In my last post I wrote about how BTCUSD was accumulating and predicted a break higher towards the "key resistance hurdle in the 9000-9250 zone, marked by the 50% of the decline from 11 000 at 9070" ... well let's take a look at what happened when we hit that zone and specifically that 50% level earlier today:
Instant rejection. Though 50% isn't technically a Fibonacci level and it's often dismissed as the "retail fib" (with pro's waiting for the 61.8 and 78.6), you can pretty much bet your ball sack it's going to be important in a big range like the one we're in now:
Anyway so that played out beautifully and I even stuck to my plan - I took profits on my longs and closed out half of my core positions (shamelessly stealing that term from @scaredycatguide btw) ... but what now?
Originally I was predicting a substantial correction from here. I was so confident I even did something I rarely do and mapped the prediction all out on the chart like everyone's favourite Steem chartist, Hae ... who shall not be named:
Well ... now I'm not so sure. I'm definitely not diving back into a margin long up here, but I have thrown the other half of my core position back on. Now I've been totally murdering the market lately, so this latest move is probably just bad timing/bad trading/the inevitable fall from grace, but I do have a few decent reasons to be in full size right now ...
1. We're ascending into a flat top and I fucking love triangles
2. The momentum on the last two surges ... fucking wow!
3. We just smashed through the log scale trend-line^ like a fat man through a fucking pie
^log trend-line courtesy of @Buzzbeergeek
4. It's possible the right shoulder has already formed and is just fucking gimpy and small:
5. Insert a million other fucking reasons here
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Dear @jerrybanfield I love STEEM. You love STEEM. We all love STEEM ... but it's not going to fucking number one market cap. Stop being a manipulative ass and get off the trending page for a bit eh?
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