做多

time to go long

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the last week or two has been exceptionally boring, but i think we have a good setup for a long here, for the near term at least.

targets are based on established support/resistance levels and expected margin buying/selling pressure levels. if you've seen any of my other recent ideas, you know i'll be taking profits on alts at these levels too. ultimately shooting for just below the neckline and/or bear trendline where i'm looking to unload (also .618 fib is in the area, so i'm sure there are lots of traders eyeing that level). i expect the bears will dominate there.

stops below the pennant and below the major bull trendline. it's possible price will break below the pennant before catching a spring closer to the trendline.

bon appetit.

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*correction, .618 fib in the area (48.3k)

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couple things i'm looking out for. in either case, i would wait for the bounce (manually stop if necessary).

(1) a rejection at the trendline, forming H&S
(2) a break below the triangle. this one is trickier because you'd likely need to take a small loss, but worth it because volume will pick up down there and price can dump in a hurry.

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hope people got my last update in time. in any case, stop 1 was -2.5%, so not the end of the world.

bears look firmly in control to me. this is bouncing off the long term bull trendline, so i would have expected a much sharper bounce here, but the correction is flat and all the volume moving price down. still not overly impressive volume in general, so i'm not really sure what to make of it. all i can say is a lower low / break below the trendline would be pretty bearish.

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this market is super fun, until it's not. 8 months of sideways?

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first sign of bulls. may be another slight dip to around 30k but i have to imagine there's enough buying pressure there to at least bring us up for a retest of the trendline and the bottom of the pennant.