63.38 is an area to watch for reversal. It is also at the edge of the triangle so there are reasons to expect it to reverse back to 56 which it has been orbiting around for a long time. Intraday is still bullish but it's starting to act like it's on a 5th wave so the upward parabolic movement is probably more a sign of weakness then real strength. The longer term...
Preopen entries have been working well for me lately. Plan on this was originally to hold to close but it hit my targ so I took profit. It will be interesting to see if holding to the close would have been a better exit.
Playing around with the repeating pattern found at If you project the pattern a 3rd time it shows eth going to about a quarter the price of btc. For me it means to have patience and scale in slowly because it will probably continue to dip lower and lower until it blows up all at once and is moving too fast to chase. You never know which of these projections...
Follow up on earlier chart, today's sell off has me considering the possibility that this is an impulse to the downside and not just chop. Intending to reserve about half my existing BTC holdings and scale in about half of that across the points 3 and 5 on the chart. I think eth has an incredible RRR at those low prices and it would be a great place to get a...
Intraday bias is to look to sell the top of the day while it's in the prior wick zone. This is an area that can produce big targets to the down side because the next leg will the the 5 wave and the most logical andrew's pitchfork target is the median line.
If eth continues down vs BTC it will become an even more excellent area to buy it up for the long term haul. I think eth has much more potential than eth when the bull market wakes up again. I've been dollar cost averaging both btc and eth but if eth finds its way into the green box I will be shifting much of my BTC holdings into eth. Eth vs USD has about an 8...
Right now there's no trade but once it makes it back to the wick region around the upper edge of the pitchfork I'll be looking to get aggressively short. Target of the median line itself is maybe kind of unrealistic but that's what the elliot wave count and pitchfork rules would tend to suggest.
This would be a reasonable area to see some kind of bounce based on the longer term elliot count. A lot of major crypto reversals have happened on December 17 so the end of this year could be a great buying zone. I am mainly looking to shift my existing cryptos around in order to buy up the ones with the most long term potential. Eth could very well be forming...
Here's why BTC bulls should be overjoyed that BTC is dumping. I am! People seem to have forgotten that only a few weeks ago BTC shot up 40% in a mere 2 days. It's taken it a full month for it to erase those gains. The dump looks scary but in actual fact it has been a slow going process for the bears to push price back down compared to the explosive bull...
The giant red month bar means even for long term positions it would be good to wait for better prices to scale in to longs. The position I was intending to have built by the end of January probably won't be complete until maybe the middle of next year. Looking to have at least one green month bar before adding more to it. Overall still bullish on a 2 year or...
The last BTC chart I posted shows a bearish impulse projected to the low $7k area. This sounds like bad news but it could also be a large 2 wave for a much larger 5 wave elliot impulse upward. The fibs for such an impulse match with 3 and 5 waves that could reach the previous highs at $14k and $20k over the next year. This would also match with the log scale...
Looking like recent downward wick could be end of wave 3 and tag of wave 1 around 8600 would be logical place to look for wave 4 to 5 down to 7325 or so. I am continuing to dollar cost average buy for the long haul but am also considering shorts if they line up perfectly. The count on this looks good mainly because of the sharp wicks to define clean wave starts and ends.
Post mortem on a trade that I only broke even on but had charted almost perfectly (see attached chart and trade log) I was basically a day early on location of the B wave. The trade I took was up over $400/contract at one point but then chopped back to my entry and I lost interest in the trade. I just checked it again and it pretty much followed the path to my C...
For swing trades looking for it to tag the $60 level and get aggressively long there. Overall bullish on cryptos in general so looking at this also as a place to dollar cost average for a multi year position.
I have been daytrading this long recently and had a long swing position. I just sold everything and am looking to get in at a lower price or trade other things like eth. The reason is it looks like it has an unstable bearish leading diagonal building. It looks like it might have one last leg up but then it is very likely to cut downward through all the resting...
Fibs and elliot count make it hard to justify the idea that it's just going to blast right through $200. I would really expect it to take a few strikes on it over the course of a week or so before it actually breaks through. I have no plans to hold short term positions through $200, although I am adding to my longer term eth position no matter what it does....
Today's doji candle strongly looks like the bearish B point of the ABC after the recent 5 wave impulse that ran into the edge of the descending pitchfork. I don't normally trade after hours but this looks very hard to resist. I am going to possibly stay up all night to trade this short or at least set some alerts to wake me up if things start to look like it's...
Using the log scale calculator at the fnordprefekt de site I found the points for the blue trend line. It assumes an average 0.215 percent increase per day which really makes me question whether I should bother continuing to day trade cryptos or if it's time to simply dollar cost average and hodl for a year or two. Whatever I do I am probably going to have at...