Monday Morning Dumpfest: Smells Like Opportunity!
Proper trading degens know that you can always long the bounce.
Yes, bitcoin has dumped — and is continuing to dump — as I type this quick update! But, every major drop in price (as well as significant rip to the upside) is an opportunity to profit!
That’s because price action is like a rubber band and as it stretches in one direction is must “snap back” in the other as the market floods with orders taking advantage of the pivot.
I’ve already identified a few bullish harmonics that would provide opportunity for long orders to be put in for a decent bag. For instance, I see the following:
The above bullish Anti-Shark on the 4hr could provide you with a conservative entry point around $39,880 and assuming strong volume I’d look for taking profits anything north of $43k. How far could this go? Maybe even a bounce to $48k, but that would require quite a bit of juice.
Confluence can be found on the 1hr as a bullish Bat / Navarro gets up even farther north of $48k on a larger swing:
As always, stay frosty because we could still travel even farther south; a bullish Deep Crab could hit a PRZ around $35k-ish — that would be painful but if you’ve kept a short order open, then, you’re swinging for massive profits on this.
There’s some confluence with a bearish dump into a bullish Bat too on the 4hr that’s also a possibility; I hate it when bitcoin makes us earn our money.
That slow bleed would be painful but profitable if you’re on the right side of it. Keep your stop losses tight! I’m sure we’re all clenching buttcheeks anyway. But the point is that we’re going to get a bounce and it’s upside from there.
To infinity & bitcoin,