while.
The FTR draw target at 74k will only be the main target, if bulls will fail against the 104900 pmPOC.
Trying to not be too biased here again. We will follow value. The bearish scenario is still an option, but it will become less likely once bulls start to build value above the pmPOC at 104900 ish.
Well, it was an idea and we had good reasons for it. At that time price did not build value above the pmPOC, so a FTR (failure to rotate) could have happened.
I was able to cut my short a break even and swing with the bullish momentum on a few altcoins for example like ADA or JTO. Ideas are given in my profile.
So what now? Did the bearish chances vanish? Not yet.
BTC is currently facing resistance at another pmPOC, which is critical once again. In the same way the lower pmPOC has been.
Bulls really need to push through and build value higher. If that happens, I will become less bearish and open minded for new all time highs.
If bulls won´t be able to build value above the pmPOC, the bearish doomsday scenario will be in the cards.
There are some levels below that normally require reinspection. For example the 95400 pwPOC. I would be very surprised if we don´t see some bigger shorts at least for a while.
The FTR draw target at 74k will only be the main target, if bulls will fail against the 104900 pmPOC.
Trying to not be too biased here again. We will follow value. The bearish scenario is still an option, but it will become less likely once bulls start to build value above the pmPOC at 104900 ish.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.