Another day, another ticker updated. Some of y'all might recall, in one of my posts I mentioned being long COIN with the intention of selling around the $200 area. Due to the type of reaction off of the 1.236 fib, it made me think we were about to start our descent for wave (4). I then upped my stop limit to $163 to ensure I captured those profits. We dropped down to $160.07 to stop me out and then started to move higher again.
Since then, we have raised with strength, imo, to finish out wave (3). This puts my entire trading strategy out there for y'all to see. Sure, I could have made an extra couple hundred dollars had I stayed in. I also could have lost all those gains I had just made. See, I would rather fear losing money, than suffer from FOMO. Due to this thought process, I pocketed over 19% profit in one week, in one trade. I shouldn't need to mention the effect compound interest will have with this type of success in trades.
That being said, I expect this to raise to around the 1.382 @ $190.51. However, we're raising on negative divergence at this time on the hourly. This indicates the move is weakening and most likely coming to an end. Structure has met/almost met all requirements, MACD is dropping on the lower time frames, and we're reaching the "normal" endpoint for an extended move. After we top, I would expect us to drop to around $130-$160 before taking off for wave (5) of ((3)).
Notice MACD made a new high? Remember what that means? If not, you might have an opportunity to learn early next year from me.
P.S.: Blackstone is working on getting a bitcoin ETF approved. Should this happen, I would expect COIN to go on a tear. Makes one wonder if it will get approved towards the end of this wave (4) coming up. That would definitely give us the strength needed to reach the first target box you see on the screen. Corrective waves can chop for a long time though so I am unsure how long it will take to get there. I would assume we will hit the box sometime in 24'.
Bonam Fortunam,
--Tyler
Since then, we have raised with strength, imo, to finish out wave (3). This puts my entire trading strategy out there for y'all to see. Sure, I could have made an extra couple hundred dollars had I stayed in. I also could have lost all those gains I had just made. See, I would rather fear losing money, than suffer from FOMO. Due to this thought process, I pocketed over 19% profit in one week, in one trade. I shouldn't need to mention the effect compound interest will have with this type of success in trades.
That being said, I expect this to raise to around the 1.382 @ $190.51. However, we're raising on negative divergence at this time on the hourly. This indicates the move is weakening and most likely coming to an end. Structure has met/almost met all requirements, MACD is dropping on the lower time frames, and we're reaching the "normal" endpoint for an extended move. After we top, I would expect us to drop to around $130-$160 before taking off for wave (5) of ((3)).
Notice MACD made a new high? Remember what that means? If not, you might have an opportunity to learn early next year from me.
P.S.: Blackstone is working on getting a bitcoin ETF approved. Should this happen, I would expect COIN to go on a tear. Makes one wonder if it will get approved towards the end of this wave (4) coming up. That would definitely give us the strength needed to reach the first target box you see on the screen. Corrective waves can chop for a long time though so I am unsure how long it will take to get there. I would assume we will hit the box sometime in 24'.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
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.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
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.