3 Months timeframe view on bitcoin tells a lot
while watching the market fluctuating on daily and H4 timeframes or even weekly seems to be a good idea for traders as a risk management precaution, people holding bitoin and hearing news about SEC suiting binance and coinbase for example might want to reduce their exposition and only hold a fraction of the current amount of bitcoin in their wallets, but thats of no sense ... scalling up to the 3 Months timeframe which isnt a commun timeframe usedby traders but it is used by long term investors to cut down all the noises , we can see that the market is clearly in an uptrend with a sharp ABC correction right on 78.6% retracement of the first bullrun which is a commun fibonacci relationship in 2nd and B waves , thats the nature of markets, and here on this chart we can clearly see that it is helpful to keep an eye on the big picture.
People say bitcoin is dead, fundamentals are bad etc , no one said it's wrong, but there is one thing that goes above all the sayings in trading and financial markets in general : THE MARKET WILL DO WHAT EVER IT WANTS TO DO WHENEVER IT WANTS TO DO IT.
If the market confirms this bias with some kind of buy signal thats your hint that a 3rd / C wave is unfolding, other wise we all know eliott rule number one: the second wave cannot retrace more than 100% of the first wave, from here its a game of patience and discipline .. nothing more .
People say bitcoin is dead, fundamentals are bad etc , no one said it's wrong, but there is one thing that goes above all the sayings in trading and financial markets in general : THE MARKET WILL DO WHAT EVER IT WANTS TO DO WHENEVER IT WANTS TO DO IT.
If the market confirms this bias with some kind of buy signal thats your hint that a 3rd / C wave is unfolding, other wise we all know eliott rule number one: the second wave cannot retrace more than 100% of the first wave, from here its a game of patience and discipline .. nothing more .
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