BTC has continued an Epic run, but it is not over yet according to the charts, and we haven't even entered the overall 5th wave in a broader cycle. The numbers are staggering at this point and the levels would make a tight rope walker have vertigo!
We hit the $11,555 (4.618 extension of wave 4) and according to the historical retracement levels appear to be correcting as expected. So looking at the next levels at this point in time we have RAISED our target to $13,500-$15,300 area. Keep in mind this would only complete the III' wave of the longer term trend. So at these levels we would expect a pullback anywhere from $6000 to $9650. But I think the target of $8100 we posted earlier would be a bottom and I am not counting on that. So what am I doing?
I am simply adding here! I am doubling down actually with 1/2 being added for the long term and the other half adding for a trade to $13,500 area which will reduce the cost of the position I'm adding. In August when I first came into the market I entered only 1/3 of my total allocation for the space. Hindsight is 20/20 and I do not cry over spilled milk it is what it is, and I'm long term anyways. As I have stated over and over long term investors outperform traders 90% of the time. Yesterday shows how quickly markets can turn and sentiment can change. I couldn't even log into trading view let alone coinbase to exit positions! Even though we had trades go south our investments are what counts in the long term and the reason we trade with a very small portion of our portfolio. A 25% loss requires a 33% gain to get back to even and a 50% loss requires 100% gain. This is where money management is critical and calm and patience in corrections is critical. Losing 25% on 10% of our portfolio is not the end of the world. Losing 20% on 100% now your behind the eight-ball.
Now keep in mind that these markets are the wild west of trading and anything is possible. But we are still in a bullish wave and as new money flows in the market overall will go higher and Bitcoin' is still king of the cryptos.
Above is a long term wave count and fibb levels, and below are the shorter term levels. I like when levels line up and hence the $13,500-$15,300 area is a great trading target. Lines up in both the long and short term time frames.
We have a family emergency so if you do not see updates in the next day or two this is the reason why.
God bless you all!
Komen
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Komen
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For disclosure I am adding in blocks here not all at once!
Is it okay to buy some right now? Or should I be more patient for the correction to come
goldbug1
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@jasonlau924, I have been adding in blocks to try and cost average down but will buy on a breakout as well.
CryptoWolv25
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"I couldn't even log into trading view let alone coinbase to exit positions!" No kidding, it was insane! Everything crypto completely overloaded.
Nassimovish
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Honest advice: Technical analysis may be correct but void if USDT #Tethered #Bitfinexe'd Bitfinex'ed #Don'tGetTethered "PONZI SCHEME" gets more exposure to Authorities. Basically for those who are new to this, Bitfinex owner also owns USDT coins and that's how the bubble is controlled. USDT can be be printed endlessly and they only back some millions on a $1 for $1 USDT, definitely not billions. It will burst this time 100%, otherwise the people involved will face the death penalty in the courts. No long, no short, just SELL and STAY AWAY from BTC!!!!!!!!!! Some serious jail time is waiting for crooks! Once the Ponzi scheme unfolds (in a week or so) it's safe to go SHORT.
mightytrader
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@Nassimovish, Phil Potter's a great guy. If he's still PUMPING, I laud to him for doing a great thing: Showing the POWER of Bitcoin! =D
If you're so worried about losing USD, just go on a US exchange like GDAX or Gemini and set a Stop-loss.
@TheCryptoLabs, he's the only reason why we're not in the ~1k ballpark anymore.
You dogs bite the hand that feeds you.
mightytrader
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@lefticatrade, Amen brother. Phil's a great guy!
mightytrader
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@lefticatrade, @TheCryptoLabs In the grand scheme of things, counterfeit Tethers are a drop in the bucket. It's just a marketing gimmick. It's like taking a hot iron stamper thingy they use to brand the ass of a livestock and cattle with. It prods people to quit fooling around and start converting their worthless Benjamins into a more fair system like Bitcion.
I can't tell you how many people now tell me this week and last week, "I was thinking about buying it a month ago... and before that I was going to buy it... and before that.... and before that... And the price just keeps going higher."
So NOW they finally have the urgency to start buying....
If good ol' Phil didn't PUMP, we would still be at a 12-15 BILLION USD market cap.
I don't understand the point this "Bitinexed" guy on Twitter is trying to make. He's just pissed he didn't buy BTC early and how it won't go lower.
TAneophyte
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@mightytrader, you and lefticatrade just confirmed you support fraud and market deception. I usually have no ills against what others earn but with such a mentality, i do hope people who support such acts lose big time in the end. What tether and bitfinex are up to is not good for the market or any average (and innocent) investors in general.