With that said, this correction has given many day and swing traders opportunities with double digit percentage gains, both Long and Short. And as drastic of a sell-off as we saw in the previous months, the market has clearly favored a much longer term . Sure their still may be money to be made by shorting many coins right now, but for the size of my portfolio and the sentiment battling the movement we see, I am not one of that party.
Looking at my Ethereum GDAX chart, you can see that from the market geometry we still need more time to transition the tone of the market. For those who are Long, we must look at the brighter side of everything. Assuming you have been trading safely and wisely, the losses occurred during these months should at the very least been quite minimal. This has happened year after year, and we should know by now of how to identify when such losses warrant a reasonable out, i.e, stop loss people.
I have decluttered the chart and instead have referenced my FIB lines with horizontal white lines. The battle rages from top and bottom, it is important that we look at areas of resistance in both directions. 889 was the number I wanted to see break--and when I say break, I mean impulsively shatter it. It is the only way we could reach the next zone of resistance. As long as that Vegas Wave rides above me, I will be cautious opening a new Long position.
No volume. If it comes it would be a spike