In my last post I recommended to wait. Now, I am recommending a buy.
Technically, this sell off is perfect and exactly what I had been hoping for. We touched $58.20 as of this writing. Exactly where I had my buy order set at. Actually, that low on the candle IS my buy order which was partially filled. Lol. There is the possibility that we still come down to $55, but I obviously didn't want to bet on it. My recommendation is to pick up anything between our levels of $55 (if we get that low) and $62 for a nice longer term swing trade. Target right now is $98.28. Could be higher as we go depending on timing and pattern. I'll update as we go.
Stops should be set. I will set mine at $53.40.
I do want to warn you, buying here is a higher risk trade because we have no confirmation that we'll go up again. Nice confirmation would be a breakout above the RED descending TRENDLINE and a open of a new candle there on the daily. We could actually continue downward. However, here's my case for buying now:
- RSI trendline intersection support (I see us bouncing here) - Tremendous support below: 57.75 (previous ATH), 50MA, bottom Bollinger coming into play, ORANGE TL, etc. - Our leader Bitcoin seems to be near the bottom of it's descent as well - All the gloom and doomers are talking about China, Jamie Dimon, and the end of crypto. This is great for buyers. We know this is not the end but in fact, it has just begun.
BOTTOM LINE: This is longer term SWING TRADE advice only. Buy here. Buy now. But for gosh sakes put in your stops as suggested so you don't get burned.
Happy Trading all.
交易结束：到达止损
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Stopped out at $53.40. Re-entered at a lower price. Still in an extremely bullish channel. Until we escape this Bull channel I will always simply look to reposition for the long run.
I think will hit the bottom one more time. We are possibly in a double three combination. I'm setting at buy at 55. There is signs of the fib channel showing a final sharp zig zag down after this small rise.
stewdamus
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@jwburnum, You might be right. I have a hunch we'll hit that 57.75 support one more time. But I haven't been confident enough to put my money on the $55 support.
jwburnum
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@phil.steuerwald, This is what I see. Still learning out to wave count double and triple three corrections. but the last 5 count and the up are showing a possible zig zag down. The fib is lining at least for now.
stewdamus
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@jwburnum, Ok. That's interesting. I don't understand Elliot Wave yet. But I see many people trying to understand it. If I draw a descending triangle, I have two touches on the top and two on the bottom so far. Pressing down to $55 looks possible but I still don't think I'd have the intestinal fortitude to hold for a buy that long. My FOMO is too strong.
Yep, got a nice big bag at 58.30 now let's see if this sucker is done correcting!
stewdamus
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@gregorm, Nice grab. I think we'll hit close to our $57.75 support one more time before moving up. HODL.
cgavel
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I believe this is a good call Phil. Even if a small continue pullback, up is gonna show up soon. :) good trading
stewdamus
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@cgavel, Thanks man. Appreciate the encouragement. Even with a few bad calls recently, I've still come out on top and gained in my deposits. So, I guess I can't be too hard on myself realizing that. I must admit, it is hard being patient and waiting for the right moment though.