BitcoinLong
BTC - Buying opportunity even after breakout. Just My IMO
Updated
BTC is in a 5th wave breakout and has a lot of upside potential, and a potential to go over extended for as long as it wants to be over extended (1 day, 1 week, 1 month, 3 months, 1 year, etc).
Eventually though, price will come down and retest the breakout area (10,500) and if it holds support, a resumption to all time highs.
I would definitely be accumulating more bitcoin as of today. Once we start going up more and enter the over extended area, I would wait for any big pull back to buy again (i.e. 10%+ pullback).
Note: Wave 5 always corrects 100% of price action, so a retest of 10,500 is almost all but guaranteed . Which is why buying now (at the bottom of wave 5) is still a good place to accumulate. Of course buying during waves 1-3 would have been more ideal but it's still a good time if you are holding BTC for the long term or just want to enjoy some nice gains and sell above.
Just keep in mind that 1 day (date unknown), but one day, BTC will correct back to test 10,500. Anytime you buy BTC, ask yourself (have we retested 10,500 and if not, do i feel comfortable if price were to retest while I'm holding BTC above that price).
Trade with caution and stop loses at this point (for a short period at least) should be below wave 5 breakout because the risk is, if this wave breaks down and doesn't hold 10,500 on any retest...BTC has a chance to fall much further than wave 3 (below 8K). Just something to be aware of. I think that likelihood is low.
Eventually though, price will come down and retest the breakout area (10,500) and if it holds support, a resumption to all time highs.
I would definitely be accumulating more bitcoin as of today. Once we start going up more and enter the over extended area, I would wait for any big pull back to buy again (i.e. 10%+ pullback).
Note: Wave 5 always corrects 100% of price action, so a retest of 10,500 is almost all but guaranteed . Which is why buying now (at the bottom of wave 5) is still a good place to accumulate. Of course buying during waves 1-3 would have been more ideal but it's still a good time if you are holding BTC for the long term or just want to enjoy some nice gains and sell above.
Just keep in mind that 1 day (date unknown), but one day, BTC will correct back to test 10,500. Anytime you buy BTC, ask yourself (have we retested 10,500 and if not, do i feel comfortable if price were to retest while I'm holding BTC above that price).
Trade with caution and stop loses at this point (for a short period at least) should be below wave 5 breakout because the risk is, if this wave breaks down and doesn't hold 10,500 on any retest...BTC has a chance to fall much further than wave 3 (below 8K). Just something to be aware of. I think that likelihood is low.
Note
If this thing comes down and tags 10,500 after 2 years of wave 5 being overextended, I should have been a rich man and played my analysis. 😂
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