RE: Bitcoin (BTC) Evening Update: #1 Always Expect Corrections, #2 Have the Trend on Your Side, #3 Make the Trend your Friend
Hi Haejin,
I really chose the wrong day to finally buy some more btc yesterday. I thought I should rebalance with all of the alts I had. Very silly I guess. Firstly thank you for all of the interesting stuff you've posted over these last few months.
When I do a simple fib extension from the start of wave 1 back at the start of the year it shows btc perfectly hit 4.236 fib at the top of the 5 wave count. I think I did it a few weeks ago and forgot. The top of wave 2 at the 0.618 fib on the retracement is exactly 5000$ so I guess this is a likely destination. Unless it's really bloody the .786 is 2000usd.
What have I learnt? I wasn't patient enough, I was fomoing. I was very exciting by bullish charts and the 15k I'd made in two weeks. My investment was up to 80% of all that I saved in my time in the military (about 50k EUR) well the 15k got wiped just last night. I had been thinking recently that when things go with crypto it will be when a conglomerate of whales say it's time. And I think it had been agreed that yesterday was time. It wasn't a retail sell off in my opinion but an organised one.
So given we perfectly reached the top fib then we're going to 5k or 2k. The 0.5 fib is 6k but not so much resistance there.
Now I have to decide whether to step onto the sidelines at a loss. As painful as that would be it's probably the right thing given btc is halving which will mean we see market cap back to 150 billion. Tough times.
Good luck to everybody.