To confirm this dip, we need $11400 to be broken, then $10800. Technical have been for the past few hours, but the bulls kept pushing higher and higher believing this was the rocket to $12.5k. Clearly market don't understand what is the timeline especially after they confused yesterday's bounce at $9250 as the end of wave C correction. I see many taking pride in buying the bottom of their new lambo and how they make a smart decision to put a limit order 10% above the market's expected rate. I can only say, don't cry later if you choose to HODL again.
PS: Like i mentioned in my other ideas, the timeline to $12.5k / $12.8k is over 3-5 days. Price cannot just move up in a straight line, there has to be sub wave within it that goes up and down. Also be on the lookout if we did not bounce at $9.9k and instead break pass $9.5k, panic selling still exist in this confused market.
Despite posting ideas, I also do real time analysis to verify trends, entry points and reversal signs. But people mock me on low timeframe, can't ask me the right questions. Kept laughing at my nick, asking me to consult the higher timeframe. We're in a correction mode, we're downtrend overall, we are in a bull trap bounce, we're going sideway in this bounce. What do you want to know? Ask, not insult me.
This is currently a sideway market, and evidently hard to trade in the short term. But I offer aid to tide people through since people are looking for entries and not everyone is a HODL or swing trader. Day traders and scalpers don't like to sit around waiting for days with no profit, that's why we look at small timeframe. But I am sick of explaining and teaching. I'm frankly done, so good luck. Enjoy the chat room and their moon analysis.
Technical indicators are showing confirmation of trend reversal on the 15, 30 and 1 hour after that bounce so we should be on track for that sub C wave up. That is assuming there are no major changes in fundamentals.
I have an extended leg down to 6.9k as my next target for reversal bottom 3. We will bounce there "strongly" and that will tell us the future. But a break of the 7.8k will put us very close to a bear market, so its is a pretty interesting zone. At this point, I am looking forward to a bear market for first half of 2018.