NOTE: Many notes between charts below — good day to study!
Just how bearish are you feeling about the crypto market after yesterday’s blood bath? Probabilities say you probably should feel bearish BUT they don’t just give money away in crypto trading, so…..
We think it’s worth reading about Wave 2 and Wave 3 above and then study our charts and think about what SAFE trading really means for long term success…Also maybe a good day to reread our educational WAVES post?
CURRENT MARKET CONDITIONS
Continuing our list of key trading crypto concepts from yesterday:
When a market crashes highest probability is “there is no place to hide”
That’s exactly what happened yesterday — plus nearly every other pattern and indicator you study has to lead you to the conclusion that the move down yesterday was a REAL move and not a headfake.
HOWEVER — here are a few questions we are asking that COULD change that analysis:
1) Why didn’t they take out the lows and create pattern AND wave failure below the $6000 range for BTC?
2) Why didn’t they even take out the recent lows at $6425 making new 2018 lows high prob??
3) Why is the bullish pattern still valid for EOSUSD on the Kraken chart when BTC and the large altcoins all showed pattern failure yesterday?
The bearish case answer to these interesting questions is easy:
We’re saving more crash destruction for today so everyone can watch their account balances plummet.
That’s a damn good answer, and it’s the highest prob outcome given the current set up, meaning questions 1-3 above will all be resolved with more downside.
BUT — as we’ve said before — this is where the money is made (and lost) — and while we might be headed much lower we are again set up with a SAFE trade opportunity with very high upside that you need to study and determine if it fits your SAFE trade strategy.
JUST KNOW — this SAFE trade becomes extremely DANGEROUS (as in blow out account dangerous) if you can’t or won’t honor your stops
4 CHARTS — LINES IN THE SAND FOR THE KING AND THE MOST WATCHED ALTCOIN
BTC – shows wave set up and clear stop levels — highest prob is <$6250 more agressive <$5750 — below that $5000 and lower becomes mod/high prob
ST/IT TRADE STRATEGY = Enter on dips — PICK STOP AND HONOR THE HELL OUT OF IT highest prob or aggressive stop
NOTE: We’re using Kraken EOSUSD due to recent unique volume patterns and otehr reasons. However, it’s also worth noting EOSBTC (binance) has same bull pattern still in tact AND has a set up for a bullish lower low reversal if we close above yesterday’s low today. This is currently only a moderate prob trade but well worth studying even if you don’t trade it.
Also: Watch ETH if EOS breaks down — so far ETH has just moved with BTC as usual, but ETH MIGHT be a winner if EOS is a loser — at least worth watching…..
This site is for informational and entertainment purposes only and not in any way intended to be investment or trading advice. You are 100% responsible for your financial decisions at all times. It is highly recommended you DO NOT make any investment or trading decisions depending upon what you read on this blog/newsletter! All information presented (c) 2018 JBP cons, inc. All rights reserved.