I am saying for a while now, Bitcoin will never see a new ATH again. Unless some real fundamental change comes in play that could give people trust and push everything up again. Inexperienced people have seen to many big drops lately, lost to much money, to just keep on buying and paying higher prices for something that has a lot of risk. Up to the big crash from the 20K, It almost didn't matter at wich point one would get in the market, because everytime it would make a new ATH .
So i dont think this market will see those fast big bull runs anymore (unless something big happens). The conviction we saw up untill a month ago is just gone! Ofcourse there are still many bulls, but even these bulls just can't be as convinced as they used to be. This break out of the 11.500, of this triangle is just really disappointing! For normal markets it's completely normal that it is testing it's former resistance levels as support now. But it's not normal for Bitcoin . That means something has changed. People are getting less blind, are buying less impulsive. So even if another attempt will be made to take out the ATH , it will take much more time than before. I dont mean months, but it's impossible it will be done in a few days or a week.
Short term, difficult to say. I am still flat, even though i really want to short it. But i always take a small brake after a few bad trades. Even though i made a massive profit the last few weeks, this is a very emotional market. Taking a break is necessary sometimes, to be able to view the markets objectively. Pure TA says it broke out short term, higher lows (most important factor) broke out the big triangle and so on. But longer term it's still in a downtrend and fundamentally it's things have changed. Just to many mixed signals! But this is very common for sideways action, to get confused. And whales usually try to do this, because they dont want traders getting long or short for the best prices. They just want them to get in at the tops and shake them out with big fast drops, but the same happens the other way around ofcourse!
A break of 11.700/11.800 would confirm a succesfull pullback (short term at least), but because it dropped below the 11.500 (previous update), chances increased for sideways action. Normally a pullback has to be seen as a perfect buy or add opportunity for bulls. So normally it should go up in price and not stay here to long, otherwise it will fail!
Now it is making a flag after a flag, very very weak!!
think it will do something like this
I even gave perfect call for the start of the Bear market of the stockmarket (so far at least), even the EURUSD i called a big move up from the 1.17.
Likes followers and views are staying behind to much. When these increase, i will start posting again. I know there are some of you, who show their appreciation, but i have mentioned a few times before what my goal is here.
Maybe you would receive more likes/comments, if you opened a new idea every day / every two days instead of updating one idea a lot of times over several days. This way you might get more visibility.
A lot of other "Top" Members do it this way.
I will try to do so