This comes at the $313 level which has been on our radar since early September. A break of this level then I think we have a valid EW count that can provide some guidance. Please note this is a very early EW count but this is what I am looking for. Note this is a trade and there is plenty of money to be made once it's confirmed to not get anxious and pull the trigger. Now as I have spoken about before, I am not a buy here sell here stop here kinda guy. There are others that post those trades, it's not me, it's not my system. I rely on HMA's RSI's and resistance support levels during a trade, and I monitor it throughout. But many of you from the messages I receive are coming up with your own method of trading, and using many of these ideas and are finding success! This is critical to becoming a trader, but keep in mind investors still out perform most traders, and for good reason. But regardless, I like this trade setup.
If we do get a signal at $313 (as we already missed the consolidation breakout trade (dammit too busy writing articles)) then I am looking for resistance at the $350 level. Maybe a good point to exit or reduce the trade. Obviously the EW count will change as we move but it's a preliminary guide to what we might see.
As an investor I would probably add more above $315 and look to sell half around the $350-$375 area providing us some coins with an average of around $290! Or even sell off 3/4 the position like we did with LTC' when it had it's big run to 90. Ended up with free coins to add to the long term there ;). That's always the goal.
Anyways I like ETH' and BCH' to challenge BTC' for market share in the long term. So any chance I get I am adding or trying to gain more coins by trading.
For a comparison I found a nice similar pattern in October of 2016 ironically. Now it's not perfect but the trends are the same. So if history repeats we could be in for a nice ride!
My question: Is it probable to think that because of BTC volatility and somewhat insecure future (segwit2x) market will turn to other coins? Can this be driving ETH and other coins?
Because, just look at it, this BTC situation is bonkers, at least from the my standpoint. I'm waiting to go long BTC, all TA shows correction should happen, by common sense, after 2-3 ATH it should happen, and price keeps going up. So i think that I'm just going to go long ETH with part of my portfolio and wait to see what happens with BTC. Do people really beleive that they will make something from segwit2x? Getting same ammount og BTC and B2X coins? This is just to much noise and contradictiory info, and none the less, BTCEUR or BTCUSD keeps going up.