Now I do not look for a WXY correction on the daily as we have already retraced very close to the top of wave 1 or start of wave 2. This is a no no in but cryptos often come close or actually thinly dip into wave 2 before going higher. We saw this with bitcoin! So i believe we have fully corrected and go higher from here. Target level is $2400ish and unless we break the $1400 I will not exit. Now some will say wow goldbug normally you would have been long gone by now. Yes NORMALLY! But keep in mind every trade is different and every situation is different.
Remember we entered at $310 area and then at $465 so we are "gambling" with house money! This is a huge difference then someone that has come in at a higher level. So keep in mind when I'm posting my trades that my situation may be different then yours. This is why YOU must do your own research and take your specific situation into account before trading. In addition I am also holding most of this for the long term so the intent of this trade is to add the profits to my core position. Totally different then if your swing or day trading.
If you go back to my early posts I mentioned over and over IF you do not have a plan and a strategy to trade a specific equity then your straight out gambling. The first thing you should consider when making a trade is how much can I afford to lose and where is my stop loss. If you enter a trade blindly with only a target price your gambling not trading, you will be caught like a deer in the headlights when a trade doesn't go the way you think and then panic normally getting out at the wrong time, or holding to long hoping it comes back. Now this does not mean we don't adjust as the market moves, but we must keep to our strategy and only adjust when the charts are telling us we are still on track as what happened last night. Believe me I hate getting the alert that a trade has gone sour, but once I looked at the big picture I realized I probably entered to early and this is not the time to exit!
Anyways I'm still on this coin and feel that money will start finding it's way from bitcoin' into bitcoin' cash!
Good luck and God bless!
1) Bitcoin and the whole market corrected so BCH is following the market
2) Bitcoin cash will be available on coinbase in January this will make it more accessible to the avg investor that wants security
3) There are a limited number of coins with both Bitcoin Bitcoin Cash and DASH as well as XMR and ZEC. So in the long run as long as the market continues higher they will too.
4) Markets correct and you do NOT panic! Long term buy and holds out perform in the long run. Remember when BCH corrected from $900 to $300.
5) Patience Patience Patience (if your long term)
I’ve seen you mention before the most important indicators you look for and authors/books you recommend but I didn’t take notes. I’d like to get more serious and really learn. Would you mind telling me again?
But I'm over weight BCH at this point so I really can't add. I would look to shave off some at $2300-$2400 to readjust the portfolio!