My Thoughts On Bitcoin | Retracement Targets
$10,000 was always a big psychological barrier to break and possibly rally to newer highs but it just seems like we won't get it anytime soon, not until we retrace properly right now!
As things stand we do have 5 complete waves so let's do an new count and see where we can retrace to?!
I know some people who are saying it won't go down to $7,800 range, but this is a possible target specially when you look at MACD and RSI of daily chart.
Remember this is still a healthy retracement and should be played properly.
If you're a long term holder then you don't need to worry much.
If you're like me who days trades or swing trades then you should very careful as soon as we see the MACD crossover we'll start seeing heavy sell off. Be prepared for tomorrow as we'll see Bitcoin test it's supports.
I'm putting my buy orders where I have my retracement targets and laddering my buys.
Lets see how it goes from there.
...and just so you all know this is just the first wave of the new cycle, after retracement we might be able to see a powerful third wave. This is where most people will make their money.
It's very important to catch the end of 2 wave so keep an eye out for that.
You don't wanna miss the third wave. ^_^
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