Everybody’s in a dilemma. Papa Bear is doing what it does and playing games with our beautiful minds. Is it going up? Or is it going down? It is a conundrum indeed.
Let me share a little secret with you.
Cycles tend to travel beautifully within channels. They sometimes miss the end of the channels and they sometimes overshoot them ever so slightly. But the essence of its movement is one of fluidity.
It is at a precarious point where Big Brother currently sits – hovering around the .618 retracement level of the cycle just passed, right on the 200 and 314 long-term moving averages and also at the 0.5 level of the channel drawn on the chart.
But don’t be deceived…it is still in correction.
How do I know? Well, I only use about 20 different indicators on multiple chart types and spend countless hours on technical analysis. But there is a simpler way if you are patient enough to wait. My secret lies in my concluding statements.
For now, I share with you how we went in the month of November at Purple Crypto Premium.
Total trades: 3
Profiting trades: 3
Losing trades: Nil
TOTAL RETURNS: 159% (32.9% more than our returns in October!)
First up, we have Monero. It was a looooong wait for XMR to deliver, but it did not disappoint. While not reaching set targets, it did eventually deliver a 9% profit.
Bitcoin Cash was a trade we entered at the end of October. It had been a goer in the past and it once again delivered a happier profit taking of 35.3% in only a couple of weeks.
So where did the remaining 114.7% in profits come from? No prizes for winning here – MATIC of course! 🙂 Matic is a ripper of crypto to trade. While my wave counting habit isn’t the norm (who said genius was normal?), it has always traveled predictably and made us very decent profits in short periods of time. Not bad for one month’s work.
We will be focused on more medium term trades for the next few months with one we are in poised to bring us at least 100% in profits at a minimum.
Now onto what everyone is really here for….Bitcoin.
Corrective phases tend to retrace to about the 0.786 level before changing courses (sometimes to over a 1.0 retracement level). On this chart, a 0.786 retracement is around the 5500 level.
We also can’t go past the Point of Control marked by the maroon line on this chart – a level not to be taken lightly. This is sitting at ~4000. The red rectangle on this chart is where I believe a good position for a long-term entry may be subject to Papa Bear’s movements and how it progresses in this corrective cycle before it hits that area. This area also sits nearer to the base of the channel which is where an ideal turning point is.
Here’s my secret…
Believe it or not, when I first started trading, I only used MacDs. Crazy I know, but I did surprisingly reasonably well doing short-term trading with just the one basic indicator.
MacDs never lie. It is at present sitting well below zero. If you are clever (and patient), you will wait for a positive, steady climb in MacD before heading in for a long-term entry.
(Note: It is not impossible for Papa Bear to retrace to the 1.236 level where another major volume level sits at the end of the channel.)
Until next time…Zoi Gin.
There’s only one person you need to follow when it comes to crypto.
I promise to come up with a different name for Papa Bear when it starts being nice to us. 🙂
Join Purple Crypto Premium to view my crypto plays.