BitcoinLong
#Bitcoin 4h chart update! 05/26/19 4:38 pm EST
Bitcoin finally broke out of the triangle we were monitoring since 05/17 update, and seems to be on its way to completing a 5th wave of the larger degree 3rd. The explosions out of triangles are usually terminal moves so I have to caution against getting extremely excited or chasing the market at these levels. My next focus is on how this move develops once we can count 5 waves out of the triangle. A word of caution in calling the tops here, because moves can extend . If you enjoy the longs, trail your stops and let it ride. If you're tempted to short for a deeper correction , which i don't recommend, a more secure strategy is to let the market show you a 5 wave down move before committing to it. A move below 8360 May 15th top , would put me on high alert, while below 7880 would give a clear signal that something larger is happening. The move is approaching the top of the trending channel and i want to monitor that for any breakout. To summarize, what we were expecting did happen with the trend being up, stay alert for terminal 5th wave moves, continue to trade with the trend as your chances of winning increase, keep key levels solid and respect them. Watch my newest video on you tube under cryptocowboy account , for a more detailed explanation of the moves.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.