Last week we set our targets between $6700 and $6200. I did say it was more than likely to fail the $7000 test and thats exactly what has happened. $6200 was the perfect place to look at getting a bounce and i entered at $6333 and $6233.
Our initial Elliot wave map from the $5800 entry has now broken down and become N/A. We made a great 3rd wave profit from $5800 to selling targets of $$7300 and $8300 and these exits also proved to be perfect. We tried to get the entry for the 5th wave at $7800 but after running to $8200 we stopped at breakeven.
The over all sentiment of the market is still bearish, and that is not a gut feeling, it is what is right in front of us. We have been in a pattern of lower highs for months and were not even close to retesting the precious high, while everyone was getting excited about the run and the ETF News, i was patiently waiting to see if that support would come for a new higher low... IT DIDNT... And that is why i don't trade news.
At the moment still in heavy resistance but opportunities to make a profit and cash out. I have remapped the bigger time frame waves and will see if we can hold that. Ill be looking to take profit at the $7000 USD Test, maybe e $7200. I do still feel we will fail the double bottom again and panic will set in as we go sub 6 and beyond.
My strategy t the moment is to only Trade BTC. I am not trading ALTS but rather using the current prices as opportunities to accumulate. Who would have thought we would ever see NEO at sub $30, Dash sub $200, ETH Sub 350 and XRP Sub .40 Cents.
Accumulate and if the waves happen take some profits.
Have a great day xx
Our initial Elliot wave map from the $5800 entry has now broken down and become N/A. We made a great 3rd wave profit from $5800 to selling targets of $$7300 and $8300 and these exits also proved to be perfect. We tried to get the entry for the 5th wave at $7800 but after running to $8200 we stopped at breakeven.
The over all sentiment of the market is still bearish, and that is not a gut feeling, it is what is right in front of us. We have been in a pattern of lower highs for months and were not even close to retesting the precious high, while everyone was getting excited about the run and the ETF News, i was patiently waiting to see if that support would come for a new higher low... IT DIDNT... And that is why i don't trade news.
At the moment still in heavy resistance but opportunities to make a profit and cash out. I have remapped the bigger time frame waves and will see if we can hold that. Ill be looking to take profit at the $7000 USD Test, maybe e $7200. I do still feel we will fail the double bottom again and panic will set in as we go sub 6 and beyond.
My strategy t the moment is to only Trade BTC. I am not trading ALTS but rather using the current prices as opportunities to accumulate. Who would have thought we would ever see NEO at sub $30, Dash sub $200, ETH Sub 350 and XRP Sub .40 Cents.
Accumulate and if the waves happen take some profits.
Have a great day xx