Bitcoin Weekly/Monthly Elliot Wave Update: Long to 30K
Bitcoin has done amazingly well and managed to break over the 1.618 fib level of Wave 1 where it did face a pull back, however now that this level has been broken decisively by the bulls we must reevaluate the charts. Looking at the same Elliot Wave posted in my previous post, Wave 3 has been extended and the next major level is the 2.618 fib level of Wave 1. This is a critical area where wave 3 could end which would then be the pullback of wave 4 before continuing higher again for wave 5. After wave 5 we can expect an ABC correction which will present a good opportunity to long more bitcoins.
Right now I am long bitcoins and I bought the breakout of 20K. I have taken some profits at the 22.5K levels in order to trim my risk down, and have moved stop loss to entry. However I am still looking to buy more bitcoin whenever it dips, but I am keeping my entry position below 20,500 levels, so I am not buying too much bitcoin that will push up my entry over this price level. This allows me to keep my stoploss at entry while still leaving enough room for volatility in order to continue riding this wave without getting stopped out. The way to keep your entry low is to buy bitcoin when it dips and sell it after it goes up higher but without closing your entire position, by doing this you can push down your positions entry price. If you bought in before 21K, good job fellas!
Keep a close eye on altcoins now too, I already have built up long positions on key alts and am continuing to look to buy more when they dip.
Altcoin season should be here anytime now...
Best of luck and happy trading!
-WIneTrader888
This is not financial advice nor am I responsible for any potential losses you incur if you have follow my trading ideas.
Right now I am long bitcoins and I bought the breakout of 20K. I have taken some profits at the 22.5K levels in order to trim my risk down, and have moved stop loss to entry. However I am still looking to buy more bitcoin whenever it dips, but I am keeping my entry position below 20,500 levels, so I am not buying too much bitcoin that will push up my entry over this price level. This allows me to keep my stoploss at entry while still leaving enough room for volatility in order to continue riding this wave without getting stopped out. The way to keep your entry low is to buy bitcoin when it dips and sell it after it goes up higher but without closing your entire position, by doing this you can push down your positions entry price. If you bought in before 21K, good job fellas!
Keep a close eye on altcoins now too, I already have built up long positions on key alts and am continuing to look to buy more when they dip.
Altcoin season should be here anytime now...
Best of luck and happy trading!
-WIneTrader888
This is not financial advice nor am I responsible for any potential losses you incur if you have follow my trading ideas.
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