Hi Seildev here
Our recent bull run of Bitcoins is nothing short (sic) of amazing.
Many authors on trading view have taken the stance of shorting this
bull run in which my opinion is to never guess or place a cap on
when the bull run is going to end unless you have confirmation
that the bull run has finished. None of the indicators or signals
give a 100% confirmation on where the market is headed. It is there
to give you a guidance or higher probability of your chances of being
successful. All the EW traders or Fib or pattern/harmonic traders
100% know the next move to any markets.
However there is a thought process that you want to be part of the same
movement that majority of the traders are in. And if majority of the
traders look at the chart at the same way then your chances of higher
successful probability will increase (let's not talk about the IB or
the gremlin whales that push/dive the markets at this point).
We have a nice 2.414 target at 7861.41 from leg X to Z high and low
back in September 2nd to 14th. We also have 1.618 fib level from
horizontal resistance at leg point 3540.19 to leg point 6192.48.
At this point we are not predicting the market will turn around at
7861.41 but we can mark it as a point of interest and make a decision
once we get there. RSI divergence also has a little more room to push
up before seeing a move down.
I'm in no way disrespecting any EW, Fib,pattern/harmonic traders.
They have worked on models that works for them and if they month on
end walk out with profit then they are doing something right. Much
respect to the traders.
As always, trade with a plan and safe trading.
Seildev
Our recent bull run of Bitcoins is nothing short (sic) of amazing.
Many authors on trading view have taken the stance of shorting this
bull run in which my opinion is to never guess or place a cap on
when the bull run is going to end unless you have confirmation
that the bull run has finished. None of the indicators or signals
give a 100% confirmation on where the market is headed. It is there
to give you a guidance or higher probability of your chances of being
successful. All the EW traders or Fib or pattern/harmonic traders
100% know the next move to any markets.
However there is a thought process that you want to be part of the same
movement that majority of the traders are in. And if majority of the
traders look at the chart at the same way then your chances of higher
successful probability will increase (let's not talk about the IB or
the gremlin whales that push/dive the markets at this point).
We have a nice 2.414 target at 7861.41 from leg X to Z high and low
back in September 2nd to 14th. We also have 1.618 fib level from
horizontal resistance at leg point 3540.19 to leg point 6192.48.
At this point we are not predicting the market will turn around at
7861.41 but we can mark it as a point of interest and make a decision
once we get there. RSI divergence also has a little more room to push
up before seeing a move down.
I'm in no way disrespecting any EW, Fib,pattern/harmonic traders.
They have worked on models that works for them and if they month on
end walk out with profit then they are doing something right. Much
respect to the traders.
As always, trade with a plan and safe trading.
Seildev
Comment:
Now that we have seen our target 2 reached at 7831 we need to re-evaluate and work out our next plan and see if there are any other opportunities.