THE BITCOIN BEAR MARKET is Upon Us
The BITCOIN BEAR has reared it ugly head! The crypto streets are blood red! The Bitcoin Moon has now started moving the tides of Altcoins and recedes. Wave III of BITCOIN could be IN and WAVE IV onsets. For a few weeks now since $3,600; the @haejin blog had been pounding the table saying that NOW is NOT the time to be taking BUYING actions but rather SELL actions. So, HODL your dry powder you should have raised by profit selling to raise cash. Wave IV bottom shall be seen not too long from now and Wave V shall bring us to newer and higher all time highs. BUY again at Wave IV bottom!
I eagerly await main street media to publish an article declaring yet again that Bitcoin is dead for this would be the trumpet call to herald the time to ladder in buys because Wave IV would be ending soon.
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STOPThat was a painful bandaid to rip off this morning. But it's done. Up 100% in one buy, down in every single other one...bummer, oh well, I'm awaiting the next run!
Always forgive yourself for any mistakes. This step has been a critical component of my learning curve. It's the only way to clear the emotions and reset your perception forward.
Never hesitate to forgive yourself.
I appreciate the advice as always. :)
I feel ya! What was your win out of curiosity?
Bitcoin >70%
Altcoins >330%
WTC was the 100% gain. New coin, quick up and down, just saw it playing out, it did, and nailed the peak with a little luck. I wouldn't recommend it, but it was on a skyrocket for about 48 hours!
I personally wouldn't refer to it as a bear market until we get a close below all of these bullish trendlines, a healthy "confluence" of them at that.
bigger image
Hi Jaemsbrown (a great singer by the way!)
I agree with your support lines. For me, on a downtrend, I also use horizontal support lines. All dotted lines are my addition. I see three primary supports and for me these are more prominent than the slanted support lines. This because the slant support lines miss much of the horizontal support regions or only briefly touches them. I've also drawn my projections of a probable abc correction using these horizontal supports. The first possible stop for c is at around $3,175 as marked with (c?) and the second is $2,000 or so as marked with (c??). There could be a panic overshoot below the lowest dotted black support, but a brief one. I see this scenario as my probable and so primary count.
If there is a b wave bounce at the first dotted black support, this could result in a potential Head and Shoulders Top pattern as noted by LS (Left Shoulder) and Head (H) and Right Shoulder (RS) peaks. Note that your top most red line support would make a fine looking Neck Line to this H&S Top pattern.
possible. But time possible is not same as probable.
I don't have enough back-search data on this type of set-up to talk about probability here. All I know is that I wouldn't feel too comfortable shorting above this major confluence of uptrend lines, so I won't.
Nothing about that picture says bear-market to me. Looks more like a healthy (expected) correction in a bull market up to this point in time, although it did break a major support level on the 8-hour chart that I provided in the earlier comment, which is a bearish indication.
I had two chances over the last couple of days to sell into highs, and didn't listen to my gut.
Today I sold out of a few smaller positions, bought up a bit of USDT in case BTC drops even further, and am going to HODL the coins I truly believe in. I don't even watch TV anymore, just charts. This is fun.
A better buy level shall be had. Be patient, disciplined but always forgive yourself for leaving money on the table type of mistakes. Why? This is not a perfect score game. You just need to be better than 50%. That's doable! I'm about 88%.
Remember, Bulls make money, Bears make money but PIGs get slaughtered. We've all been piggish at times.
great tip, again haejin, thank you
Definitely! I'm only kicking myself partly, but also patting myself on the back for at least having the intuition to seriously consider hitting that SELL button over the weekend. Next time I'm pressing the button when the charts and my gut say so. I just got a little greedy, lol.
Yes, it is a crypto currency blood bath.... :(
https://steemit.com/news/@hramkumar/crypto-currency-blood-bath-bitcoin-litecoin-and-dash-retreat-after-china-ico-ban
What do you think the bottom of Bitcoin could be? I'm looking for a target of $4,000 or below, that would be a killer entry point!
For the first time in my life I sold bitcoin, I set up orders starting at 3900. Let see what happens.
$2,000 to $2,600
I'll be resetting my first order to 3000 and go from there, what do you think with ethereum?
Here is ETH update: https://steemit.com/bitcoin/@haejin/ether-eth-update-double-top
i know you don't mix news with your analysis, but just curious what do you think of the news from China... people saying exchanges will be shut down etc... thoughts?
Here is my blog response.
https://steemit.com/bitcoin/@haejin/china-bans-icos