If you are prepared to hold long term, you have to take into account there will be much deeper corrections along the way. This is inevitable. You have to have the discipline and the dedication to sit through your account losing up to half its value because this is something that very well could happen. I don't like this kind of long term holding strategy and I don't like the idea of putting a large amount of money with a broker. Therefore, I feel like playing short moves in Cryptocurrencies, like the ones often posted here on my TradingView, are more suited to me. Besides, you can make much more money this way if, and that's a strong if, you know what you're doing.
Let me talk a bit about this trade setup. As we all know, this is a consolidation within a larger trend, which in this case, is to the upside. Elliotticians call this certain pattern a "contracting triangle". I'm sure you can see why. The problem with these patterns is that they can often take up a long period of time and also give many false breakouts. That's why one should keep stops wide, but also look for confirming price action before actually hopping into the trade.
Please let me how you think this market will play out for the rest of January!
If Bitcoin smashed through that level, I can't help but be very bullish. Let's see how it plays out!