It's quite surprising to me to read so many influencers with huge followings on Twitter claim they are bullish, and even saying they are adding to their long on this "dip". I often think about the ethics of doing this. I'm not saying it's not possible we rally past $9200 and $10500 and confirm a bull market, but trading shouldn't be about placing bets, but objectively analyzing the price history of an asset to have an idea as to where the future price of this asset is heading.
In our case, we can see a slight trend deviation of the overall trend (1D, 1W), which could be interpreted as a sign of bullishness. Technically, it is a break out, but under our set of circumstances, it's unlikely it will trigger a full on rally into a bull market (again, in crypto it wouldn't take much to see that happen and see myself making an ass of myself by writing these words, but as far as objectivity, I stand by what I'm saying). A more realistic way to interpret this deviation would be to start seeing a shift from the lower lows and highs to a higher lows and highs, after which we can say we're, in fact, in a bull market.
In the very near future, we could expect to see the price retrace a bit (upwards). If it goes beyond $9200, then we were not at a lower high, and could potentially continue moving upwards, however, I expect we'll bounce back down way before $9200.
The target drawn in the chart is around $7300, but there's not reason why it could go down to $7000 or even lower, as long as we don't form another lower low, which would mean a continuation of the bear market. It could also happen above $7300, for that matter.
So, I guess I'm currently bearish, yet soon to be bullish.
This is my opinion and my analysis, and I'm aware that this could all be wrong, but what's important is that I'm trying to be as unbiased and based on reason and logic as possible. I'm I'm wrong, then I'm wrong, no biggie.
Cheers!
In our case, we can see a slight trend deviation of the overall trend (1D, 1W), which could be interpreted as a sign of bullishness. Technically, it is a break out, but under our set of circumstances, it's unlikely it will trigger a full on rally into a bull market (again, in crypto it wouldn't take much to see that happen and see myself making an ass of myself by writing these words, but as far as objectivity, I stand by what I'm saying). A more realistic way to interpret this deviation would be to start seeing a shift from the lower lows and highs to a higher lows and highs, after which we can say we're, in fact, in a bull market.
In the very near future, we could expect to see the price retrace a bit (upwards). If it goes beyond $9200, then we were not at a lower high, and could potentially continue moving upwards, however, I expect we'll bounce back down way before $9200.
The target drawn in the chart is around $7300, but there's not reason why it could go down to $7000 or even lower, as long as we don't form another lower low, which would mean a continuation of the bear market. It could also happen above $7300, for that matter.
So, I guess I'm currently bearish, yet soon to be bullish.
This is my opinion and my analysis, and I'm aware that this could all be wrong, but what's important is that I'm trying to be as unbiased and based on reason and logic as possible. I'm I'm wrong, then I'm wrong, no biggie.
Cheers!
