BitcoinLong
BOTTOM of Bitcoin is probably in
Updated
Hi everyone,
I closed all my bitcoin shorts yesterday around 18k usd per btc since my macro targets have all been hit. Meaning that I am bullish from now on.
The reason for closing all shorts is as follows:
- max 1.618 reached if in the case of expanded flat;
- max 1.382 reached if in case of wxy for a full 2 or full 4 correction;
- trend line channel hit from wave 1 to 3 spread from 2;
- bullish hidden divergence on the 3D RSI;
- 0.786 fib hit considering it might even be a full 1-2 correction (very bullish);
- 660 sma hit (best place to buy);
- macro pi cycle low with my own tweaks has shown up (meaning a bottom is probably in);
All of these signals, give me a reasonable estimation that we will at least bounce back to the 30-35k area. My personal target will be 78k usd, it is the wave 1 extension from the probable 4 and also the median channel of the trend line channel.
Yes, we might get lower, perhaps even 14.5k usd, but since all my macro criteria to buy btc got met, I need to stick to my plan. I bought btc again long term from 18,5k usd. I was scared to sell at 65k usd and now I am scared to buy at 18,5k usd. But in trading, we need to follow the trading plan, not our emotions.
As allways this is no financial advice, stay stafe and trade well.
I closed all my bitcoin shorts yesterday around 18k usd per btc since my macro targets have all been hit. Meaning that I am bullish from now on.
The reason for closing all shorts is as follows:
- max 1.618 reached if in the case of expanded flat;
- max 1.382 reached if in case of wxy for a full 2 or full 4 correction;
- trend line channel hit from wave 1 to 3 spread from 2;
- bullish hidden divergence on the 3D RSI;
- 0.786 fib hit considering it might even be a full 1-2 correction (very bullish);
- 660 sma hit (best place to buy);
- macro pi cycle low with my own tweaks has shown up (meaning a bottom is probably in);
All of these signals, give me a reasonable estimation that we will at least bounce back to the 30-35k area. My personal target will be 78k usd, it is the wave 1 extension from the probable 4 and also the median channel of the trend line channel.
Yes, we might get lower, perhaps even 14.5k usd, but since all my macro criteria to buy btc got met, I need to stick to my plan. I bought btc again long term from 18,5k usd. I was scared to sell at 65k usd and now I am scared to buy at 18,5k usd. But in trading, we need to follow the trading plan, not our emotions.
As allways this is no financial advice, stay stafe and trade well.
Note
Update: we got our 5 waves up which is good. I closed half of my positions to lock in some profits @20900 usd. I got a stop loss on this trade @18200 usd. If we break that point I believe we go lower. If not => Bullmarket and I reenter again at the break of 20900usd.
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