Another week and not much has changed with Bitcoin. It continues to linger between 60 & 75 thousand showing signs of a final leg C in the 4th wave of the current bull market.
Now the market is not overly euphoric here, we are not seeing signs of FOMO as we peer out the window of what is going on around us. Unlike the peaks where everyone is a genius and talking about “alt coins”, or those friends that never bought or seldom invest talking about the crap coins they are buying. No we are not in that market, so I am still looking for a leg higher.
The consolidation started 4 months ago, and we need to be patient and pick the areas we want to add, or wait for a setup to become very clear. So though many “Gurus” are posting trades all the time, this is simply amateurs trying to out trade the market.
You will make more money being patient, waiting for quality setups, and not trying to force trades.
So quite simply there is nothing to do here but wait for a setup. No that 30 min chart is not a swing trade setup, start with the weekly and then confirm with the daily.
Now will Bitcoin pullback to 50-55k? I don’t know, and now Wave count, Fibonacci extension, is going to give you the answer. These are simply tools to help provide perspective as to potential areas to look for trades or adding positions.
For now we just need to be patient, maybe we get a setup right here, maybe we pullback to 55k, regardless of just guess, we want to see some evidence that the probabilities are on our side for a successful trade and that simply takes Patience!!
Good luck and don’t forget to check out my QQQ trade idea and also I am going to post an options trade for those that like to buy and sell options.