Bitcoin (BTC) Update: Am I buying this rally?
If wave III has been placed, then we are still in a correction and the euphoria of this bounce is intoxicating as well as driving FOMO. The current bounce has a strong probability of still being a B (red) wave of the ABC. The below chart shows my original ABC pathway projection.
Here is an updated chart. If price is putting in the B wave, it might look like this chart. The reason why C stops at around $3,000 is, as discussed in previous posts, that this is the level of a strong horizontal support and so potential finish point for C. If prices are weak and bears strong, prices can then go to next major horizonatal support of $2,000 to $2,600 or so.
Earlier I posted the Head & Shoulders Bottom potential pattern. IF this pattern confirms, then it invalidates the above.
So, we are in a bit of Limbo. Am I buying this bounce? NO! I remain to my discipline. Any bounce is to be sold. Even if wave III top has not been put in, and prices go to $5,083; I will be looking to have the rest of my BTC sell ladder rungs triggered. Why? The last wave of an impulsive wave, for me, is ALWAYS a profit taking wave and I will not waver from that. When will I buy? I patiently await the Wave IV bottom to cast my buy ladders.
For anyone nimble enough to go in and out, in and out and profit....congrats. I'm not that good. Another expensive lesson I learned is one need not catch every bounce, every opportunity to profit. That's impossible, as I learned. I have a strategy and a plan and it takes discipline to execute.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Discipline is absolutely one of the best qualities to hold strong!
Want the 3rd chart patter already confirmed? 3400 now 4600 so 2000 chart invalide next stop 5083 area.
He will post updates.
Excellent informative post. I agree. My gut feeling is the uptick lack strength which is proven by the violent falls. Perhaps I am wrong. I am with you Haejin.
I AM GETTING CRAZZZZY. So the new scenario is that this bounce will go to about 5081 then go down to about 3000-2600 where the Buying opportunity begins?
Please understand, nothing is written in stone. I'm navigating this correction and assimilating new price data and trying to identify probables.
Still, I only care about correctly identifying the Wave IV bottom and until then, my money is safe and dry to deploy at that time.
Trying to profit during a correction can drive anyone crazy. I pretty much step aside during Waves 2 and 4 so as to keep my sanity.
Thanks....signed Crazzzzzzzzzy
Sounds like crazy is exactly what he's looking for??
Your feedback would mean a lot haejin:
https://steemit.com/cypto/@ennnzai/when-will-bqx-uptrend-again
Pleasantly waiting . . . . . =l
resteemed
resteemed and upvoted also
Welp, I made the tough decision to close out all my positions tonight.
I'm not comfortable risking my overall profits from the last 6 weeks on what amounts to a coin flip, worst case scenario as a I see it, we get the confirmed reverse H&S, and I lose a tiny % re-entering the market for the next leg up.
Thanks for all you do Haejin. You're a wealth of information.
resteemed and up voted always