BTC is following the Elliot wave map that we mapped last week. TA is about mapping things out and getting an idea of where we may go.. In either direction, locating support and resistance points, marking buy and sell zones etc.
The thing i love about Elliot waves is that it is always valid... Until it isn't... I always teach that no matter the market, if there is an impulsive wave you must mark the catch point on the retracement. If it falls through then the analysis is off.. It is that simple.
So for now lets look at the reality.
The Narrative for BTC is positive, however, remember that most people trade on emotions, if you follow those emotions and FOMO you will get burned!
The fact is we are still in a trend of lower highs and that doesn't change unless we break and hold $6800 on a 3 daily chart. Only then do we make a new higher high!
I do feel that things will turn soon. Im still not buying BTC at this stage above 6k. My plan is to buy BTC sub 6k and ladder buys down.
We bought at $5800 on the last run down. So as most people are looking to buy the FOMO.. I will look to sell according to my targets in the elliot wave.
If we hit target i sell and wait again, if it runs higher than the target so be it.. Thats where a trailing stop comes in.
If we fall, we buy more.. No emotions.
If we do run from here and we have found the bottom, then ill wait and buy the retrace and find those points. Never chase the rising green candles and never panic sell the falling red candles.
The thing i love about Elliot waves is that it is always valid... Until it isn't... I always teach that no matter the market, if there is an impulsive wave you must mark the catch point on the retracement. If it falls through then the analysis is off.. It is that simple.
So for now lets look at the reality.
The Narrative for BTC is positive, however, remember that most people trade on emotions, if you follow those emotions and FOMO you will get burned!
The fact is we are still in a trend of lower highs and that doesn't change unless we break and hold $6800 on a 3 daily chart. Only then do we make a new higher high!
I do feel that things will turn soon. Im still not buying BTC at this stage above 6k. My plan is to buy BTC sub 6k and ladder buys down.
We bought at $5800 on the last run down. So as most people are looking to buy the FOMO.. I will look to sell according to my targets in the elliot wave.
If we hit target i sell and wait again, if it runs higher than the target so be it.. Thats where a trailing stop comes in.
If we fall, we buy more.. No emotions.
If we do run from here and we have found the bottom, then ill wait and buy the retrace and find those points. Never chase the rising green candles and never panic sell the falling red candles.