Regardless of the upswings we are still in a bearish mid term trend pattern in my opinion. Every bear market has bullish trends, and every bull market bearish . Understanding the difference is key to understanding how the market moves. I do not see anything on the chart that changes my mind at this time. I noted yesterday that I took some of my short position (which was only a partial position to begin with) off the table anticipating this movement. I may sell and add to that sell at sometime in the near future. So to answer the question are we still bearish on the market? YES in my opinion. But that is the mid term cycle only. In a longer cycle, SEAN_VENGAN has pointed out in his article yesterday, we are very much still in a long term bullish market. The key is understanding what time cycle we are in. If you haven't read his article on BTC you should, very informative, great analyst, and will save me from posting the same, as I am in total agreement with his post! It's spot on as most of his posts are. If you want the TRUTH, add him to your list of people to follow, if you CAN'T HANDLE THE TRUTH, well there are many out there that will tell you what you want to hear, instead of what you should be listening to.
But while we are waiting for the market to settle and consolidate, in order to attract new fish to the pond, we get these mini bull patterns followed by mini bear patterns, and the big fish are swimming everywhere eating the small fish that are confused by this movement. The fact we are continuing to have these impulse swings, on low volume , and an RSI that cannot seem to break 80 leads me to believe there will be more volatility going into the final sell off where the fish realize their fate, and become eaten. Yes the big fish will be full, the smart fish will still be alive, and calmness will come upon the waters in the form of a nice bottom consolidation (allegedly). It doesn't happen overnight, or in days maybe not weeks, but it will happen. So if your not a big fish in the pond, then keep to shallow waters until things settle down. I see many are trading this bear market, and that is ok if YOU know what your doing, but we must keep our heads on tight, not get greedy, and realize "large fortunes are made by piling on many small gains". Bulls make money Bears make money PIGS GET SLAUGHTERED! It's the bottom of the 8th, we need base hits right now to wear down the pitcher, not home runs!
I want to clarify WE CAN turn around right here and go higher. WE CAN go to $4600 and turn around and drop to $2200. Anything is possible this is why we must constantly monitor our charts looking at trend patterns. Personally I just do not see it as a likely probability, looking at the current chart, that we are headed to $6,000 just quite yet, the tide, the temperature, the sun angle, are just not telling us this is the time we want to go bull!
Thanks and have a blessed Trading Day!
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