Hey Everyone,
Just a quick Bitcoin Ta update here. So from my previous post last night we saw what appears to be bottoming action which is continuing today.
The bottom was traced out in Elliot wave fashion... however I did not find a negative news article to confirm this count but price action is confirming the waves by the looks of it.
Below you will see an update of my TA. Price has successfully breached and retested the descending resistance line and has also pierced the short-term descending resistance line at the time of writing.
The evidence of a bottom is starting to form as the wave counts add up, descending resistance lines are broken with a shroud of news suggesting 20k. I usually like to wait for some bad news to call a bottom but it appears price action has made up its mind. The next hurdle in my eyes is 34k.
That is the next white line that price has yet to reach as of yet... But we know that could happen in a matter of minutes... because it's crypto.
Actions to take: BTC buy up to 40 USD
Start making portion purchases of your intended investment... 25 - 50% of your total investment at a time. The reason I suggest this is because if the price goes against my analysis for whatever reason, you will be able to get an even better price and average your position down.
However, we also do not want price to run away on us either, Hence why I suggest the above position sizing of total investment capital.
If the price does begin to feel like it is running away, I suggest being ready if and when the price reaches 33,600k. This is where the descending white line is and once breached and held it should set the stage for a challenge for 42k.
Please remember this is crypto after all and strange, unexpected things do happen in the short or very short term. Impossible to predict... But using waves, social mood(news), and trendlines is a very accurate way to call turning points in a market.
To Decentralized Freedom!!!! Follow to never miss a TA market Update and other wealth-building opportunities and lessons...
