RLCBTC trade ideas
Correctional Count Possibly Completed...Have hit all rules of an ABC down and have great Risk Reward here to take this trade...if we break down below our zone marked it will likely indicate a larger correction but right now we're catching the potential bottom of this correctional count down and anticipating the new cycle up until proven otherwise.
5 wave fractal complete/completingSo we have counted 5 waves up and are potentially still in our wave 5 with some more upside, however you can clearly see the volume drop off on this last impulse which is very typically of a wave 5 and good confirmation, so what next? well we should be expecting an ABC correction down at some point I have marked our critical support which can act as a stop if breached.
Crypto Fractal/Rotational PlayIf one understand how the market works, they will be making a lot of money.
Unfortunately, most people gambled too much money. They took 100x leverage thinking that they can beat market and the whales.
Do some research and see how many altcoins that were up 5-10x for the past few months.
Its the same cycle. Nothing goes down forever, nothing goes up forever.
Crypto market and also penny stocks are the only market where the asset can easily gain 10-100x in a normal pump and dump by whales.
Blue chip stocks will not be able to give that kind of gain.
Knowing that, even a small amount of risk can yield high reward.
If something can go up 10x, the risk reward to ratio is 10 to 1.
But most people don't understand math and risk management.
Crypto market is fractal and rotational.
Once whales are done pumping and distributing one coin, they will go to the next, the next and the next, will rotating and rinse and repeat.
Buy low, sell high.
Buy at turning point and sell when big gains are already being made.
Follow the whales, not the herds.
IEXECBTC (requested analysis)I would personally not jump in at this point however if you have been in I would hold. I dont see anything obvious here other than breaking out however its too oversold for me to justify a buy in. This isnt very helpful but I can not in good confidence give a positive or negative call with this chart pattern. However there are other patterns that looks like that are going to mimic this chart.. OMGBTC being one of them.
God Speed,
Mr. Manbearpig