I started watching Bitcoin nearly a year ago. I have watched harmonic patterns and related measures pinpoint price levels in this market with precision. Today's 3.14 bearish extension was one example of a larger understanding of HARMONICS at work in even the crypto-fx mkt. I updated the original post a few times today stating to cover 1/2 of the original 2730 entry at the 618 target @ 2290 while moving the stop to 2370. Target 1 was good for 440 and the other 1/2 hit the stop for 260.
Final Thoughts - Today's swings were insane! I am looking for another sell opportunity against a retest of the 3.14 target @ 2700 but it is always important to define all aspects of any trade in advance. For now, I am out entirely as I waiting for the next clear harmonic opportunity.
No doubt, the current run in BitCoin is unique and decidedly bullish. I always want to keep a realistic perspective about all trading opportunities. Regardless, all opportunities must be measured in advance with risk:reward parameters understood. I will be monitoring this market closely and look for the clearest harmonic situations that can pinpoint more trades like today's Pi 3.14 Bearish execution.
Final Thoughts - Today's swings were insane! I am looking for another sell opportunity against a retest of the 3.14 target @ 2700 but it is always important to define all aspects of any trade in advance. For now, I am out entirely as I waiting for the next clear harmonic opportunity.
No doubt, the current run in BitCoin is unique and decidedly bullish. I always want to keep a realistic perspective about all trading opportunities. Regardless, all opportunities must be measured in advance with risk:reward parameters understood. I will be monitoring this market closely and look for the clearest harmonic situations that can pinpoint more trades like today's Pi 3.14 Bearish execution.