BTC update 10.11.17 - why I am not buyin yet
I was lucky to catch the drop early yesterday, because I was still in a long position. I was able to close it at nearly break-even yesterday. Nobody wins every time. If someone tells you the opposite, run!
I have consistently been also talking about my losses. The important thing is, that your averaged losses are smaller than your averaged wins. How do you do this? By taking a close look at your risk reward ratios.
ew-and-patterns · 21 hours ago
BTC update: I ended my BTC long trade from yesterday at roughly breakeven. haejin seems to be right. Expecting lower prices for BTC short term, which I will buy into again...
So why am I not buying yet? The subcount suggests another green wave 3 low and a green wave 5 low.
After green wave 4 I will place another big short in BTC. Why? Because of a risk reward ratio of at least 8 to 1 and only a small stoploss is necessary to do this trade.
I strongly recommend you not doing the same and just wait it out to buy once green wave 5 done. Shorting BTC can be a real mess, if you don't know when to get out.
In this picture I violated the guideline of pattern alternation on purpose, because of BTCs' latest tendency to wipe out stops, before starting a new impulse wave.
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
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Appreciate your work following you
I might be wrong but my low bet is 4600 usd and then skyrocketing to 10k, all in on altcoins these days 😁
I would love that tartget of yours to be hit ;-) but my count suggests a low between 6300 and 5700, depending on how the corrections play out.
I look forward to when BTC will fall and grow into Steem :-) Your information is very useful. Thank you for this!!!! @ew-and-patterns
I might be wrong, but I think that after segwit cancelation we have just started real battle betwen BCH and Bitcoin. Will not be suprised if wee see bitcoin droping to 4000 and BCH rising to the same point soon.
This would not surprise me either. Many thought BCH was dead already...
https://cointelegraph.com/news/bitcoin-classic-shuts-down-as-staff-claim-bitcoin-cash-will-rule-in-6-months
what do you make of this ?
News appeared to justify the count. Thanks for this link.
I didn't. I've been calling $1000+ BCH since the beginning of August. I don't mean the spike we had but a stable price over $1000+ before the end of the year. I still think the stable price level for BTC is $4500-5000 level. But Bitcoin futures, ETFs etc. could keep the price higher.
Even though I'm not the biggest fan I'm currently cheering for ETH (Triangle) and ZEC (Cup&Handle) They both have had positive stuff going while having no significant price movements. Patterns are there. So something good is bound to happen. Plus, less marketshare for BTC is almost always good.
why all the interst in BCH all of a sudden ? have i missed some news ?
New to currencies, but not investing. In addition to bitcoins, do you see any viable altcoins for long term hodl?
I hold 30 different coins with great potential in the next two years. But the only coins I am currently planning to hold for 5+ years are STEEM, BCH, Bitshares and Digibyte.
But I suggest you don't follow anybodys' investment decisions without doing your own due diligence.
Longterm is a vague term in the cryptosphere, because things can change very rapidly. I monitor my coins at least once a week.
I am also waiting for a bigger correction, I closed some buy positions with profit and I will wait to see how far the correction will go and then buy again.
Upvoted and resteemed. Do you want to know why? Visit my blog.
Thank you for the support ;-)
You're welcome, thanks also for your upvote and support, much appreciated.
img credz: pixabay.com
Nice, you got a 10.0% @minnowbooster upgoat, thanks to @ew-and-patterns
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Another correction took place, may be not a bad time.