could we finally be headed for a retest of that down trend line? last month we predicted this would be the most probable path there, and i really wish i listened to my own advice.
for me, the big picture here is that there's a reasonable chance that the down trendline is confirmed, and price gets rejected right back down into this range between the neckline support and shoulderline resistance. there really is a sh*tload of resistance there, for reasons i've already beaten to death. that's why i think it's a good place to sell / secure some profits on alts. if price breaks to the upside of the trendline, i'm absolutely buying back in on a successful retest (everything i just sold, and then some). can't forget that a couple of months ago most of us were calling for 6 figure BTC prices by the end of 2021.
of course the other reasonably likely scenario is that price stays within this (ever-so-slightly) falling channel / consolidation range and doesn't continue up for the retest. in that case, i'll be looking for opportunities to buy/avg in around the lower end of the range/neckline.
for me, the big picture here is that there's a reasonable chance that the down trendline is confirmed, and price gets rejected right back down into this range between the neckline support and shoulderline resistance. there really is a sh*tload of resistance there, for reasons i've already beaten to death. that's why i think it's a good place to sell / secure some profits on alts. if price breaks to the upside of the trendline, i'm absolutely buying back in on a successful retest (everything i just sold, and then some). can't forget that a couple of months ago most of us were calling for 6 figure BTC prices by the end of 2021.
of course the other reasonably likely scenario is that price stays within this (ever-so-slightly) falling channel / consolidation range and doesn't continue up for the retest. in that case, i'll be looking for opportunities to buy/avg in around the lower end of the range/neckline.
