We are on the 2nd wave count and have pulled back perfectly to the 618 retracement level and could hit 736 area. The weak hands always get shaken out on the 2nd wave. Then they usually end up buying higher on the 3rd wave and then get shaken out for a small profit or loss on the 4th wave. It's typical market psychology at play here.
Until BTC breaks below 3.1k I do believe we have bottomed and capitulation happened from 6k to 3k. Everyone in the streets are calling for more blood. The people who are all calling for a $1500 BTC price say we haven't capitulated because there's still too much "hope" in the market. Unless you're living under a rock basically all hope is gone. The only reason you think there is too much hope is because the small number of us who are still in this market believe in this tech. But the 99.9% mainstream don't give a shit about Bitcoin. Institutions are losing interest. Investors are suing to get their money back. Alt coins have fallen 90-99%. Miners are going bust. PEOPLE. ALL HOPE IS GONE. THIS IS CAPITULATION and you don't even recognize it. The mainstream thinks BTC is a joke and won't touch this rat poison. Don't confuse it. We are a small and focused demographic who still believe in this technology. And I'm guessing the ones who are still surviving now and trading are the strong ones now.
I have no problem being wrong. But if you're the type of person who is sitting on the sidelines believing BTC hasn't bottomed and your main reason for this is because someone famous or more educated than you said we haven't.....you need to check yourself and see whether trading is for you.
The way to trade doesn't have to be complicated.
1). Know what kind of market you're in (Bull, Bear) and what context are you trading (uptrend, downtrend, range trading). 2). Where are the important moving averages located right now 3). Understand fibonacci extension and retracement tools and what they mean 4.) Are we in an oversold, overbought market? 5.) What are some interesting price areas and risk/rewards
Your chart should not look like a treasure map and we need a legend to understand how to read it. Just because you have a million trend lines and it's all colorful doesn't mean you understand TA. In fact your chart should look clean and simple.
Trade active
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6.) Never EVER lose more than 1-2% capital per trade.
Hm, I think you really got a point there. Made me just re-think my long-term strategy and put it in a slightly new perspective. Thank you for that!
Since I am laddering down my long-term entries (buying the dips) I am confident that it will work out over all, but it is always helpful to have some new input to make me re-check where I am standing right now... so, yeah, thanks again! I'll put this into my "Lessons Learned" folder ;-)
UnknownUnicorn1615160
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@CryptoUlle, Cheers mate. I've only ever made material money trading when I've taken an contrarian approach. Everyone who is calling for a 1.5K BTC thinks he or she is thinking independently, however, they are just going with the crowd. If everyone is waiting for a 1.5K BTC this theoretically means we cannot hit 1.5k. So what you have to do is trade the context, find an interesting price and value whether you have a decent risk/reward. Maybe we do reach 1.5k in the future. Who knows. A major exchange goes down? A huge hack? No one is a fortune teller. I mainly look for when the market is deeply oversold on the indicators, panic selling, people calling for crazy discounted prices is a good time to enter buy entries. This happened when the market dropped quickly from 6k to 3k. A bear calling for a 1.5k BTC price in the near term is no different when a BTC bull was calling for a 25k price in Nov 2017. Both could have happened, but doesn't mean they will or did. Always think as a contrarian is my point. Good luck and may 2019 be a year of smart, non-emotional and capital increasing trading!
crowetic
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@BitcoinBobby, I believe you're correct about the bottom, I'm too 'into the tech' deeply to even know what the 'mainstream' is saying... but I've believed BTC was a 'low price' since 4747 hit, and these prices now are a complete steal. I don't think the people calling for 1500 or so, understand the fundamentals of the platform, and that BTC is UNLIKE ANY OTHER ASSET in so many ways.
Thanks for your efforts, you've earned another follower in me. Keep up the good work!
UnknownUnicorn1615160
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@croweticcomputers, cheers mate. Even if it does go to 1500 if you see the long term value proposition and have a long term horizon you'll end very well. It's kind of like do I buy Apple at 155 dollars or wait for it to drop to maybe 120 or 130? Does it really matter if you have a long term investment horizon? who gives a shit at these prices :) People won't admit it but there gets to a point in prices when speculation is over and it's time to start thinking about investing. Very two different things.
elliottwave_auc
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lewisboogie
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Wave 3 cannot be the shortest of the three impulse waves
AlanSantana
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Nice chart. Thanks a lot for sharing... Appreciated.
Since I am laddering down my long-term entries (buying the dips) I am confident that it will work out over all, but it is always helpful to have some new input to make me re-check where I am standing right now... so, yeah, thanks again! I'll put this into my "Lessons Learned" folder ;-)