Disclaimer: This is not financial advice
High leverage trading is all about entries, you need to have patience and not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. My aim is to capture quick & safe profits, not to predict the future, this is possible only by planning ahead and waiting for a good entry. If you're nervous and itching to open a position then take a few deep breaths and don't trade.
I have been waiting to update my btc macro outlook but since we have broken 14k the Elliott count is bullish. In the monthly chart we are in a bullish trend that started in October 2013. The 20k ATH was the top of a wave 3, the March crash seems to have been a wave 2 inside a bigger 5 wave impulse that is the final thrust of the trend that started back in 2013. The first target for wave 5 is $29k. Shouldn't this target materialise then we might have a truncated wave 5 that doesn't go above 20k. There are no early warning signs for truncations however real btc trading volume seems to be getting lower and lower. This means that the number of market participants is decreasing and is not a good sign overall for those counting on a new ATH.
The optimistic scenario is that we actually break 20k and target 29k (the Elliott target for wave 5 of this cycle). As a futures swing trader I'm buying dips here and am not looking for swing shorts for at least another 6-9 months.
High leverage trading is all about entries, you need to have patience and not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. My aim is to capture quick & safe profits, not to predict the future, this is possible only by planning ahead and waiting for a good entry. If you're nervous and itching to open a position then take a few deep breaths and don't trade.
I have been waiting to update my btc macro outlook but since we have broken 14k the Elliott count is bullish. In the monthly chart we are in a bullish trend that started in October 2013. The 20k ATH was the top of a wave 3, the March crash seems to have been a wave 2 inside a bigger 5 wave impulse that is the final thrust of the trend that started back in 2013. The first target for wave 5 is $29k. Shouldn't this target materialise then we might have a truncated wave 5 that doesn't go above 20k. There are no early warning signs for truncations however real btc trading volume seems to be getting lower and lower. This means that the number of market participants is decreasing and is not a good sign overall for those counting on a new ATH.
The optimistic scenario is that we actually break 20k and target 29k (the Elliott target for wave 5 of this cycle). As a futures swing trader I'm buying dips here and am not looking for swing shorts for at least another 6-9 months.