We hit the $11,555 (4.618 extension of wave 4) and according to the historical retracement levels appear to be correcting as expected. So looking at the next levels at this point in time we have RAISED our target to $13,500-$15,300 area. Keep in mind this would only complete the III' wave of the longer term trend. So at these levels we would expect a pullback anywhere from $6000 to $9650. But I think the target of $8100 we posted earlier would be a bottom and I am not counting on that. So what am I doing?
I am simply adding here! I am doubling down actually with 1/2 being added for the long term and the other half adding for a trade to $13,500 area which will reduce the cost of the position I'm adding. In August when I first came into the market I entered only 1/3 of my total allocation for the space. Hindsight is 20/20 and I do not cry over spilled milk it is what it is, and I'm long term anyways. As I have stated over and over long term investors outperform traders 90% of the time. Yesterday shows how quickly markets can turn and sentiment can change. I couldn't even log into trading view let alone coinbase to exit positions! Even though we had trades go south our investments are what counts in the long term and the reason we trade with a very small portion of our portfolio. A 25% loss requires a 33% gain to get back to even and a 50% loss requires 100% gain. This is where money management is critical and calm and patience in corrections is critical. Losing 25% on 10% of our portfolio is not the end of the world. Losing 20% on 100% now your behind the eight-ball.
Now keep in mind that these markets are the wild west of trading and anything is possible. But we are still in a wave and as new money flows in the market overall will go higher and Bitcoin' is still king of the cryptos.
Above is a long term wave count and fibb levels, and below are the shorter term levels. I like when levels line up and hence the $13,500-$15,300 area is a great trading target. Lines up in both the long and short term time frames.
We have a family emergency so if you do not see updates in the next day or two this is the reason why.
God bless you all!