llywellyn

BTC Bear-pocalypse Fractal

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
it looks like we are getting ready to put in the 5th & final wave of this move up. If history repeats itself, what follows will not be pretty. Of course it would be more fun if it just moons right now, but barring some significant fundamental news (ETF?), I have a hard time seeing this as the start of a major rally to a new ATH. Rather, I think it's more likely we continue to correct & find the true low in this cycle. Not a fun thought but if you are prepared for it, instead of standing at the bottom rekt you will find yourself at the bottom with a lot more BTC than you have now.

This correction so far has followed a very similar path as in 2014. Yes, it can deviate, & it's possible we don't get to the extreme low, but the potential must at least be taken seriously. I'd love to have shorts filled around 9400 but will probably start slowly scaling in around 8700 with a wide stop & add as the move is confirmed. This is a swing trade so be patient in entering. I hope to leave this position open for potentially the rest of the year & maybe more if things continue to fall into place & simply move my stop down as we go & leave the shorter term trades for a different account.

As traders we can only go the direction the market tells us to, & if we're going to new lows I want to be in a short on the way down.
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