BitcoinUpdated Bitcoin rally correcting
We're full correction mode now, obviously. We've clearly broken the trend-line that we've held since January 2nd, and are in a nasty downward channel.
RSI shooting down, MACD 1D bearish cross-over, it's correction time.
Been reversal trading the last two days on these bounces, been good, easy plays, clear reversal hammers, predictable resistance areas.
I'm staying mostly out for now, we're in a nasty downward channel. But I'm looking for a bounce around $9,000 back to $9,500 for essentially the "b" bounce of the "a,b,c" Elliott Wave corrective pattern. May go in kinda heavy there, but still playing very cautiously as this rally has been exhausted and down we go.
50% fib retracement puts us at $8,500 (give or take), I'm looking for a bounce off $8,000 (usually we sit between 61.8% and 76.8% fib retracement before we can call a clean flush) before I start buying back for the long-plays.
Still up 40% on my portfolio for the year, despite missing a massive ETC rally (that I called, just hesitated on) that cost me 10K (after missing the rally that would have netted me nearly 10K I panic bought in and got chewed up on stops in a sideways market, also lost 2K there).
Think Q2 we start seeing FIREWORKS again!!!! Just need to hold a higher low than mid 6K range. I don't foresee that being too tough to accomplish. If we break south of 8K it will only be a few wicks IMO.
Good luck!! Try to keep your emotions OUT OF IT and read "Reminiscences of a Stock Trader" if you haven't already. And of course, watch for Tether injections!!!!!
RSI shooting down, MACD 1D bearish cross-over, it's correction time.
Been reversal trading the last two days on these bounces, been good, easy plays, clear reversal hammers, predictable resistance areas.
I'm staying mostly out for now, we're in a nasty downward channel. But I'm looking for a bounce around $9,000 back to $9,500 for essentially the "b" bounce of the "a,b,c" Elliott Wave corrective pattern. May go in kinda heavy there, but still playing very cautiously as this rally has been exhausted and down we go.
50% fib retracement puts us at $8,500 (give or take), I'm looking for a bounce off $8,000 (usually we sit between 61.8% and 76.8% fib retracement before we can call a clean flush) before I start buying back for the long-plays.
Still up 40% on my portfolio for the year, despite missing a massive ETC rally (that I called, just hesitated on) that cost me 10K (after missing the rally that would have netted me nearly 10K I panic bought in and got chewed up on stops in a sideways market, also lost 2K there).
Think Q2 we start seeing FIREWORKS again!!!! Just need to hold a higher low than mid 6K range. I don't foresee that being too tough to accomplish. If we break south of 8K it will only be a few wicks IMO.
Good luck!! Try to keep your emotions OUT OF IT and read "Reminiscences of a Stock Trader" if you haven't already. And of course, watch for Tether injections!!!!!
Note
Just to be said, one never "knows" what's going to happen in the market, especially Bitcoin. I strongly believe in this pattern playing out, but maybe we reverse and surge from here? Maybe we only bottom at $9,000 and start rallying there. Or maybe we go back down to $6,000 range. We don't know until it happens. So be open to pivoting if new developments happen. I "knew" the market was going back to 8K after we tapped of $9,165 a few weeks ago. I was wrong and I missed a big ETC rally because of it. At the end of the day, it's your trade and the market moves in unexpected ways constantly.Note
And just like that, we may be over correcting. We had a solid Bitcoin rally from 6:30AM to 1PM PST, the exact time the stock market opened and closed in the US. Seems the potential fallout from the corona-virus in China is already rippling across the markets. Gold and metals also surged today as well, while stocks were slightly down. This correction may be over as institutional investors seek safe haven and rush into bitcoin and gold. I'm not ruling out a surge above $10,500 in the next few days if the bad news keeps coming....Trade active
I played very cautiously on this, expecting a head and shoulders forming, but felt the risk was worth the reward. A break past $10,500 would get us another surge. I went in slowly, layering cautiously. Went up for a bit then sold after the 4th rejection at $10,300. I lost 1% of my portfolio, but it was worth the risk, the upside potential was too big. I got out, hope you did too. Everyone else got SMOKED! Next reversal bounce @ $9,000Trade active
Waiting for a bounce off $9,000, looking to exit around $9,400. Won't be playing BTC, will be playing an alt coin, one or two with the most price movement. I'll get that 1% and then some back on this bounce me thinks.Note
Definitely the market is acting stronger than anticipated. I can only assume the corona-virus damage is taking it's toll on global markets and people are hedging with Bitcoin (smart). As with every market, expect the unexpected, and keep an eye out. I still believe we're going to mid 8K or so, and that this is just a spike due to lack of volume and some hopeful pumpers. We still are printing lower-lows, with $10,000 being very hard to challenge now. Still looking for the failure to mid 9K and then the bounce off $9,000 for a good reversal play. But as always, I'm ready to jump back in if we start breaking over-head resistance. At this point, we'd have to break $10,500 for me to go back in however, as anything else is just a suckers rally IMO.Note
Stubborn market, corona-virus impact keeping us up. Coming to the end of yet another pennant. I still say down down down: tradingview.com/chart/KgBjZioQ/Note
oops, wrong chart LOLNote
Ok, chart finally playing out, 3 days delayed due to corona-virus support. We tapped off of $9,230, just above 50D MA. Strong support between $9000-$9200. Probably hold here for a day or two. Maybe rally to $9500 or so. Still eye-balling $8,000....Note
Soooo BLEW through 9k. Still 100% out. Guessing next stop is $8,500. Back to eyeing $7,800-$8,200Note
I have buy orders in at $7,950. Just FYI. Do as you please.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.