As a trader, its important to keep a clear mind. Always have several scenarios playing out in your head. If you stick to having only one bullish or bearish view, you might let your losses run. By the time you adapt and change views, the market has already changed ahead of you. Learn to take a loss. Learn to cut a win to soon. Learn to feel uncomfortable. Emotional discipline is key. Manage your risk....
Just a few thoughts on bitcoins price action. We could be seeing a couple scenarios playing out. Earlier we posted about a fifth wave extension. Another possible count we could consider is that was just the end of a third wave. With the fourth wave retracement ending yesterday when we broke out of that bear flag trendline. If thats the case we could target 10k-10.4 range. A 1:1 extention would even target the massive resistence at 11.7K. Then have a major correction. For the extended fifth scenario, we can count 5 subwaves down in A with an abc correction in B at 9.3k. Are we starting wave c down? This potentially targeting the 618 around 7.8K. Or do we move higher? Always consider several views. Use a stop loss and manage your risk.
