I am being cautious here and waiting for a clear signal to go long.
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looks to be breaking out now.
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going long target 7400
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cancelled trade and back out...
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will wait for a clear entry signal
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just back in now trade active
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now it looks to be flagging and I'm feeling more comfortable with the trade... try and figure a target now
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get ready to be out though. it could be a false flag event... lol
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it's too variable right now... i'm out again
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notes if you click on my chart
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so is the 20 MA going to have a nice bounce higher off the 50 or will it pass through to the downside?
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just another reason why I'm cooling off on the bitcoin family...
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good divergence on the stochastic RSI here. It seems like ETH is correcting down from BTC moves up yes,... but the proportional correction down has been smaller than the rise on BTC if you get my meaning.
I think wave C is coming soon ... Not a good time to go long now
tenzor7
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Just saw ur analysis. what do you think happens next?
graham.edwards84
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@tenzor7, BTC looks to be breaking down here while ETH is rallying and BCH is attempting a reversal on a rounded bottom so I think BTC will need to pull back here and my target area would be about 7000 which is the 50 MA on the 8 hour chart. Then it could reverse again. A lot of people think BTC is finished and will majorly correct but it doesn't usually go that way. Normally there is alot of see sawing back and forth and I'm not convinced we won't see a BTC blow off top to 9K or beyond... usually on the third wave there is some kind of blow off move... but I could be wrong... its just something to consider as a possibility.
graham.edwards84
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@tenzor7, now BTC has made a strong move up on the 3 min chart. See what I mean... back and forth could continue for awhile
graham.edwards84
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@tenzor7, I think the best strategy and works for me is to allocate your capital between a few coins that you can manage and just play the larger swings that you see on each coin. If you try to move everything back and forth from one coin to the next hoping for one big rally you will not only drive yourself crazy but you will make mistakes and eventually be left holding the bag somewhere... lol
tenzor7
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@graham.edwards84, Thank you for your insight. I am long on ETH/BTC because I expected the C leg down from BTC but it didnt happen. At the same time I expected ETH to break 345 resistance. Guess what, the inverse happened, hehe. Now I know ETH is primed to blow out but the time frame might be too long to wait as I dont want to keep the margin position opened for too long. Currently I'm at a slight loss and I should probably close it, but I cant get myself to do it. Maybe if btc break 7500 I ll close it.
graham.edwards84
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@tenzor7, Yes and I agree that the C leg down is the most likely scenario but if we see a couple of unassuming waves sideways... then it could be a different ending to the story...
tenzor7
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@graham.edwards84, I closed the position and shorted it. The momentum is on btc side and by the looks of things we will see a new ATH soon.
imkeshav
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Thanks! Do you also own some BCH?
graham.edwards84
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@imkeshav, I'm moving in and out with some small amounts here. Maybe try a play here for a small rally.