it's anyone's guess whether we'll see a continuation of the bull market or we're headed for another leg down. but here's what i do know: we're most likely going to test higher levels before heading down further (particularly the neckline and bear trendline). for those who are already fully hunkered down for crypto winter, this is of little value to you. but for those of us who are still invested, this is extremely important; this is where you take profits.
"but...but.... what if the bull market continues and i've just sold everything?!"
(1) chances are prices will come back down for a retest and you can buy back in at or near the prices you sold at. don't fomo into a bad entry.
(2) don't ever sell everything (excluding scam coins and dumpy meme coins). i keep my long term/investment account in cold storage and it's a one-way street... crypto goes in, but doesn't come out (of course there are always exceptions)
there is always the possibility (albeit less likely) of another leg down before making it all the way up to retest the trendline/neckline. if you haven't already reallocated/taken profits in preparation for this possibility, you're in a pretty tough spot. if i were you, i'd start taking profits at the margin pressure levels noted on the chart, and absolutely take losses if price drops below the major bull trendline or the recent crash lows.
"but...but.... what if the bull market continues and i've just sold everything?!"
(1) chances are prices will come back down for a retest and you can buy back in at or near the prices you sold at. don't fomo into a bad entry.
(2) don't ever sell everything (excluding scam coins and dumpy meme coins). i keep my long term/investment account in cold storage and it's a one-way street... crypto goes in, but doesn't come out (of course there are always exceptions)
there is always the possibility (albeit less likely) of another leg down before making it all the way up to retest the trendline/neckline. if you haven't already reallocated/taken profits in preparation for this possibility, you're in a pretty tough spot. if i were you, i'd start taking profits at the margin pressure levels noted on the chart, and absolutely take losses if price drops below the major bull trendline or the recent crash lows.
Kommentera:
price broke above the bearish pennant, which is a good sign. volume isn't all that impressive though and there's some serious resistance ahead. i'm expecting we'll retest the top of the pennant and possibly one of the trendlines before making a real push for $40k+. i'm not calling it a breakout until we see a convincing bounce here.
Kommentera:
just realized i somehow forgot to include the $42k-$43k resistance zone on this chart. that's a long established support/resistance zone, and should absolutely be considered with the other levels on this chart. in fact, it's probably the strongest resistance between here and the neckline. if you're looking for an intermediate target, that's a pretty damn good one.
Kommentera:
8 months of sideways?
Kommentera:
my plan for a reentry (long)
