The path of bitcoin is almost to clean to be accurate.
From the $3.3k it moved up in 5 waves and then retraced to just beyond 61.8%.
Now it has broken out of the retracement channel and it seems to have started with it’s next momentum wave which will be even wilder than the move from $3.3k to $14k.
My first target for this move is around $23k (1.618 multiple of the first 5 waves up momentum move).
Yet, this can also be a wave within an continous retracement (wave b). So still apply risk management:
- stoploss if the price returns into the declining channel.
- position sizing, btc position max 2% of trading account.
Result: Trading without sleepless nights.
From the $3.3k it moved up in 5 waves and then retraced to just beyond 61.8%.
Now it has broken out of the retracement channel and it seems to have started with it’s next momentum wave which will be even wilder than the move from $3.3k to $14k.
My first target for this move is around $23k (1.618 multiple of the first 5 waves up momentum move).
Yet, this can also be a wave within an continous retracement (wave b). So still apply risk management:
- stoploss if the price returns into the declining channel.
- position sizing, btc position max 2% of trading account.
Result: Trading without sleepless nights.
