Mentioned $BTC may already be on "5th wave up"; we seem to have more confirmation of that.
Longs/Buys laddered between 7650 to 7500 for any sharp drops seem like a decent Risk/Reward.
Stay cautious, lots of Traps and Stop-Hunting.
I was thinking to mention that price could wick up to 8200-8300, but I sort of doubted it might...
Bitcoin's current support below at 8050 then 7900.
BTC broke this upper channel resistance which is now acting as support currently holding the price up.
Unless Bitcoin can get & hold over yesterday's high, it's still in the territory to see a drop soon.
Previous: "BTC - Below ~8190 or Above ~8310 from here should give us Bitcoin's short-term direction for the coming hours."
Avg retracement target: 8150 (Range: 8240-7920)
Seems a good chance BTC just completed (or is near complete) a wave-3 of 5.
(I believe it's now more likely to drop to the lower end of this range)
BTC Current Price: 8200
Here's a potential path BTC may take to complete its current correction.
Avg Target: ~7850
I advise caution however. I recommend observing the velocity of this fall and see the sub-waves develop. There's also possibility this is a much larger correction & BTC is still on wave-A down.
I will re-analyze in some hours.
All recent trades successful (5% up in past 5 hrs).
I've got to be away for a bit. Removing all positions till I get back and re-analyze.
Current movement resembles Wave-3 of much larger correction (drop), rather than C of ABC (currently disproportional to the potential A). Could get to 7600-7400.
My other theory, BTC is still on W-A of a larger ABC.
Regardless, I prefer a drop to ~7775 before going Long.
Altcoins may see bounce around the same time as well.
(Sorry I've been away for a bit, may still be for a couple days till I finish catching up on some urgent business work).
Potentially, there could still be a subW4 correction (Up) followed by a 5th subW (Down) to complete this daily drop.
(Sorry for lack of charts - Still super busy for a while & haven't updated my charts recently, just manually analyzing quickly)
For the past 2 weeks I've barely spent time looking at charts or trading, but still take profit daily (0 Losses).
I spend some minutes identifying and taking good opportunities when they come.
Order just closed for quick scalp profit. (Maybe 1-3 mins spent in trade)
A subW4 would likely be 200-350 point move.
A subW5 likely 350-500 move.
Sorry for the lack of my usual precise targets. I haven't done a proper analysis of BTC recently.
Would require analysis of multiple days, on different timescales, draw Channels, Supports, etc..
I don't want to give "Guess" targets
SubW4: 6360 to 6555
SubW5: 6555 to 6180
(One last small drop to 6150-6100 could still be in the works. I don't see a defined last Sub5 of Sub5 yet)
"It mostly comes down to experience. No "Secret Method", rather, each individual should develop their own strategy based on their goals, availability, skill level, etc.
The basic rules of successful trading remains the same.
Breaking these rules is usually what leads to losses."
"Problem is many Oversize and Overtrade early. Destroying self-confidence & not giving themselves the opportunity to mature & gain experience over time.
If one already follows all the rules outlined yet still struggles, then improve Analysis. Never blame other TA for your mistakes."
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Many keep losing because they just look for the "Next call" from TAs, without properly understanding why they should or should not enter a trade."
1) Trade with smaller position sizes as Practice until you've built Skill, Confidence & Consistency.
2) Each time you take a significant loss, take notes, study & understand exactly why you lost, figure out what could have been done differently to avoid this loss."
Previous Tweet: "One last small drop to 6150-6100 could still be in the works. I don't see a defined last Sub5 of Sub5 yet"
My Longs entered @ 6122.5.
Took quick scalp profits (closed +20% ROE).
Will place orders again for re-entry (away for a bit).
My ADA exit price was 1836 (Green Line).
+30% ROE from 1777 entry point (Leveraged).
Price shortly after fell hard. Now touching my Laddered Buy orders again. :)
Bitcoin @ ~6610 may be the local top for now (currently here as I was typing this).
Seems to be a decent exit point to take profits, if you're still Long.
Overall, I expect some retracement soon. Doesn't mean that we're going to drop below yesterday's lows right now. We may still have some up moves tomorrow. I'll analyze later.
I still posted this as a heads-up, so one can observe for such a pattern forming.
I hope you all got out safely and have been profiting. :)
Seeking a push to at least 6500 (prepared to exit if failing).
Depending on how price reacts between the 6500-6600 range, I'll decide if to Short or stay Long.
It's sometimes difficult to keep synced both here and there.
6 hours ago
Exited #Altcoin positions in profit before drop. Stopped out of $BTC position with small loss. A mostly neutral exit on this one.
5 hours ago
Picking up nice profits trading/scalping $BTC and #Altcoins during this volatility.
(Not recommended - High risk for most)
(Closed those already - Entering and exiting quickly)
Please remember: Don't over-trade; Be patient; Wait for good opportunities; Stick to stop-losses; Develop own strategy; Don't try to mimic pro trader's every move.
Recent Account Growth:
Fri: Pending, +ve
However, compare this movement with my original chart, where I was expecting an ABCDE correction:
Could this be playing out?
Movement so far is quite close to what I was predicting.
I'm not maintaining an official BTC count till things settle a bit (more data to assume what pattern we are in).
My chart is just for consideration at the moment, not Buy/Sell targets.
I'll just do small scalps here and there when I have the chance.
(Got to catch up on work also)
Although BTC was looking like it could drop further to 5800 overnight, I removed all positions before bed, because there was too much sideways movement (drop stalled to happen).
Finished yesterday weak... not happy, but I'll take it.
(I'm away for a bit)
(I'm moving my updates to this new post):
on a serious note thanks as always for your input me personaly i welcome any input that helps me know more today then i knew yesterday so thx as always
Good that you're actively trading and learning along the way. :)
Keep this up and you'll reach far!
Many just come on here and Twitter for "calls", but I can see that you are learning and analyzing on your own as well.
Yup, hopefully we see some Green in the coming days!
I'll try to follow up some time soon on the question(s) I missed).