Starting off the year great, let's keep it going. This is what I'm envisioning...
Key things that must occur for this to play out:
1) We cannot go back and rest on the support at $7,000-$7,500. We must rest around $7,800-$8,200. With wicks testing $7,500-$7,600 region. A sustained sideways action at $7,000-$7,500 creates an identical pattern as to that of June, July, August of 2018. A formation that went sideways and eventually dropped heavily a few months later (note: Tether "market cap" withdrawals Oct. 2018).
2) We cannot fall past or below the 5-year log support. We lose this support and we're in new territory, probably headed down shortly after.
3) Look for Tether injections (and other stablecoins). They've been the key to every Bitcoin pump-and-dump since early July 2017, nothing has changed. (WATCH USDT "market cap"!).
This is a simple pattern to follow. With a big long-term established support line. Clear invalidation signals. Clear buy zones. Immediate confirmations (USDT injections). Pretty easy and straight-forward play.
I'm looking at optimum buying for BTC between $7,500-$7,700. For ETC $6.50-$7.50. Stops would be at $6,800 for Bitcoin (a maximum 12% loss), and for ETC at $6.00 (a max 20% loss). So evenly weighted would be about 15% portfolio risk. But that's 100% in and that would only happen after initial buys were in the black (so it wouldn't happen). Realistically probably exposing max of 10% of my portfolio to this move but the payouts could be 5x-10x gains definitely (my 'highs" for wave 3 would be BTC approx $25K and ETC above $40).
We'll know if this chart is invalidated or legit by the end of this upcoming March. So only two months to prepare and get ready for what may be the biggest BTC/crypto rally yet.
Feedback appreciated (as well as criticism) and of course "likes". Good luck!!!
Key things that must occur for this to play out:
1) We cannot go back and rest on the support at $7,000-$7,500. We must rest around $7,800-$8,200. With wicks testing $7,500-$7,600 region. A sustained sideways action at $7,000-$7,500 creates an identical pattern as to that of June, July, August of 2018. A formation that went sideways and eventually dropped heavily a few months later (note: Tether "market cap" withdrawals Oct. 2018).
2) We cannot fall past or below the 5-year log support. We lose this support and we're in new territory, probably headed down shortly after.
3) Look for Tether injections (and other stablecoins). They've been the key to every Bitcoin pump-and-dump since early July 2017, nothing has changed. (WATCH USDT "market cap"!).
This is a simple pattern to follow. With a big long-term established support line. Clear invalidation signals. Clear buy zones. Immediate confirmations (USDT injections). Pretty easy and straight-forward play.
I'm looking at optimum buying for BTC between $7,500-$7,700. For ETC $6.50-$7.50. Stops would be at $6,800 for Bitcoin (a maximum 12% loss), and for ETC at $6.00 (a max 20% loss). So evenly weighted would be about 15% portfolio risk. But that's 100% in and that would only happen after initial buys were in the black (so it wouldn't happen). Realistically probably exposing max of 10% of my portfolio to this move but the payouts could be 5x-10x gains definitely (my 'highs" for wave 3 would be BTC approx $25K and ETC above $40).
We'll know if this chart is invalidated or legit by the end of this upcoming March. So only two months to prepare and get ready for what may be the biggest BTC/crypto rally yet.
Feedback appreciated (as well as criticism) and of course "likes". Good luck!!!
Trade active:
Watching this re-test of $8,500. I don't think we'll breakthrough and will get sent back down to $8,200. There's a lot of support between $8,000-$8,100 and I'm beginning to think we're going to stay above $8K for the most part. If we do break $8,500 now I'm looking for another surge and eyeballing layering in on ETC
Trade active:
Still watching. Despite FOMO trying to kick in ha. I do believe this is the "b" wave of an "a,b,c" corrective pattern. It is until BTC breaks $9K IMO. I did consider buying into ETC at around $8.20 but hesitated. Whoops. Still sticking to my chart, sticking to the strategy. This chart is still perfectly validated until we break 200D MA (about $8,950). I believe we'll see BTC head back and test $8,000-$8,100 in the next few days. I will look to enter there. I could be wrong (any of us always could), so I'll watch and take note in the meantime.
Trade active:
This rally rallied harder than I thought (at least for BTC and ETC), but did happen almost exactly when I anticipated it would. So the stronger price action, to me, shows strength in the market. ETC ripping from $8.20 to $11.00 didn't necessarily surprise me but was a bummer because I failed to load up a few days ago. Missed some solid gains. Oh well that's how it goes sometimes. Now I'm looking for a correction (still), we bounced off the 1d 200MA and seem to be stalled at $8,900. Let's flush this rally out and get back to $8,100 so I can load up and we can send it past $10K!!!!
Trade active:
Bitter-sweet, because I called this 5th wave rally a few days ago, but thought the EW analysis was invalidated once wave 4 entered wave 1. Can't help but think the corona-virus scare/stock market panic fueled this rally. I can't buy at top. Must wait for a correction. Looking at BTC $8,100 and ETC $8 again I hope in a few days. If we break above $9,250 and $12 I may have to go back in on both, missing out on the gains I could have had. That's trading. Still sticking to my chart until we hit new 2020 ATHs or correct where I anticipate them doing so.
Order cancelled:
Just want to point out that I lost a $10K trade on ETC because of..... the name of this chart (actually, the mindset behind it). NEVER thing you know what's going to happen. Always be open to the markets doing something different....