After a long while... Bitcoin buy entry reached. TGT 200-250K
While some are screaming a bear market is here, trying to be hispters or something fighting the trend, I am looking to buy.
I have 2 entries: 42-43k, and then there is 30k-31k.
The price could bottom before 31,000. Having small buys before this is still a good RR above 10.
~42k may not be the bottom, the second likely entry is ~30k.
It could do this for example:
43,000 is simply a C wave extending to 1. Which Bitcoin often does, but not always, back in September 2017 there was a bear trap where the C wave extended to more than 2, and not many know this but I do: many Bitcoin permabulls of 2018 with big mouths were bears back in September 2017.
What followed this bear market was Bitcoin entering into mainstream and complete hysteria, a rally of 550%, and all the bears caught in the bear trap getting slapped so hard they turned into annoying permabulls (The zeal of the convert) that were a bit upset of getting slapped by a -85% 2.5 years bear market after getting slapped by the bull market and changing their minds 😀
It made EW trends before so we could expect this now
If I consider the price is too heavy like september 2017 I will sell some BTC, but Bitcoin does not HAVE to make a big bear trap like sept 2017 and April 2013.
Something happening twice does not make a pattern. I am generally long but catching the bottom is a bit random so we have to try several times, change our minds, etc.
By the way 2013 "bubble popping" and then "new paradigm" was a double bottom on an extension of 1.5 and on the first support price found. Often straight line up = full retrace.
Bitcoin could respect EW in this way:
I have 2 entries: 42-43k, and then there is 30k-31k.
The price could bottom before 31,000. Having small buys before this is still a good RR above 10.
~42k may not be the bottom, the second likely entry is ~30k.
It could do this for example:
43,000 is simply a C wave extending to 1. Which Bitcoin often does, but not always, back in September 2017 there was a bear trap where the C wave extended to more than 2, and not many know this but I do: many Bitcoin permabulls of 2018 with big mouths were bears back in September 2017.
What followed this bear market was Bitcoin entering into mainstream and complete hysteria, a rally of 550%, and all the bears caught in the bear trap getting slapped so hard they turned into annoying permabulls (The zeal of the convert) that were a bit upset of getting slapped by a -85% 2.5 years bear market after getting slapped by the bull market and changing their minds 😀
It made EW trends before so we could expect this now
If I consider the price is too heavy like september 2017 I will sell some BTC, but Bitcoin does not HAVE to make a big bear trap like sept 2017 and April 2013.
Something happening twice does not make a pattern. I am generally long but catching the bottom is a bit random so we have to try several times, change our minds, etc.
By the way 2013 "bubble popping" and then "new paradigm" was a double bottom on an extension of 1.5 and on the first support price found. Often straight line up = full retrace.
Bitcoin could respect EW in this way:
Trade active:
Buy #2 filled.
Next ==> Price goes up ==> I buy more, average in.
Can't tell where the bottom is exactly best take it slow and add as it continues (on breakouts, pullbacks, consolidations...)
I was supposed to be in since 12k and have a great average but people much less intelligent than me (the regulators) know best what is good for me and forced me to sell.
It's ok between 30k and 200k there will be plenty of space to get in at good prices.
Next ==> Price goes up ==> I buy more, average in.
Can't tell where the bottom is exactly best take it slow and add as it continues (on breakouts, pullbacks, consolidations...)
I was supposed to be in since 12k and have a great average but people much less intelligent than me (the regulators) know best what is good for me and forced me to sell.
It's ok between 30k and 200k there will be plenty of space to get in at good prices.
