workin2005

New evaluation...We aren't done correcting yet...

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I'm reevaluating my prior count. I don't think the 5th wave ever completed. The wick that touched $7,500 was a bull trap. I'm disregarding it and forecasting a new low of $7,000. Once that completes, wave 5 will be done. From there we should enter the ABC correction as charted. Now I could obviously be wrong on this. I can't tell anyone what to do, but if I had bought the last dip, I'd just hold. Even if it goes back down, expect a quick uptrend once bottoming out. If I had not yet bought, I'd wait and start lattering my buys below $8,100 down to $7,000. If it never gets that low to trigger a buy, I'd wait until Bitcoin             breaks through the critical resistance area of $10,100 to confirm the uptrend.

Right now, I feel whales are laying their final bull traps. They would love to give you false bull signals so they can short the market further. Only when we get a strong breakthrough past $10,100 will I be confident we're in an uptrend. That might happen today...or it might not happen until later next week...but it's coming...and I'm excited for it! Be patient, smart and most of all, BE READY....2018 is going to be one hell of a ride! I welcome your comments, thoughts and criticisms. Cheers!
If 10100 is the confirmation of a break out then why not just buy it now below 10 and hold? You say it might happen sometime soon so I see a good opportunity to pick it up below 10k and hold longterm. Even if it drops to 5 it will go back above 10. Agree or disagree?
Reply
workin2005 XenoBiologist
@XenoBiologist, Good question. If you're a long term holder...then you could absolutely go ahead and buy. I was speaking more to day traders. They need to manage risk constantly since they're trying to make money on every rise and fall throughout the day. For them, I recommend waiting until it dips down below $8K. I say that because if the 8K and 7K supports break, it could go as low as $6K before it finds support again. So if you bought now, you'd really regret it. If you waited and lattered your buys between $8K and $7K, it wouldn't sting as much if it dropped that low, and you'd be back in the green much quicker. That's a worse case scenario and not very likely in my opinion.

Remember, day traders are looking to make profits off every dip and rise. The strategy is much different from that of a holder.
If you're just planning to hold for awhile, yes...go ahead and take out a position if you like. Remember, I'm no financial expert. That said, if you don't intend to day trade and you, like me, believe Bitcion is going to rise to all time highs this year, I see no reason not to buy.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out