Bitcoin - beauty in the eye of this beholder
Updated
I am not a purist. I think averages are made to be broken. More important to me is a recovery above key supports, with volume.
We have 50% fib correction now, completing an abc Elliott wave formation. And we are testing and bouncing off the 200dma, with volume.
This is a pretty textbook correction. Now, assuming we are not on the wrong side of some co-ordinated central bank policy that makes all crypto illegal, which is probably a safe assumption, I will be using this as an opportunity to add.
Might I suggest, to anyone bothered to listen, that laser-eyes are more appropriate to a comicon convention than proponents of a new asset class, searching for legitimacy. Bitcoin/crypto/blockchain is new. New things are scary. The only thing more scary, to grown up investors, is a cult.
If you are on a mission to communicate the benefits of this new asset class then, for all our sakes, grow the fuck up.
This is not investment advice.
We have 50% fib correction now, completing an abc Elliott wave formation. And we are testing and bouncing off the 200dma, with volume.
This is a pretty textbook correction. Now, assuming we are not on the wrong side of some co-ordinated central bank policy that makes all crypto illegal, which is probably a safe assumption, I will be using this as an opportunity to add.
Might I suggest, to anyone bothered to listen, that laser-eyes are more appropriate to a comicon convention than proponents of a new asset class, searching for legitimacy. Bitcoin/crypto/blockchain is new. New things are scary. The only thing more scary, to grown up investors, is a cult.
If you are on a mission to communicate the benefits of this new asset class then, for all our sakes, grow the fuck up.
This is not investment advice.
Trade active
A close below the 200dma is more of a worry.I am more inclined to kill the position on another close below the 200dma.
Holding for the moment.
Trade active
A definitive break of the 200day and a break of the 50% fibo retracement are horrible. Can we stick with the correction wave hypothesis or are we in a new downtrend. Either way, if we break back above the 200dma we likely test 47,000. A break above would suggest this was a corrective wave and we likely move to 65k is fairly short order. A fail at 47,000 would suggest a bear trap and we make new fresh lows. IMO the chart lacks clarity. Waiting for clearer technicals.
Trade closed: stop reached
I am not a registered investment advisor. Nothing I say, or share, constitutes investment advice. Take responsibility for your risk and do your own research.
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