Excellent decision the one I took yesterday placing my STOP LOSS at 5100 USD.
I thought that due to the consistent increase on volume, BITCOIN may go higher and eventually rise till the 2.618 FIBO level which is very common in Crypto as a form of extended third wave but whales got satisfied just by reaching a little bit higher than the 1.618 FIBO which I placed around 5180 USD.
So, I managed to get a good bunch of dollars with this strategy so I am satisfied for the moment.
Now, that top has become our new resistance level but still our Elliot Wave count is valid and “workable”.
This EW Count is valid as far as the
corrective wave 4 doesn’t reach the level of the 1st wave represented by
the brown horizontal line at the chart.
However, as a first entry point, on which I am going to put my “bunch of dollars” to work again, is right now in a higher level.
Since BITCOIN has crossed the 200 DMA I assume that now this line has become a good support for BITCOIN to rebound in search of the 5th wave up.
The 4600 USD level may be a good entry point then, nevertheless we have to be cautious here since REVERSAL is NOT CONFIRMED YET and, as I said a couple of days ago, and ACCUMULATION phase use to run a different pattern.
And what about you? Do you have a strategy or you just want to see the market in green without “sailing its waves”? 😉
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.