BitcoinShort
Bitcoin Bear Market Update
Updated
**Not financial advice: these are my thoughts I'm journaling for my own reference later. I'm making them public because others have put their notes into the public record and it has benefited me greatly, so I'm paying it forward for better or worse. If you trade based on this and become homeless, I'll share some government cheese with you.
As we can see from the chart, we hit and reversed at the so-called "golden pocket" between the .618 and .65 (which is to take out stops), at 8.4K. We appear to be headed down, with lower targets shown for the algos that sold at 8.4k. It's not inconceivable that we're still in a wave 4 and we go up one more time for a wave 5. However, if we go below about 6.8K that's the .618 and we have to start seriously considering the case that we're going for new lows.
My thoughts for a best strategy:
All cash until we see what happens between here and 6.8K. As many have already said, this will tell us what course BTC and cryptos will take for the rest of the year.
It's been a rough 2018, but we're about to get some answers soon! If you're still here in crypto, hang tight and Godspeed my friends. Someday I'll have a beer and laugh about this with some of you!
As we can see from the chart, we hit and reversed at the so-called "golden pocket" between the .618 and .65 (which is to take out stops), at 8.4K. We appear to be headed down, with lower targets shown for the algos that sold at 8.4k. It's not inconceivable that we're still in a wave 4 and we go up one more time for a wave 5. However, if we go below about 6.8K that's the .618 and we have to start seriously considering the case that we're going for new lows.
My thoughts for a best strategy:
All cash until we see what happens between here and 6.8K. As many have already said, this will tell us what course BTC and cryptos will take for the rest of the year.
It's been a rough 2018, but we're about to get some answers soon! If you're still here in crypto, hang tight and Godspeed my friends. Someday I'll have a beer and laugh about this with some of you!
Note
Was so close to closing my short to ride it back up to 7.4K like everyone was calling for. Then the ETF news came out and it dumped.Lesson: Stay with the trend until it's confirmed reversed. You don't know where the market is going short-term. Don't take the bait!
Note
Holy shit, look at that bottom fib line target! I did buy some down there, but if I had kept this chat in mind I might have picked up a lot more!
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