Well, well ... the bulls are sure having a good time. 9400, wow! And it seems that it's holding up.
I've displayed two potential scenarios unfolding, as per my chart published yesterday. The big difference
is that I am guessing the probability that this is an impulse being higher now, rather than a triangle wave.
The red wave shown is a running flat ABC correction which would have completed at the 6500ish mark. This
is then followed by an impulse up, of which we are in wave 1 (of 5). The orange wave shown is a triangle
wave, and we are currently completing wave D of that. Both I believe are plausible. But as we move farther
away from the All Time High Trend Line, I would suppose that the odds of this being a triangle wave fall away
too.
No doubt breaking 9177 means something important. It shows the bulls have strength ... enough to surpass the All
Time High Trend Line, and the most recent price peak of 9177. Going to 9400 and recovering nicely after some profit
taking (200 points), again is a good sign. I still remain skeptical though ... when do the large traders see this
as a good shorting opportunity, and turn against the market? In my mind, that is what decides when this uptrend is
broken. The big players will decide. As more and more people look to long, it becomes more and more tempting to
short! I certainly see pro traders calling for a drop soon, but I also know they've been wrong for the past 2 weeks!
The ones I respect admit they made a mistake, that's okay ... and I would call it a strategy that didn't play out, not a mistake!
Having a strategy and using stops to limit losses is part of the smart game, in my humble opinion.
Still, do we sit and wait? Watching BTC climb, missing out on all those potential profits? Well, I'm not. I have my orders in
and will wait to see if they fill. If they do fill, I will have a tight stop, to protect me in case of a reversal. The potential
does exist to go all the way up to 11,700 (but we have some major resistance levels to get through first!). I'll keep raising
my stop until I'm kicked out ... assuming someone sells me coins at my asking price!
Remember only a fool relies on one potential outcome!
Do not use for investment/trading decisions. For educational purposes only.
I've displayed two potential scenarios unfolding, as per my chart published yesterday. The big difference
is that I am guessing the probability that this is an impulse being higher now, rather than a triangle wave.
The red wave shown is a running flat ABC correction which would have completed at the 6500ish mark. This
is then followed by an impulse up, of which we are in wave 1 (of 5). The orange wave shown is a triangle
wave, and we are currently completing wave D of that. Both I believe are plausible. But as we move farther
away from the All Time High Trend Line, I would suppose that the odds of this being a triangle wave fall away
too.
No doubt breaking 9177 means something important. It shows the bulls have strength ... enough to surpass the All
Time High Trend Line, and the most recent price peak of 9177. Going to 9400 and recovering nicely after some profit
taking (200 points), again is a good sign. I still remain skeptical though ... when do the large traders see this
as a good shorting opportunity, and turn against the market? In my mind, that is what decides when this uptrend is
broken. The big players will decide. As more and more people look to long, it becomes more and more tempting to
short! I certainly see pro traders calling for a drop soon, but I also know they've been wrong for the past 2 weeks!
The ones I respect admit they made a mistake, that's okay ... and I would call it a strategy that didn't play out, not a mistake!
Having a strategy and using stops to limit losses is part of the smart game, in my humble opinion.
Still, do we sit and wait? Watching BTC climb, missing out on all those potential profits? Well, I'm not. I have my orders in
and will wait to see if they fill. If they do fill, I will have a tight stop, to protect me in case of a reversal. The potential
does exist to go all the way up to 11,700 (but we have some major resistance levels to get through first!). I'll keep raising
my stop until I'm kicked out ... assuming someone sells me coins at my asking price!
Remember only a fool relies on one potential outcome!
Do not use for investment/trading decisions. For educational purposes only.