BTC (Bitcoin) / USD - 24 May 2018
As I said yesterday the golden pocket (0.618 - 0.65) is a great place to buy and we have seen a nice support right above that level but the support was not enough and Bitcoin decide to do an extended C leg going down further and reaching the support of the 1th wave looked at the left side. If you have set you stop loss as my suggestion from yesterday you should lose only 130-150$ per Bitcoin and if you calculate here the win of 400 - 600$ from the last day you should be still 270 - 450$ ahead. Welcome to crypto you can't win every trade but you are good when you win most of them!
What's next ? C leg is uncountable, the small uptrend from last hours reached the previous channel support and golden pocket witch is now resistance.
I expect some bounces here and:
1 Break out (green lines)
Bitcoin must break out first the channel resistance then the resistance leves from last swing high to swing low.
2 Downtrend to continue (red lines)
0.786 is the next buy zone (Buy zone 2) where the top of the left two tops is. Set your stop lose tight as usual and ladder your buys to be sure you will be filled!
Best practices: Ladder you buys and set tight stop loss.
Related articles
BTC (Bitcoin) / USD - 09 May 2018 - correction in progress
BTC (Bitcoin) / USD - 15 May 2018 - reached my targets exactly, what next ...
BTC (Bitcoin) / USD - 16 May 2018 - decide to FAIL, another ABC correction in progress
BTC (Bitcoin) / USD - 17 May 2018 - B leg completed reaching my target exactly, what next ...
BTC (Bitcoin) / USD - 18 May 2018 - correction at the end, only one more wave down
BTC (Bitcoin) / USD - 23 May 2018 - correction at the end
Follow me on steemit to be updated!
Follow me on Twitter
Legal Disclaimer: This blog post and the materials in it are for informational purposes only. I'm not an financial advisor. This is only my opinion. It is not advice or recommendation to buy or sell according to provided information about the price movements and I am not liable for any pecuniary damages!