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It is good to have a medium-term plan, it gives you at least more security when making decisions, although the mere fact of having it does not guarantee anything.
My short-term trading strategy is based on low timeframes and analysis of support and resistance in confluence with some other indicator, basically EMA and RSI, but I always rely on the theory of Elliot waves and FIBONACCI's Levels to finish outlining entries.
The old Ralph Nelson Elliott developed a theory that described and anticipated price movements in traditional financial markets more than 80 years ago... ever since, its applicability has been on the tool table of most traders in the world and even today it can be applied quite successfully.
I suppose that old Ralph never imagined the repercussion that his theories would have in the future, he died in 1948 and little was he going to expect from what the future was going to offer at the market level.
The markets today, and especially the crypto market, move at a speed that is difficult to control, periods of high volatility and explosiveness are more frequently interspersed with periods of stagnation and inactivity. Elliot Theory scenarios change substantially and once an elliot account worked, the next day or hour is completely invalidated.
Therefore, in my opinion, it is good to have a "Macro" plan and follow its evolution, acting accordingly but not always going all out with it.
In fact, I find it much more useful to count waves in short timeframes, from 1 hour to 5 minutes than to do it in the long term because, in the long term, the whales and other big market manipulators also know how to count, don't you think?
Anyway, below you will find my bullish scenario today...invalidated if we go below $28800.
you know what? I would like to see Mr. Elliot dealing today with BITCOIN and trying to fit the different geoeconomic events in which we are immersed today.
As always...this is not financial advice and blah blah blah... :-)
@toofasteddie
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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