Do we go long here or wait for confirmation?
In my last post I mentioned that I needed confirmation before I add to my BTC long.
I noticed that we hadn't gone into the lower half of the consolidation, and I wanted to see that first before I could have confidence that the time was right.
It turns out that we went right through the bottom and we have peak FUD. We also hit the Elliott Wave Invalidation level from 2017 on the Monthly plot.
At this point I have added to my long. So my DCA is now at a good point, well inside the value area.
The ultimate sophisticated trader's question tends to be the same:
Do I buy here at what seems right now to be an optimum price, or do I SACRIFICE some potential profit and wait for better confirmation?
If we had merely explored the 24-26 level again, then I would have waited.
Instead we have gone straight through to where I expected the Elliott Wave C to come. This is an excellent price unless Crypto is dead. Crypto Twitter is bearish, MoonBois are bearish, the news is bearish.....
It IS more risky to do this, but I am weighing up the probabilities and ignoring the fear generated in my lizard brain. This is a good level. Really good. We have thought this for a long time, and we were calm when we worked it out. So I put in the last of my BTC allocation.
Now to wait for a few weeks.
I noticed that we hadn't gone into the lower half of the consolidation, and I wanted to see that first before I could have confidence that the time was right.
It turns out that we went right through the bottom and we have peak FUD. We also hit the Elliott Wave Invalidation level from 2017 on the Monthly plot.
At this point I have added to my long. So my DCA is now at a good point, well inside the value area.
The ultimate sophisticated trader's question tends to be the same:
Do I buy here at what seems right now to be an optimum price, or do I SACRIFICE some potential profit and wait for better confirmation?
If we had merely explored the 24-26 level again, then I would have waited.
Instead we have gone straight through to where I expected the Elliott Wave C to come. This is an excellent price unless Crypto is dead. Crypto Twitter is bearish, MoonBois are bearish, the news is bearish.....
It IS more risky to do this, but I am weighing up the probabilities and ignoring the fear generated in my lizard brain. This is a good level. Really good. We have thought this for a long time, and we were calm when we worked it out. So I put in the last of my BTC allocation.
Now to wait for a few weeks.
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THE CITY TRADERS: thecitytraders.com/?aff=9
Discord: discord.gg/Ma7SnExcWA
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