It was PM'd that I should explain my position regarding the current state of the all-mighty Bitcoin. So, I've decided to open a slight position and trade BTC in order to analyze it's movement technically.
Typically, BTC is my purchase for other Alts. And although other Altcoins have stepped up to facilitate this, BTC still has the main adoption. Per my analysis, I just could not make a Bullish count for now--that's not saying that I am seeing a deeper retracement for Bitcoin. Technically speaking, I feel that the worst is truly behind us, and to add some comfort, Bullish sentiment has persisted in this correction. People did not bail in droves.
We are stuck inside of a Fib battle, but for now the bears are in control. The Vegas wave is miles above us, and our only comfort for those of us who are Long are the slight stutters on the Fib retracements. However, market geometry and wave analysis favors one more push down. And although I do not see us retracing much more, we must give this correction time--this is critical. If you the jump the gun--more likely you will get caught in a Bull trap. With that being said, their are many great swing trading opportunities still--for those whose pockets are deep enough.
As time passes and sentiment shifts, I will be monitoring BTC. This is due to the great upside potential which is present due to our current Elliot Wave Count. Trade wisely and smart. And always, always, buy at the lows.
This is not financial advice but words to myself ;-)
Typically, BTC is my purchase for other Alts. And although other Altcoins have stepped up to facilitate this, BTC still has the main adoption. Per my analysis, I just could not make a Bullish count for now--that's not saying that I am seeing a deeper retracement for Bitcoin. Technically speaking, I feel that the worst is truly behind us, and to add some comfort, Bullish sentiment has persisted in this correction. People did not bail in droves.
We are stuck inside of a Fib battle, but for now the bears are in control. The Vegas wave is miles above us, and our only comfort for those of us who are Long are the slight stutters on the Fib retracements. However, market geometry and wave analysis favors one more push down. And although I do not see us retracing much more, we must give this correction time--this is critical. If you the jump the gun--more likely you will get caught in a Bull trap. With that being said, their are many great swing trading opportunities still--for those whose pockets are deep enough.
As time passes and sentiment shifts, I will be monitoring BTC. This is due to the great upside potential which is present due to our current Elliot Wave Count. Trade wisely and smart. And always, always, buy at the lows.
This is not financial advice but words to myself ;-)
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Volume declining
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Refer to my 8hr GDAX chart
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