On track for $20k - Nearing sit-back-and-wait mode
On the weekly chart there might be one more chance for lowering cost basis on multi-year positions since there's a 5 wave impulse coming to an end and that might allow lower price for a bit.
However there's also the chance that it might make another move like last april where it just took off and allowed no pull backs.
So I am treating this as an area where traders who just do nothing and are as lazy as can be are likely to outperform traders who are actively moving in and out of positions and trying to outsmart the market.
There are a lot of projections that put BTC at at least 50k next cycle and I honestly know my limitations and that I can not day trade for those returns. I am instead pretty much at the point where I have only a handful of ideas left before I just take a vacation from cryptos so I can let the bull market take over and not let my fiddling with positions screw me up by getting bumped out of a huge runner.
Plan is to only look at being active around huge psychological points like 10k, 15k, 20k, 50k, 100k and the end of year cycles, and perhaps the six month cycle. The main challenge will not be to increase my charting skills but to have the patience to let the trade work.
However there's also the chance that it might make another move like last april where it just took off and allowed no pull backs.
So I am treating this as an area where traders who just do nothing and are as lazy as can be are likely to outperform traders who are actively moving in and out of positions and trying to outsmart the market.
There are a lot of projections that put BTC at at least 50k next cycle and I honestly know my limitations and that I can not day trade for those returns. I am instead pretty much at the point where I have only a handful of ideas left before I just take a vacation from cryptos so I can let the bull market take over and not let my fiddling with positions screw me up by getting bumped out of a huge runner.
Plan is to only look at being active around huge psychological points like 10k, 15k, 20k, 50k, 100k and the end of year cycles, and perhaps the six month cycle. The main challenge will not be to increase my charting skills but to have the patience to let the trade work.
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