I remember when many people were calling me crazy for thinking we could go to the 8K's and maybe 9K's a week ago. Until yesterday even i thought i was crazy :). Because it was just taking so long for price to break the 7K resistance. One thing that is very different than the failed rally to 7500, many Alt coins have really exploded indicating that market sentiment has changed for at least the short term. It's just funny to see how sentiment can change so quickly after a big rally of 1200 points. It's actually just very typical in an emotional market like this one. Hope and fear plays a very big part in this game and i believe certain parties just know exactly how to abuse that feeling. You have to understand, i am telling all of this from a day traders point of view. And day traders know how mean this market has become with all those mean shake outs that are only increasing every week, to the up and downside!
For now the market is still very strong, hanging around the highs and seems like it has no intention to make a healthy correction towards the 7500/7800. Thing is, after a big rally like this it would be more bullish if the market makes a correction to those levels instead of going up from here, because than it will be only a matter of time before we see a mean and sharp drop of maybe even more than 500 points. I mentioned in my previous analysis, that i would close my position from 6710, if we do decide to go to the 8300/8400 now. My stop for this position is around 7500. And i will probably add if we reach the 7500/7700, but i will decide that when/if we get there
When i look at the chart, even though it's looking very strong and buyers keep coming in at these high prices, i think we will start to see a small drop towards the 7700/7800 within the next 24H. When we look at the rally from 7250 a month ago, we can see at which stage we are now. My guess is we have seen the high for now and price could be making that correction anytime soon. I copied that purple support line, but thats just a guess to where price could bounce up from IF we make that drop. Whatever happens, in my view price has to stay above the 75xx level to keep high bullish momentum.
In my previous analysis i have discussed what i expect for the medium term, so please read those for more information i try to answer everyone, but is has seriously begun to be a full time job now, so i won't answer questions anymore that i have already given the answers to. I hope you understand that. For anything else, feel free and i will try to answer you.
In summary, for now i still think price could go towards the 9000/9500 and around those levels i will probably start to build up a big short position. I don't have a target yet, could be 7500 could be 6000 and could be 4000. I don't get ahead to much and i determine my goals when i think we could be seeing a reversal.
My followers have increase allot lately, thank you guys for the support and all the likes you give, it motivates me to keep making updates for you :)
A follower thought i needed a logo :) and he was so kind to make one for me. Thank again for the effort :)
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