LONG BTC - Longer Term Add to the Portfolio

11-12 Hours ago we issued a longer term buy that was intended for #Investors and Longer term #position traders at 8464. This is not a short term trade, and is based on the #broad market perspective. We have been patiently waiting for months now to add fresh #money to our core position. The #recent #structure, though not a setup for a swing trade, #provides an #opportunity to accumulate into the 5th wave of the multi year #cycle.

This is not a pure trading strategy as explained in the in the #article. Short term price movements are considered noise with this strategy. The initial entry was 1/3 of a full position which is similar to who we averaged into the market in August of last year. The other positions will be added upon a #pullback or bullish reversal signal. May happen tomorrow or in two weeks, but #patience is key for this #strategy.

Too many times new investors and traders fail due to not having a strategy and or plan. They are half investing / half trading, and with no stringent guidelines, trades become investments, investments become trades, and portfolios experience erosion.

Technical:

The initial target area is between 12,741 and 13,985 of which 13,985 is the current 1.618 extensions from wave 1. This overlaps with the 0.5 retracement of the overall correction. The higher target area is between 15,768 and 18,491. Either of these levels may signal for us to reduce risk and look to buy the pullback.

There are two major resistance levels to be aware of which are the 11,306 and 14,585 or the 0.382 and 0.618 retrace of the overall correction. Minor resistance is found at 9740.

The broader term picture is still bullish as we enter the fifth wave of a multi year cycle. 18,491 is a significant level in the long term and a level to watch for a failed top and #completion of the longer term 5th wave. Keep in mind these are #preliminary levels and as the trends and #patterns unfold we will revise the levels accordingly.

We have two more positions to add and have provided an overview of where and when those will be added. Simply we are looking for a broad move over a #period of 6-8 months and interim price action is simply considered noise.

Summary:

If you are focusing on a 1 hour and 4 hour chart, you are doing yourself an injustice. Even if you are day trading often the focus on short term trends distracts from the broader perspective. I posted the weekly chart here because prior to entering any asset the long term trend and wave cycle is crucial to how I position myself in the short and long term.

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