mljones

mljones Updated 

Ethbtc just completed 5 distinctive waves and is now printing a weakening pattern of wicky doji bars which suggests impending reversal south. I am extremely interested in this chart because my main long term trading plan is to shift my 1x btc and eth holdings into 3x leveraged ethbull tokens. I don't know what pattern this correction will be so I am assuming it...

mljones Updated 

I am nervous about this reversing to the downside since it's on the end of several 5 wave counts but if it makes 3 point box shape with the wxyxz pattern then the right corner around 24 would be a good spot to scalp long. Since you have two other points to define the bottom of the box it allows for a small stop to be used and even though the target is close by at...

mljones

This is a really bad time to be buying on shorter time frames, it's making a leading diagonal shape likely to dump lower. I am not shorting it since cryptos are bullish on all larger time frames but it would be a really bad idea to buy this thinking tomorrow it will be higher. It has a very high chance of shooting back to a support level from here.

mljones

This recent impulse lasted 7 weeks on eth. It also hit the 16 week donchian channel high from a previous chart I posted which indicates this is a long term buying signal. I strongly expect the recent impulse to reverse a bit since the final leg is an extended 5th wave and those are almost never stable. They do retrace. Since we're getting into a phase where...

mljones

The last stage of my long term trade plan is to scale BTC and eth into 3x leveraged eth. This eth/btc chart I've been following shows time is running out for me to get the last expected pullback. All my other charts show I should have until about mid March to complete this so I'm sticking to that and not jumping the gun. Nothing goes up forever and all the...

mljones

BNB is going parabolic, this price action is an unusual elliot wave called an extended 5th or 5th wave extension. It's a statistical anomaly and happens so infrequently that usually you would have expected an ABC correction around the 1.618 region by now. I'm really excited to see this because it validates the idea that we're at the cusp of a giant bull market....

mljones Updated 

This alt came up on my radar after it showed some favorable characteristics on a scanner I wrote. For this trade I would be looking at a double bottom type shape near the green box. Probably will not trade this with much size if at all but will follow it with elliot counts and see if it tracks how I think it should before scaling in with bigger trades.

mljones

According to defipulse there is now a record $1B worth of eth locked in defi. This is basically the original primary use case for eth that led it to huge valuations, that it could be the backbone for real world finance and insurance applications. This is what will bring eth out of the perception that it's only good for little web games like crypto kitties and...

mljones Updated 

BNB is looking totally spent and there's no reasonable way to expect a continuation here without a pretty deep correction. The elliot counts, pitchfork and fibs all show this as a top. The only trade I'll be looking for will be fading tests of the recent high in the region of 22 to 23. Target around 20.5. If it doesn't test the high again I'm happy to not trade...

mljones Updated 

I'm strongly bullish long term and strongly bearish short term, so the right mind set here is only pick the absolute best setups and spend 99% of your mental energy finding ways to avoid over trading. BNB probably is going to make a counter-trend move south and will probably chop around a lot before it does. Therefore the only trade I want to take on it is...

mljones

The final bit of this 5 wave is going to be hard trading. Most of the alts I look at have already hit their 5 wave fib extensions and are chopping back and beginning their ABC corrections down. BTC has not hit its 5th wave fib target or tagged the expected $10k psychological level. It's kind of stalling out here printing a long series of upward wicks. Basically...

mljones

Over night it struck the 1.618 extension of the 3 wave exactly to complete the 5 wave and is now powering back down as the initial leg of the ABC correction, potentially to 18 or so. I scaled out of my longs yesterday, I am considering just not looking at cryptos at all today because the only trades to look at on an intraday basis are shorting the end of 5th...

mljones

Current Elliot count shows March as being a good time frame to expect the ABC correction for the current impulse. That could be the last best pullback area before BTC goes on a rampage for the much large 3 wave that appears on the monthly chart. This ABC point lines up with a pitchfork that the current impulse seems to be following and is using the median line...

mljones

I'm scaling out of 3x leveraged eth back into 1x plain vanilla eth here. This move might go to $250 but it would be quite overextended at that point. I am looking to move back into 3x leverage after an ABC correction which could very possibly bring price exploration back under $200. I am treating this with patience since it once it makes this ABC correction it...

mljones

My personal plan is to scale out of my 3x leveraged BULL btc holdings in this region and buy into regular btc coins so that I have exposure to cryptos in case there is no pullback and btc just shoots to the moon. However next elliot pullback I will be looking to increase exposure again by selling btc for 3x BULL tokens. I do not want to just hold through what is...

mljones

This is where fomo traders are buying and elliot traders are selling. Would be good to lighten up any longs and reload at lower prices. I would definitely not short this but for swings this is a place to exit. It might be ok as a very long multiyear position here but I think for multiyear positions eth will do better so I am pretty much taking my bnb winnings and...

mljones Updated 

This is the most exciting crypto trade for me, scaling out of high BTC prices into eth which has an incredible upside potential for the next bull wave if eth continues to get locked into defi at higher and higher rates. Right now a record $877 million in eth is locked in defi and it continues to climb each week accelerating upward. It could reach a point where...

mljones

Chart posted a while back continues to be valid, this is a dangerous area to trade and is likely to chop downward until the end of the month. 1500 or so would probably be a good area to look for swing longs but getting in too early is likely to result in getting stopped right before it runs upward. There are better things to trade than this. I'm taking it off...