Something to keep in mind when considering going long
Earlier this year I had charted out a WXYXZ formation from $14,000 and finishing at $5,000. I want to go long just as badly as anyone else, but with what I see potentially playing out right now looking to be in sync pretty nicely with what I was feeling a few months ago, makes me lose confidence if long is really the right play here. In the intermediate term, we may see a small bounce back into the 7000s, but it's entirely possible, if not likely for us to finish this cycle in the $5,000s in congruence with my earlier WXYXZ. That being said, I may sit this play out and wait for bullish confirmation before making any long play, planning on shorting after a 3 wave correction to the upside. Again, long could be the play here and believe me I was looking forward to longing this bottom, but protecting myself and my capital is my priority and if long is looking like a gamble then I'd be more comfortable with the profits I've made so far this year and risk missing out on potential profits to the upside. Not to be too sentimental, but its saddening to participate in damaging something that you've believed in for so long, but personally I'd rather be on the winning side at the end. This isn't the death of Bitcoin, but it could be a low point and a bottom.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.