Are you prepared?

jrcornel (84)in GEMS • 4 years ago

What if this is what is coming next???

Are you financially prepared if all this chopping around $10k is THE PULLBACK?

Price either corrects in time or in percentages.

We have been chopping around this $10k level for months now, which means it is entirely possible this is working off the move from the $3.8k lows without having to dip much...

If that is indeed the case, could something like this be coming next?

(Source: https://twitter.com/CryptoKaleo/status/1271563000240050177)

But wait, anyone can just draw some squiggly lines on a chart and say this is what is coming next...

Sure they can, that's why this isn't just some squiggly lines drawn on a chart..

It's a fractal based on the price action back in late 2017.

The timing as it relates to the halving cycle doesn't line up in terms of a top, but in terms of the start of our parabolic rally, the fractal is interesting.

That being said, you could also draw some squiggly lines like this:

(Source: https://twitter.com/BTemelakiev/status/1271617119151706112)

That one is not near as fun, though keep in mind that one is literally just some squiggly lines on the chart not based on any fractals or anything else really.

Literally just some squiggly lines.

One thing to keep in mind on all this is that lines matter...

Look where the lines are drawn on that first chart posted above, talking about a long term breakout...

Others have drawn their lines showing we have already broken out of that downtrend and have basically pulled back within that range, possibly indicating a fake out/bull trap, or even just some throwback after a breakout.

Either way, it shows that charting and line drawing can be extremely subjective.

One man's double top is another man's weakening resistance line.

All that being said, I still think we are going to see a bit of a dip here as the stock market is likely to pull back and drag bitcoin down to some degree as well.

There is a ton of support in the $7k-$8k range and if that were to break, there is also a ton around the $6k level.

If we do get a sizable correction, I highly doubt it goes below $6k.

In fact, I'm already getting my just-in-case buys executed just in case we don't get a sizable dip...