The final bit of this 5 wave is going to be hard trading. Most of the alts I look at have already hit their 5 wave fib extensions and are chopping back and beginning their ABC corrections down.
BTC has not hit its 5th wave fib target or tagged the expected $10k psychological level. It's kind of stalling out here printing a long series of upward wicks.
Basically it looks like the short term trend on BTC is still up because there are a lot of late-wave retail traders trying to get a fill under $10k but once they stop buying it will be dump city.
This is going to be a very hard area to find favorable RRR because it's going to chop a lot and the max profit targets in either direction are very close by.
The only trades I'll be looking at intraday will be double bottoms with very tight risk. I'm mainly looking at this as an area where I should probably just let my long term trades work and not try to squeeze blood from a stone on the short term trades.
BTC has not hit its 5th wave fib target or tagged the expected $10k psychological level. It's kind of stalling out here printing a long series of upward wicks.
Basically it looks like the short term trend on BTC is still up because there are a lot of late-wave retail traders trying to get a fill under $10k but once they stop buying it will be dump city.
This is going to be a very hard area to find favorable RRR because it's going to chop a lot and the max profit targets in either direction are very close by.
The only trades I'll be looking at intraday will be double bottoms with very tight risk. I'm mainly looking at this as an area where I should probably just let my long term trades work and not try to squeeze blood from a stone on the short term trades.