Bitcoin (BTC) Analysis on BitcoinLive

SUMMARY

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Bitcoin (BTC) has likely started the white wave 5 decline. Its subwaves are shown in purple and probably purple 1 and 2 are complete. The target should be around $6,300 or so.

On a wider scoped view, the decline marked lays out the terminal end of the red C wave of the ABC sequence. The potential of patterning out a downward wedge can be attractive to buyers; but also be used to cast an effective buy ladder.

I still maintain the below as my primary count and will share alternates should the lower trend line be at serious risk of being decisively breached.

How to Keep the Fear & Panic at Bay

I'll briefly share some techniques that have been very helpful to me. First, I stop myself from going on a guru buffet line. This has always been the worst thing to do because it amplifies the fear rather than dampens it. Psychologically, one is trying to latch onto anothers' analysis and therefore have a temporary transfer effect of fear, at best. Going on a guru buffet line always results in GIGO (Garbage In, Garbage Out). I've known many who've also tried to trade on guru consensus models and have failed miserably. The best is to do your own analysis and rely on it soley. This is why I actively avoid reading other analysts opinions because they will impact my analysis. Being silo'd for me has been very effective in helping me to rely on my own due diligence. For the sake of learning, having a coach is also very effective and that is not the same as pigging out at the guru buffet.

Second, I always maintain 10% to 15% of portfolio as cash. At times, my cash goes as high as 40% or 75% when taking profits. I always find that having cash at hand is immensely empowering during corrections. To be able to wade through the waist high level of blood on the streets and go shopping imbues priceless levels of psychological armor. This also means I'm never 100% invested. IF one has zero cash, then farming for cash during the bounces can be an option.

Third, the laddering method has been quite effective at keeping the buyer's or seller's remorse away. In short, this technique is a way of setting up buy "rungs" on a ladder using local support and resistance zones; thereby never buying or selling in a single transaction. More details on this method can be gained from 1:1 coaching sessions.

Fourth, but not least, is awareness. You've probably seen me write on the steemit blogs that awareness keeps the panic away. Because technical analysis is based on probability and not certainty, my analysis tries to profile as many possibilities and identify the probable outcomes and from those select the primary and alternates. This process gives you a wide scoped view of as many "what if" scenarios and often, no scenario outcome "surprises" but rather triggers "familiarity" rather than panic. The familiarity also allows quick and swift change in analysis for the rankings of primary and alternates. A state of panic does not allow such clarity, calm and discipline.

I hope these are helpful and I look forward to your comments.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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