BTC - Don't worry...Or should I freak out?
Please see my previous analysis that warned of a correction reversal.
*This analysis is just for fun and is not financial advice...Do your own research before investing*
In the news:
Main Stream Media:
- Coinbase hit with a 2nd lawsuit for violating unclaimed property laws.
- Claims that North Korea funding nuke programs with crypto.
- Belgian tax authority going after Crypto investors.
- Ecuador opens first crypto ATM.
- Forbes talking about bullish bitcoin signs.
Neutral to Bearish Sentiment
Social Media:
- Ripple CEO and Coinbase president talking on CNBC 'Fast Money - Goes
Crypto' show.
- General chat about Bitconnect ponzi scheme.
- Uzbekistan legalizing crypto in mid 2018.
- Mexican Crypto regulations approved by congress.
Neutral to Bullish Sentiment
How is she?
She is slowly drifting again. But hasn't got away too far. I can still get her back!
Technical Analysis:
- Volume still low for a weekend. This is like licking an open wound. This is now starting to hurt BTC.
- Since we haven't broken the higher high of 18000K USD, We are in the territory of a wedge.
- Falling below moving averages.
- RSI on the daily is fine but the 4 hourly shows oversold. 4 hourly dropping ***no panic just yet but I've moved up my stop loss to lock in profits***
- MACD still looks good, especially on the daily, however bearish crossover and histogram is not doing well on the 4 hourly. ***no panic just yet***
- I will not call this a failed Elliot impulse just yet. The downtrend is a wave minor wave 4 within the larger wave 3. Cue Xzibit Pimp My Ride meme.
Shifting from Bullish to Neutral. Bearish signs are starting to appear. This might be just a small correction prior to a 5th wave or
a wave within a wave correction. No need to panic just yet.
I'm now neutral. Yes bearish signs BUT this was always expected to show on the 4 hourly charts. Zoom out to the daily and things look
good. Swing traders rejoice. But day traders are living in regret.
What am I doing?
I can't jump to conclusions just yet. I'm focused on the 4 hours and hourly charts to see how things play out but will still HODL.
Target is still at 12.3K.
Stoploss has now trailed up to 10.5 K to lock in decent profit from entering in at 9.9K.
Remember. Don't expect to always win at this game. It is all about risk management and protecting yourself from heavy losses. As long as your win in the long run, you win. Practice and master a strategy.
Even though I may not hit my 12.3K profit target, and there is a drop, I will still improve by $600 dollars from entry. Small win is still a win and I will take it happily.
Hope you guys are having fun and enjoy the ups and downs of the markets :)
*This analysis is just for fun and is not financial advice...Do your own research before investing*
In the news:
Main Stream Media:
- Coinbase hit with a 2nd lawsuit for violating unclaimed property laws.
- Claims that North Korea funding nuke programs with crypto.
- Belgian tax authority going after Crypto investors.
- Ecuador opens first crypto ATM.
- Forbes talking about bullish bitcoin signs.
Neutral to Bearish Sentiment
Social Media:
- Ripple CEO and Coinbase president talking on CNBC 'Fast Money - Goes
Crypto' show.
- General chat about Bitconnect ponzi scheme.
- Uzbekistan legalizing crypto in mid 2018.
- Mexican Crypto regulations approved by congress.
Neutral to Bullish Sentiment
How is she?
She is slowly drifting again. But hasn't got away too far. I can still get her back!
Technical Analysis:
- Volume still low for a weekend. This is like licking an open wound. This is now starting to hurt BTC.
- Since we haven't broken the higher high of 18000K USD, We are in the territory of a wedge.
- Falling below moving averages.
- RSI on the daily is fine but the 4 hourly shows oversold. 4 hourly dropping ***no panic just yet but I've moved up my stop loss to lock in profits***
- MACD still looks good, especially on the daily, however bearish crossover and histogram is not doing well on the 4 hourly. ***no panic just yet***
- I will not call this a failed Elliot impulse just yet. The downtrend is a wave minor wave 4 within the larger wave 3. Cue Xzibit Pimp My Ride meme.
Shifting from Bullish to Neutral. Bearish signs are starting to appear. This might be just a small correction prior to a 5th wave or
a wave within a wave correction. No need to panic just yet.
I'm now neutral. Yes bearish signs BUT this was always expected to show on the 4 hourly charts. Zoom out to the daily and things look
good. Swing traders rejoice. But day traders are living in regret.
What am I doing?
I can't jump to conclusions just yet. I'm focused on the 4 hours and hourly charts to see how things play out but will still HODL.
Target is still at 12.3K.
Stoploss has now trailed up to 10.5 K to lock in decent profit from entering in at 9.9K.
Remember. Don't expect to always win at this game. It is all about risk management and protecting yourself from heavy losses. As long as your win in the long run, you win. Practice and master a strategy.
Even though I may not hit my 12.3K profit target, and there is a drop, I will still improve by $600 dollars from entry. Small win is still a win and I will take it happily.
Hope you guys are having fun and enjoy the ups and downs of the markets :)
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.