Hi Everyone! Be careful and patient and watch for expansion. Bitcoin currently looking at more increased odds for going down at present if downward pressure races keep getting triggered in a domino affect like it has already in the 30-minute and 60-minute time frames. Red RSI and Blue LSMA show potential for expansion down in the 3-hour, 4-hour, 6-hour and 8-hour time frames. We are looking at $35,250 as support for the Immediate Short Term if we were to go down from here. Once there, we would have to see what the indicators look like to determine if we can go lower.
REMEMBER: We are EXPANSION HUNTERS... So be PATIENT on your entry. It can be difficult during periods for sideways action like this inside of fairly tight B-Bands in the 4-hour, 6-hour and 8-hour. If we are to obtain CONSISTENCY, we must perfect the art of PATIENCE. My opinion of course.
We could still go up to just shy of $40,000 and this only be a brief shakeout before going up for a potential Simple Rally event in Phase B of accumulation or an Up-Thrust in Phase E event if we are still in distribution.
The “trait” I believe should be at the top of this list is “passion.” Don’t waste your time with this if you do not have a willing resolve to be “passionate” about learning and growing in this field. With plans to design; making goals to achieve; etc…
The trait of “consistency” is easier to obtain if one will set out to “know” their line of work inside out; the tools they use to do their work inside out; so much so it becomes “habit;” is the day “consistency” is found.
The trait of “confidence” only comes the more you “understand” your “material” (As a teacher); your meter (As a telephone technician); the human mind (As a brain doctor); etc…. This “understanding” comes through “repetitional” experience. Through Repetitional Experiences “habits” are created.
The trait of “patience” in this profession can pay great dividends. It’s a constant battle for many against the emotion of greed; to get rich quick without first investing the TIME to “know” your trade. The TIME we invest in ANYTHING actually proves the LEVEL of “patience” we have with those THINGS. That “thing” being “Analytics and Trading.” We should actually allow that TIME we invest to LEARN a trade be an opportunity to grow our “patience.”
The trait of “discipline” is engraved in the hearts of some and has to be worked on by many others (me included). It helps to be “organized” to help maintain “discipline.” Yet, it also requires an attitude of refusal to “half ass” anything; to pay attention to details; to beat your emotions into submission with your mind (will power). Not to mention passionately beating your emotions into submission with the confidence, consistency and patience we built along the way.
Stay Awesome! David
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UPDATE:
I've been busy with several things in regard to educational content. Just letting you know I'm about to work on an update for BTCUSD. Then I'll have to get back to work on educational content.
@WyckoffMode David, why do you have an AR at your chart if the price didn't come even close to previous price levels? I thought that AR MUST come to or near previous support levels. Thank you!