Now is the time to TRADE extremely CAREFULLY
Updated
Hey guys, I think this is the most interesting time for BTCUSD. Everyone wants to know where it goes, up to 6k area or it drops lower than the low at 2972. It's just a matter of choice, isn't it? LONG or SHORT at this area. That's it!
But at this current area, 4451, I think you should extremely be careful with what you're gonna do for the next day. Whether you want to LONG or SHORT, you MUST have a 2nd scenario if the market didn't go exactly as you expected. Think further with your next step, if your trading plan didn't workout well, how do you protect you investment, and where is the next entry/exit level to follow the continuous trend? I think this is the area, y'all should have a STOP LOSS for each ENTRY you have.
I chose to say that this is the most interesting time for BTCUSD because if you are familiar with Fibo Retracement, you can see the current 4451 area is 1.272 compared to the last wave (from 2972 to 4121). That makes you think this is a correction wave 3-3-5 according to Elliott Wave theory. For myself, I think it can be true, too, based on my drawing chart. I think this is the end for the correction wave. But again what if? What if it sounds too good to be true? Time for plan B, don't you think?
I change my usual chart from Daily to H4, so you guys can see it clearly. Doing some improvise for BLUE lines, just for fun (because it's already happened), and if you want to see the GREEN lines, check out my previous charts.
Once again, trust YOUR own analysis & trading plan!
But at this current area, 4451, I think you should extremely be careful with what you're gonna do for the next day. Whether you want to LONG or SHORT, you MUST have a 2nd scenario if the market didn't go exactly as you expected. Think further with your next step, if your trading plan didn't workout well, how do you protect you investment, and where is the next entry/exit level to follow the continuous trend? I think this is the area, y'all should have a STOP LOSS for each ENTRY you have.
I chose to say that this is the most interesting time for BTCUSD because if you are familiar with Fibo Retracement, you can see the current 4451 area is 1.272 compared to the last wave (from 2972 to 4121). That makes you think this is a correction wave 3-3-5 according to Elliott Wave theory. For myself, I think it can be true, too, based on my drawing chart. I think this is the end for the correction wave. But again what if? What if it sounds too good to be true? Time for plan B, don't you think?
I change my usual chart from Daily to H4, so you guys can see it clearly. Doing some improvise for BLUE lines, just for fun (because it's already happened), and if you want to see the GREEN lines, check out my previous charts.
Once again, trust YOUR own analysis & trading plan!
Note
Sorry guys, I forgot to say that at the moment, it's still not clear if BTC goes down to below 2k9. But there is a very high possibility the price may drop to around 3400 ~ 3600
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