We love this because that's when we fill our reserve of supply so we can provide buyers once they start wanting to buy at a higher price (since demand drives the price up).
The possible scenarios I see:
- Since we ride up from 6k, we have consistently retraced to 0.382...So this level will have a good chance of being a great place to buy. If we don't go higher than 10100-10200 or whatever we got to, that would be around 8600.
- 9200 is a big level. We could go "just there", no matter how high we go before retracing.
- If we lose significant psychological levels, the over-enthusiastic bulls could start panic selling which would drive the price down, a re-test of 6k is not impossible.
There will be several bounces on the way down but one of them will be much bigger than the others. Be careful. You can either be conservative and wait for conservation, or be a true spartan.
We can't go up this fast, the baggies have not had time to give up.
Might be wrong, but idk this is weird.
We went up skightly higher than 10200 bu the levels are about the same.
Now when/if we go to 9500, what's that to you depending on who you are:
- A day trader/scalper ==> you trade about anything, and you are used to losing, so it doesn't matter.
- A trader that doesn't care about the time trades take and just looks for good opportunities / swing trader ==> The odds of that being a real bounce are pretty small unless I'm missing something, and the bounce we likely get will be very small. Probably pass.
- An investor: you bought at 6k, you bought a bit on a regular basis, especially as we go down. What are you even doing here? looking for reassurance? :D "Don't worry" here.
Get your pillows ready...
If we hard bounce on 9500 and go up from here I would be amazed.
I can't imagine that happening.
Would not surprise me.
If we break that (3) line, I'm buying more. Trailing stop loss.
I want to stay above 10000 approximately (dropping to 9985 is fine), I'll buy a bit more if we get close to that. I'm only buying about 10% of what I would usually put in on something relatively safe and good risk/reward.
Average buy price is around 10050 now, let's see where this goes.
- A support
- Something we are over by now.
Reloading at 9600ish.
If we go up now I'll be pissed :D
I think we need a little bit of red first if we are to launch off 10300.
If and when we do it will be glorious.
I made a new idea about this.
I'm in since 10100.