I am sounding like a bear lately... this move is ending, that one is ending blah blah.
Red box was my prediction for the end of the 5 waves up since the 15th. It was done near the end of the move and my orders filled near the top of it. Ok that's a win.
I didn't expect BTC to then only retrace between the 0.236 and 0.382 fib levels. I saw a bounce coming and bought ETH below $100 today for a quick 6-7% (so far). Because I have become accustomed to multiple zig-zag deep corrections in 2018 I didn't buy in as much as I should and only used 30% of the amount I used on the recent week-long bull move by BTC. Anyway, I'll take it. Actually after a year of more losses than wins in crypto I appreciate ANY gains... that aren't negative gains.
So what's my point? I'm taking profit because this may be an expanded flat but also based on my (highly speculative post recently) that the 15th to 19th of Dec gains were actually just wave 1 of a larger correction to retrace a much larger proportion of recent declines. So, wave 2 normally retraces deeply (0.5 to 0.786 levels are normal) and I don't buy it that we are ready to go again after such a small sell-off. Still, it might be the Christmas rush - so anything can happen.
Very interested to see where this goes. My money is on bull-trap (for the short-term) before a larger rally.
Protect those funds and thanks for viewing.
Red box was my prediction for the end of the 5 waves up since the 15th. It was done near the end of the move and my orders filled near the top of it. Ok that's a win.
I didn't expect BTC to then only retrace between the 0.236 and 0.382 fib levels. I saw a bounce coming and bought ETH below $100 today for a quick 6-7% (so far). Because I have become accustomed to multiple zig-zag deep corrections in 2018 I didn't buy in as much as I should and only used 30% of the amount I used on the recent week-long bull move by BTC. Anyway, I'll take it. Actually after a year of more losses than wins in crypto I appreciate ANY gains... that aren't negative gains.
So what's my point? I'm taking profit because this may be an expanded flat but also based on my (highly speculative post recently) that the 15th to 19th of Dec gains were actually just wave 1 of a larger correction to retrace a much larger proportion of recent declines. So, wave 2 normally retraces deeply (0.5 to 0.786 levels are normal) and I don't buy it that we are ready to go again after such a small sell-off. Still, it might be the Christmas rush - so anything can happen.
Very interested to see where this goes. My money is on bull-trap (for the short-term) before a larger rally.
Protect those funds and thanks for viewing.
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Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.