BITCOIN to trade above 3000? #Trading004
Bought some extra BTC at the 2470 region, that is the Fibonacci 0.618 golden ratio region which is one of my favourite.
The overall trend for BTC is still bullish, but eventually a massive correction has to happen due to the recent runs.
A lot of chartist are already plotting Elliot wave's 5th wave, which marks the start of the correction, which can be highly possible.
A possible area to remove some exposure will be at the region between 2800-2900(which might hit soon)
I can see why shorting could be a better option as a lower low did form(But my strategy involves trend following, some counter-trend traders might be favourable to a short on a overall bullish picture, but not me.)
Depending on the strength of the next wave, we might see another lower low which will mark a buying opportunity as the overall trend for BTC is still bullish.
CHEERS
Disclaimer
*I am not a guru...
*These chart and infomations provided are my personal view and ideas on the market, use it at your own risk.
*Trading is risky business. You and only you are responsible for your trades. Do trade with caution.
*Trade with money you can afford to lose, not the money you and your family needs to survive on.
*Trading is all about consistancy, there is no holy grail that takes you straight to heaven.(let me know if you have found one)
I'm a big fan of Fibonacci - have you looked at the correlations between the precise/decimal ratios and the integral numbers?
Also, I've heard of Elliot's waves, but don't know how they function/are indicated. Could you share a brief overview here? Then maybe dedicating a full post to it - help us noobs out! :)
Best,
Bob
Basically, elliot wave has 5 impluse wave(trending waves) and 3 Corrective wave. Elliot waves is a very subjective tool, and can only be used with experience with backtesting. Give 10man a chart and chart elliot wave, there could be 10 different scenarios. We each could view certain wave differently
Thanks for the explanation - I look forward to more of your great posts and continuing the conversation! #LetsDoThis :)