I'm holding my long term positions, I reduced my exposure lately, and will be looking to buy more BTC after this potential move down ends. Looks like we're about to witness a new wave of fundamental chaos, with talks about Bcoin, a new alternative to Core, which apparently some miners are looking to peddle, and which already received some positive talk from the usual suspects. I suppose some if not all miners benefit from maintaining the status quo, so they started falsely supporting protocol changes, which they will never back with hashrate, to avoid Segwit taking their mining efficiency tweaks.
If that's the case, the market will remain sideways until these miners are exposed with sound evidence, or someone releases their hacks to improve mining efficiency covertly for instance. I'll focus on the long term, and hold my 2-month timeframe positions, but I'm out of daily trades. I did open a margin long in ETHBTC as a hedge, so, that should suffice for now. I'll update my clients once I think the bottom's in, and after any meaningful change in the analysis. For now, I'll keep my posts here to a minimum. I think I have proved Time at Mode's efficiency in this market sufficiently for now, together with Tim West's prior work on Bitcoin and ETH.
If you have any questions, let me know in the comments section. Good luck!
Ivan Labrie.
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Today's move up implies that we can hit 1248.95 within 2 more days. I'm holding my long term longs, and removed all hedges before this move started luckily. The weekly trend is up and we have significat upside left, so, it's good to be long, and it would be great if we do get a correction to add to longs:
Hi Ivan, so this is the correction we're looking for to BTFD?
IvanLabrie
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@Rivet.popper, possibly...you can see we have been on fire with crypto. This type of trading enviroment is the absolute best. Sadly, trends like this don't happen too often, but if you're a good trend trader, you can bank epically. I'm up more than 580% YTD with crypto. Not half bad!
I'm vigilant though, at one point the trend will become a consolidation, so it will be good to reduce exposure and risk, and become more of a trader, than an investor expecting trends.
Cheers.
Noobincrypt
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Thanks Ivan, I agree wholeheartedly
BitcoinGuru
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Ivan, that fractal has a lot of noise and the risk of that happening is pretty slim. Seems this is based on emotional reaction to the debate of BU and the other Bcore which we never heard of. The community however is very united and still behind Core all the way.
IvanLabrie
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@BitcoinGuru, what I'm saying is that we won't see a clear trending phase in Bitcoin for a while. So, it is highly likely to turn down very soon, how, I don't know but I do know what levels to monitor for a reaction in price, and when to look for a buy at the end of the eventual down leg (if it happens).
BitcoinGuru
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@IvanLabrie, put that way then definitely agreeing with you. If $1200 is the top then per my fractal below we should retest $1100 then at some point $1000-1040 emotional support ... consolidation then up. Else $1250 still possible before a major correction.