Two weeks ago, see here, when Bitcoin (BTC) was trading at $55K, I concluded, “the preferred view remains BTC is now in a new bull run to new all-time highs, with an ideal target of $90K+“. However, I was looking for to rally to top out at around $57-60K, followed by a drop to approximately $51K and then another rally to the long-term target of $90K+, which btw will still not be “THE TOP.”
Fast forward, BTC reached $66980 yesterday and is seeing a solid reversal today. Thus my (red) intermediate wave-i top target was a bit off as quite the margin exceeded it. The exceedance is, based on the “Elliott Wave Principle (EWP) waves, because the cryptocurrency experienced a subdividing, 3rd and 5th wave. See Figure 1 below.
Figure 1. Bitcoin daily charts with detailed EWP count and technical indicators.Pro slots online are full! Let me tell you if you are not a member with us. You will miss out on joker123 promotions that are heavily organized for our members every day. Every moment.Such extensions can always happen, must be anticipated, but cannot be known with certainty beforehand.
They fall under the good old “in bull markets upside surprises and downside disappoints” theme. How to trade that? Don't sell your entire position in anticipation of a pullback, but raise stops and maybe take some chips off the table, but not all. For example, my crypto trading alert bot service does just that. For instance, it went long on October 1 at $48165. It sold ¼ positions in three batches on the way up, and now its subscribers to it are still only holding ¼ of the original position, with a stop at $49502 and depending on the trading system signals, this easy trade netted so far an easy + 18%.