perfect rejection
Updated
Hello wonderfully wonderful person!
Stock markets all over have seen a large pullback. Maybe more investors have awaken and smelled the coffee? Time will tell on how the market will react now. Will it be the emotion fear that will trigger more downfall or the emotion hope that will set the market upward?
Anyways, back to BTC; and it seems to be very connected to stock rather than gold as of yet, since gold I believe saw a minor upward price action.
The indicators were showing a weak momentum for some time now with the horizontal movement, and it was just waiting for some nudge to either regain momentum or fall.
The latter happened and let us see how far it will fall, but we have some well tested and strong support lines shown in the chart.
Mind you that these will not hold if the emotion in market is fear, so dont put too much faith in these support lines.
For my part, it is still too volatile and it might be that the rest of the market is catching up with the belief that the world is not yet recovered and that will keep lowering the price in market.
Or this sell off is a short lived fear and people will rush in to the market to pickup more.
who knows at these times, so I will be waiting a little longer on the side line with my pocket filled with some fiat, waiting for a good moment.
Like i mentioned in my previous post, September or november is the turning month for me about being bull or bear.
PS
I am still holding BTC and stocks and have not sold out, but have sold off some in order to liquidate to have some cash at hand; in case further fall.
Keep safe out there and dont invest more than you can afford to lose.
Stock markets all over have seen a large pullback. Maybe more investors have awaken and smelled the coffee? Time will tell on how the market will react now. Will it be the emotion fear that will trigger more downfall or the emotion hope that will set the market upward?
Anyways, back to BTC; and it seems to be very connected to stock rather than gold as of yet, since gold I believe saw a minor upward price action.
The indicators were showing a weak momentum for some time now with the horizontal movement, and it was just waiting for some nudge to either regain momentum or fall.
The latter happened and let us see how far it will fall, but we have some well tested and strong support lines shown in the chart.
Mind you that these will not hold if the emotion in market is fear, so dont put too much faith in these support lines.
For my part, it is still too volatile and it might be that the rest of the market is catching up with the belief that the world is not yet recovered and that will keep lowering the price in market.
Or this sell off is a short lived fear and people will rush in to the market to pickup more.
who knows at these times, so I will be waiting a little longer on the side line with my pocket filled with some fiat, waiting for a good moment.
Like i mentioned in my previous post, September or november is the turning month for me about being bull or bear.
PS
I am still holding BTC and stocks and have not sold out, but have sold off some in order to liquidate to have some cash at hand; in case further fall.
Keep safe out there and dont invest more than you can afford to lose.
Note
By the way, the perfect rejection was of the upper triangle, and if we believe in that triangle; we have a long way to fall until it is reached the bottom of the triangle. Keep that in mind as well.
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