BTC USDT+ I've planned every possible scenario of how this pair will play out. I am prepared for a HH then the ATH and a retracement to 10850ish. Whatever happens first I will either sell and wait then reload or just hold.
I am thinking that BTC will make another high before making a deeper retracement - this will shake out the people that have the fear of missing out syndrome - where you see it go higher and you chase it and before you know it your down 50-60%. I spent 7 years training myself to wait for a level that was low risk - most of the successful traders do this. They are extremely patient as they have learnt not to react but respond or suffer the pain of loosing not only your money but your confidence.
So I am waiting - not selling as my bias is BULLISH on the weekly and daily time frames - nothing says Bearish at the moment - no lower lows than the previous high - price action is key.
If BTC hits 21600-700 and I see a price reversal on the 4hr I will take some off the table.
Then I will wait and see what happens at the next level of retracement - 13200ish.
However, the real money is watching two key elements for a long-term play.
The last wave before the high was approximately 55.56 %.
If we project this wave again using symmetry then we get a high of 21600-21700. Then there will be massive profit take and the Bears will take us down to a deeper level.
Analysis from here;
Retracement level of 50% weekly chart = 10800-10900 (if we have achieved 21600-21700)
Extension of the last projected corrective wave (127% = 10800-10900
Extension of the previous corrective wave 127% (if symmetry is achieved)- 10800-10900
I forsee larger swings like a trumpet shape playing out - this occurs on many charts ie.Commodities.
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