I guess the chart is pretty clear.
I'll wait for a "Zag" in ZigZag ;) Closing my long positions there, perhaps around ~47k, rebuying around 40-42 with SL 38.
Not financial advice, just sharing ideas.
VWAP (Volume Weighted Average Price) can perform as support level.
Last time in January the 60 days VWAP (of that time) performed perfectly as a great support level, and the price correction ended there and it never broke bellow that.
I expect the current price correction continue to 39-40K.
Please zoom out to see the bigger picture.
Scenario A:
Price can break above the resistance line and stabilize above the pitchfork midline.
Then I expect the price hit 61K.
Scenario B:
Price fails to break above the resistance line, price can be continue to drop to the pitchforks bottomline (41K-39K) and stabilize.
Then I expect a new rally begins first to the...
I believe this is a healthy and necessary pullback to the trend's midline.
No need to panic yet :D
However if breaks bellow 52 and 50k, I take it as end of the bull trend.
