BTC -> Your Welcome -> Relief Is Near -> Wave Trading -> TA
Updated
HOLD OR FOLD
Hodling is suggested since you can make the least amount of mistakes in trading if you just hold. Reason most people can't handle the pressure is they enter and exit the market with terrible timing buying when you should sell and selling when you should buy. That's why people suggest you just hodl and add coins to your bag.
The smart contenders will be buying these dips, not selling. And selling into strength, not buying. One wise quote that you may see on the web is said by Warren Buffet. "Trading is the patient taking money from the inpatient." This is words to trade by. As a trader we just need to protect our capital by making the best decisions based on the information that we have. If you are trading on emotions you already lost.
I've had many people approach me asking for suggestions on what I think the market will do. My honest answer is and always will be that I dont know. No one knows, no one will be able to predict the price. But what we can do is correctly time the entry, the best way to do this is to know your risk and reward... The 8k entry is a great entry, considering you will hold til your target of 20K - According to my calculations that's a excellent risk reward somewhere around 1:5, Sometimes its good to give the market a few days to unfold and give you clear signals for entry. Just be patient.
Patience is key, if your feeling pain, anxiety or depression you should reconsider your trading size. Nothing should make you feel uncomfortable in trading, take a break sit back and watch the market unfold. Dont over react and dont make stupid decisions. Margin trading should be avoided.
Now for the analysis.
As I mentioned before in my other charts, We are flirting with the 200MA it is the only real support that we have. The 200MA cannot be dropped. All previous supports were non-existent since we clearly went exponential between 10-20k there was no support so we blew right back down. Not surprising.
We had a slip up today, even with the slip and hitting a lower low, which is never any good. We were still able to bounce off the 200MA once again. Each time that we hit the 200MA it becomes weaker and weaker. If we manage to fall under which is unlikely We will probably fall through $7,100 -> possibly even break down further to $5,500 area. I would say we have about a 18% chance of this happening.
Now, Nothing goes does forever. Once the bottom is in we are free to now do the impulsive wave, don't forget the corrective wave is supposed to scare the market. So I anticipate the impulsive wave to be a bit tough to fight through. What happened today when we dropped 8k again was I noticed the volume spiked up, I'm assuming these are lots of shorts being opened which created a bear trap. I would really love to see bitcoin pull through to start trading over $8,500 then returning back to $9,500 to retest it and finally break out of this level. I will keep updating so please feel free to follow me and any updates that I make.
Longer Term
One week we will be over $9,500
Two Weeks we will be at $10-11k
By the end of the month we are retesting the previous bull trap. Probably failing and dropping back down again
If you like my outlook on the market, One thing I ask is to please like and share my chart to help people see this outlook.
Be safe, Be smart, Dont margin strong, Be sure to exit losing trades quickly.
Please trade knowing your stops and risk & reward.
Hodling is suggested since you can make the least amount of mistakes in trading if you just hold. Reason most people can't handle the pressure is they enter and exit the market with terrible timing buying when you should sell and selling when you should buy. That's why people suggest you just hodl and add coins to your bag.
The smart contenders will be buying these dips, not selling. And selling into strength, not buying. One wise quote that you may see on the web is said by Warren Buffet. "Trading is the patient taking money from the inpatient." This is words to trade by. As a trader we just need to protect our capital by making the best decisions based on the information that we have. If you are trading on emotions you already lost.
I've had many people approach me asking for suggestions on what I think the market will do. My honest answer is and always will be that I dont know. No one knows, no one will be able to predict the price. But what we can do is correctly time the entry, the best way to do this is to know your risk and reward... The 8k entry is a great entry, considering you will hold til your target of 20K - According to my calculations that's a excellent risk reward somewhere around 1:5, Sometimes its good to give the market a few days to unfold and give you clear signals for entry. Just be patient.
Patience is key, if your feeling pain, anxiety or depression you should reconsider your trading size. Nothing should make you feel uncomfortable in trading, take a break sit back and watch the market unfold. Dont over react and dont make stupid decisions. Margin trading should be avoided.
Now for the analysis.
As I mentioned before in my other charts, We are flirting with the 200MA it is the only real support that we have. The 200MA cannot be dropped. All previous supports were non-existent since we clearly went exponential between 10-20k there was no support so we blew right back down. Not surprising.
We had a slip up today, even with the slip and hitting a lower low, which is never any good. We were still able to bounce off the 200MA once again. Each time that we hit the 200MA it becomes weaker and weaker. If we manage to fall under which is unlikely We will probably fall through $7,100 -> possibly even break down further to $5,500 area. I would say we have about a 18% chance of this happening.
Now, Nothing goes does forever. Once the bottom is in we are free to now do the impulsive wave, don't forget the corrective wave is supposed to scare the market. So I anticipate the impulsive wave to be a bit tough to fight through. What happened today when we dropped 8k again was I noticed the volume spiked up, I'm assuming these are lots of shorts being opened which created a bear trap. I would really love to see bitcoin pull through to start trading over $8,500 then returning back to $9,500 to retest it and finally break out of this level. I will keep updating so please feel free to follow me and any updates that I make.
Longer Term
One week we will be over $9,500
Two Weeks we will be at $10-11k
By the end of the month we are retesting the previous bull trap. Probably failing and dropping back down again
If you like my outlook on the market, One thing I ask is to please like and share my chart to help people see this outlook.
Be safe, Be smart, Dont margin strong, Be sure to exit losing trades quickly.
Please trade knowing your stops and risk & reward.
Note
This is not trading advice. Just a heads up on what I think the market is doing. Thank youNote
My timing may be off a bit. Please disregard the time frame, Just the TA of how the correction may happen.Note
Hold on to your seat. We are taking the next leg down. 200MA gave out. Hopefully within the next 24-48 hours we can see a pull back that can get us back to the 8k Levels. This is painful. Hold through ladies n gents. The 200MA Was a very strrong support. It looks to me as though the next support will be the $6100-$7100 area.Note
We are pointing down to $5,500-6,000 level. We should get a substantial bounce from this area.Note
Touched the $6,000 level. It had enough support to give us a bounce. A retest will surely fail sending us down to $5,500 - $5,000 Levels. Capitulation will probably be at around these levels, Where we throw a topping tail and then continue to our journey up. There will be lots of resistance above, 200MA 3 Triangles, so with a few months of effort BTC will wave to new all time highs. Good luck traders.Trade active
My entries have been 8k now 6k have buy orders @ $5,500 incase we get down there. Trading active. Buying every dip. No need to guessNote
Never put all trading funds in one trade. As the whales do you can buy lots as we break down. Then you can buy the market up as we get confirmation that we have a deviation of bear trend. The first confirmed bull deviation is at around the 10k levels, if im not mistaken. The second and third will be around the 12,5 and 15k -17 areas.Note
Excellent Momentum so far, looks as though we will have a resistance point that we will need to cross before moving to the next target. I would say a good rule of thumb is to start taking partials around 10k then look for another better entry. Good luck traders!Note
How To Trade The Next 12 hours. 
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