We are currently in phase C where we recover before the next consolidation in phase D.
Hopefully you will get a bit more confidence again after reading this.
The downfall where we see a short stop at previous Support (PS) around 43k.
Breaking below did lead into a selling climax ( SC ) down to 30k.
What follows is the automatic rally (AR) back to 41k where we did meet the 0.3Fib line acting as new resistance.
Finally we see the secondary test (ST).
Moving between the consolidation range 30-40k.
It seemed we found the bottom around 30k but as often many people get shaken out due to the so called spring that breaks through the support at 30k just to come right back above it.
After this we get the test at 30k again and see the support again.
People are getting more confident again that this was the bottom and start investing again.
Relieve rally back to the 40k level.
We get a test at the last point of support ( LPS ), back up (BU) and sign of strength (SOS) which indicate a breakout to the upside.
Going for new ATH .
Model idea is taken from here:
– Never buy the top/ ATH
– Take profit as long as you can (also partial profit is profit)
– Use Stop/loss for leveraged positions
– If you are not experienced, don’t leverage in the first place
Enjoy the ride and don’t be too greedy.
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– Green lines are tested support lines.
– Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
– Cyan line is for trendline.
– White lines are levels
– Purple lines are we take a look at.
– Blue, white and pink lines are 200MA, 50MA and 20MA.
– Yellow lines are for visual help only.
– Either entry zone or . Check the description.