BTC/USD moving but probably not breaking trend....target $9,274
Reversal since Senate hearing has been good but downtrend has yet to break. Where will current run-up end? No one knows but the pace has slowed since a couple of days ago, which was inevitable. With prior FUD still in the air, the major demand drivers are still missing. Hopefully this Tether issue can be put to rest, to enable the bull-run to continue, but until then expect trouble.
Short-term:
Bull - Price rise to $9,274 (average of price targets/ranges in chart) before continuing downtrend
Bear - Reverse any moment sharply to the downside
Mid-term:
Bull - Small dip after hitting Point B and start of a new set up impulse waves
Bear - Move down to Point C on correction waves after brief run-up (ongoing)
Plan:
Treat half of portfolio as bear scenario....sell mostly to fiat (not USDT) and look for buy opps on strong coins (e.g. top 10-20 market cap). Treat other half as bull scenario, so a) keep holding strong coins and b) BTFD on coins that can recover quickly.
Note: Buy opps TBD based on BTC gap relative to 50-day EMA. Play that range/channel.
Short-term:
Bull - Price rise to $9,274 (average of price targets/ranges in chart) before continuing downtrend
Bear - Reverse any moment sharply to the downside
Mid-term:
Bull - Small dip after hitting Point B and start of a new set up impulse waves
Bear - Move down to Point C on correction waves after brief run-up (ongoing)
Plan:
Treat half of portfolio as bear scenario....sell mostly to fiat (not USDT) and look for buy opps on strong coins (e.g. top 10-20 market cap). Treat other half as bull scenario, so a) keep holding strong coins and b) BTFD on coins that can recover quickly.
Note: Buy opps TBD based on BTC gap relative to 50-day EMA. Play that range/channel.