If you're not the first to fomo, you're probably too late. - A grueling lesson learned over the years.
Though Bitcoin is at a new high, there is even more chance of a correction! Fractal from the 2017 rally shows after BTCUSD made a new high 15% above the previous, price action was followed by a correction to the 0.382 fibonacci level.
Supporting this, median pitchfork levels have continued to serve as strong support & resistance over Bitcoin's life cycle. This median zone created resistance before the 2017 rally, and may serve as resistance this time around as well.
The chart above shows how we are currently in the resistance zone of TWO major pitchfork medians, 15% above the 2017 high of $19.5k. The setup is there. So the question is, will the market reward those who are willing to position them correctly, or will fomo get the best of us all?
The Plan:
The chart below shows just how effective these pitchfork fractals have been over the years.
Though Bitcoin is at a new high, there is even more chance of a correction! Fractal from the 2017 rally shows after BTCUSD made a new high 15% above the previous, price action was followed by a correction to the 0.382 fibonacci level.
Supporting this, median pitchfork levels have continued to serve as strong support & resistance over Bitcoin's life cycle. This median zone created resistance before the 2017 rally, and may serve as resistance this time around as well.
The chart above shows how we are currently in the resistance zone of TWO major pitchfork medians, 15% above the 2017 high of $19.5k. The setup is there. So the question is, will the market reward those who are willing to position them correctly, or will fomo get the best of us all?
The Plan:
- Currently 15% exposed
- Hoping patience pays off by waiting on a correction to comfortably re-position myself around the 15k level
- Will likely fomo back in if we close a weekly above the median resistance zone; & shame on me for trying to be a responsible trader :)
The chart below shows just how effective these pitchfork fractals have been over the years.
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↣ depthhouse.com/
↣ depthhouse.com/
