I have been consistently bullish on Bitcoin from the local bottoms, however I did not correctly predict the monthly trend. Despite that, I am still bullish on Bitcoin at these prices, mostly because there is a very strong level of demand here. Even if price continues to go down further, I still expect a strong correction upwards here, however I suspect a trend reversal from 50-58k.
I think that we will consolidate bullishly here before retracing this entire move down.
Note: I was complacent from my big wins where I longed from 16k to ~45k, and longed ~38k to 74k and did not decide to close my positions (38k long) even though I saw clearly the tape was bearish. I thought price would turn bullish. It never did until we reached these prices.
I cut my positions around 62k and am buying them back now. I could not throw my bias aside until the market was so obviously bearish that even I was forced to cut.
I think that we will consolidate bullishly here before retracing this entire move down.
Note: I was complacent from my big wins where I longed from 16k to ~45k, and longed ~38k to 74k and did not decide to close my positions (38k long) even though I saw clearly the tape was bearish. I thought price would turn bullish. It never did until we reached these prices.
I cut my positions around 62k and am buying them back now. I could not throw my bias aside until the market was so obviously bearish that even I was forced to cut.