Market Analysis for Jul 15th, 2019

Remember that I am not going to call 'hard trades' until the risk/reward parameters are tight. For that I need an impulse to base a trade off of. But I am in a constant scale in and out approach to these corrections. This is still a reasonable place to scale in if you are a HODLer. The R:R on short is greatly diminished. I have greatly dehedged over the last 24. That said if we move correctively higher, I'll 'rehedge', all in a slow add/reduce approach. There are many ways to get this done, and generally all in and all out is a difficult way to trade. You have to manage your own risk. No hand holding here, but I do suggest taking lots of a small trades as a general approach in the crypto space where your costs are not any higher than if you did it all at once. 

I have marked support on all charts. (eg. $4300 support in BTC). Learn the discipline of counting your risk to support and deciding your position size consciously. 

Ryan Wilday hosts the Cryptocurrency Trading service on ElliottWaveTrader.net.