Butt-Head and the other guy.

This springs to mind when I watch traders trying to catch the bottom of a move. The issue for me, is that it's structurally moving its corrective move from the ATH. This was a 3 weekly Elliott move.

Take a chill and let the market do it's thing.

A healthy correction and a new move up will happen.

But Elliott (4) moves - especially weekly are here to catch early buyers, and cripple bears in the process. So nothing new or obvious to see in BTC currently. It's meant to be that way.

Charles Dow famously said - Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.

There are several tools to help buy the dip.

But sometimes sitting on your hands is the most profitable thing to do.


Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

Commentaire:

We can see endless Wyckoff patterns, Triangles or H&S moves. But time will give the clue.