The A point of the ABC retrace after the 5 wave impulse has probably printed in the accumulation region.
I have been scalping alts long in this region with success. I am not holding long term here because I think the B point will be around the 4000 area and cause a bart or two downward.
I will become much more interested in picking up cryptos for the long haul once it's looking like it's near the C point which is basically where it dips into the point of control area one last time before starting a new impulse wave up.
The red line on the chart is litecoin which seems to make moves slightly before the rest of the cryptos.
The bear case always needs to be kept in mind. In the bear scenario the 3600 region does not hold and the POC area is not loaded with buyers. In that case price is likely to dump hard out of the large triangle congestion area with an eventual target of $1k to $2k.
Basically the plan for the next few days is to buy panics and don't try to swing for the fences because the B point is looming.
I have been scalping alts long in this region with success. I am not holding long term here because I think the B point will be around the 4000 area and cause a bart or two downward.
I will become much more interested in picking up cryptos for the long haul once it's looking like it's near the C point which is basically where it dips into the point of control area one last time before starting a new impulse wave up.
The red line on the chart is litecoin which seems to make moves slightly before the rest of the cryptos.
The bear case always needs to be kept in mind. In the bear scenario the 3600 region does not hold and the POC area is not loaded with buyers. In that case price is likely to dump hard out of the large triangle congestion area with an eventual target of $1k to $2k.
Basically the plan for the next few days is to buy panics and don't try to swing for the fences because the B point is looming.
Comment:
Looking like a panic wave coming, watching this evening to see if is buying opportunity
Comment:
Eth dumping a bit, may stay up to catch a bounce
