Bluechip
--
Everyone was optimistic, talking about a “green October” and the start of a bull run
And that alone was reason enough for us to exit to cash at the September peak.
🩸 Now, everyone is overwhelmingly bearish,
and that’s reason enough to start looking for entries.
There won’t be another massive crash right after one just happened — believe me.
If there’s going to be another drop, it must be preceded by a strong retrace first.
I’ve made my view clear: the downtrend isn’t over yet,
and we’ll likely revisit half of the previous wicks,
but a retrace must happen before that.
The delayed rebound is just a trap,it’s meant to lure more and more short positions so that they can be liquidated on a retrace up before the next drop.
Just like what happened on Tuesday, the market dumped sharply to liquidate overleveraged longs who had bet on a rebound.
Personally, I’m leaning bullish short-term.
If we’re going to drop again, it’ll probably come after a move toward $120K first.
And don’t forget: Bitcoin hasn’t broken its last low yet and is still holding its uptrend, unlike most of the market.
In short, don’t be fully in or fully out of the market right now.
Balance is key.
🩸 Now, everyone is overwhelmingly bearish,
and that’s reason enough to start looking for entries.
There won’t be another massive crash right after one just happened — believe me.
If there’s going to be another drop, it must be preceded by a strong retrace first.
I’ve made my view clear: the downtrend isn’t over yet,
and we’ll likely revisit half of the previous wicks,
but a retrace must happen before that.
The delayed rebound is just a trap,it’s meant to lure more and more short positions so that they can be liquidated on a retrace up before the next drop.
Just like what happened on Tuesday, the market dumped sharply to liquidate overleveraged longs who had bet on a rebound.
Personally, I’m leaning bullish short-term.
If we’re going to drop again, it’ll probably come after a move toward $120K first.
And don’t forget: Bitcoin hasn’t broken its last low yet and is still holding its uptrend, unlike most of the market.
In short, don’t be fully in or fully out of the market right now.
Balance is key.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.