Patience Pays Off Always! We sometimes lose our virtue of patience as we are looking to make a quick buck. Ohh VTC' is running let me sell and add there, ohh Power' is running let me sell and add there. This in and out of the market will make you miss out on great run ups like the 30% run up we had today on BCH'. Yes crytpos run fast but we must have patience and allow for our investments to cycle through the spikes. This is critical! During times of solid consolidation, like we recently had (labeled in the lower green box) this is NOT the time to get bored and move to the next hot coin. It's time to add a little to our core position, or have cash ready to add on a breakout, and we certainly received one this morning.
We posted this chart over about a week ago with the consolidation channel. You know I love consolidation channels! Yesterday we got a breakout and after retesting the channel (throwback) we surged higher. A nice strong surge and we are now consolidating around the of wave 2. It does not get any more text book then this. Now will we get a pullback? Likely as this is normal as traders sell the fibb level and late comers think ohhh no I'm going to lose my ASSets! But I do not think we get much of one and I will add around the $1500 level for the v wave to level 3! This is as textbook as it gets period. Especially since if we get a pullback to $1500 (wave iv) the 2.618 extension is right in line with the 2.618 extension of wave 2. When the stars align your ship is on course. Remember I mentioned wave 3's are the ones you want to be all in on. We complete wave 3 of the mid cycle, it would be highly probable we are in wave III' of the longer term. I want to be all in!
The market is telling us that BCH' is the real deal!! And this is a coin I will continue adding to the long term portfolio as we get pullbacks, consolidation and reach new levels. If you added a trade on the breakout, nothing wrong with taking some off the table. Nobody ever lost money taking a profit.
Even if BTC' does not pullback as expected BCH' could eventually challenge it for price! When Vitalik comes out and says BCH' is a contender, people listen. Forget the noise however, the market is telling us the story and giving us our direction!
In closing I want to wish everyone a Blessed Thanks Giving, even if you are not in the United States, may you have a blessed day and weekend!
Love your TA btw, don't always agree (I'm a little more conservative on my targets) but great to see confluence with someone such as yourself (as I am a beginner).