This last day was a nightmare for bitcoin, but no problem for us since we were prepared and excpecting this situation!
I believe the bottom is in for this 3rd wave because: - 1.618 extenstion of wave 1. - I'm seeing an ending diagonal inside the 5th wave of 3.
We need to break 8k to start a short term bull run.
Wave 4 Targets are: 8350 8550 8770
Any comments or questions are always welcome!
Yorum
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we hit our first target, I got out of this trade at 8386 because the risk is too high in my opinion. It's possible we won't see higher numbers for wave 4. Short is entered and will add more if we go up.
What are you thinking right now as the price failed to breach 8,300 repeatedly and is now dipping under 8100?
GustavoBrucestavo
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@kingjardan, Just intrigued, your short call the other day was spot on, just not sure if the market will give this upwards wave any umph... bulls seem weary.
kingjardan
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@GustavoBrucestavo, yeah price swings are pretty extreem but bulls are holding quite well now. I would not worry as long as we stay above 8k. It's only a matter of time to break 8.3 in my opinion, that will signal a rally to 8.5 real quick. I'm still long since 7.7k, but i'd like to close this as soon as possible,it's a dangerous game to play this wave, it can turn very badly in no time.
GustavoBrucestavo
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@kingjardan, Great reply, very levelheaded. Tough wave to play for sure. Good luck, I'll catch the short. Great analysis mate. Cheers.
kingjardan
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@GustavoBrucestavo, saw what happened? I didn't publish it publicly but this pattern pretty much broke up, closed my long at 8386.
GustavoBrucestavo
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@kingjardan, Oh yea man, i was watching it the whole time... you nailed that one. Very impressive
kingjardan
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@GustavoBrucestavo, If you will short wave 5, be sure to have a stop loss at 8800, in case it turns out to be the wrong count and we already saw 5 waves. I'm targetting 7400-7100 for wave 5. And thanks for the kind words, much appreciated!
GustavoBrucestavo
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@kingjardan, Thanks mate, appreciate the guidance. i probably would've 10xed the leverage with no stop otherwise.
kingjardan
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@GustavoBrucestavo, 10x leverage? That's heavy man! I would not like that kind of exposure personally. Sticking with 3x bitfinex leverage :) But goodluck, another tip I would give is not entering your position fully at once, so if price goes the wrong way, you can add to your position to average a better price. If it goes the right way, and obvious signs it will continue, you can add also without having to think: OH NO I SHOULD HAVE DONE IT ALL AT ONCE AT that price!!! That's emotional behaviour that we want to cut off, you will always benefit in the long run this way. I hope this helps!