Market Analysis for Aug 15th, 2019

For Bitcoin this is a bullmarket. I am extremely nimble in my trading and confident in how I manage my own positioning. I am not very long right now. And, have made selective shorts. But most don't do well spending their time getting in and out in a bull market. And if you are waiting for the very bottom, the market may morph against my count. Corrective waves are tricky and evolve. Scaling in and out, while holding a core, is generally going to be the best for all. And, as I have said, this is a bull market above $4300 so you simply need to count the heat you'll take there, and decide how much to hold. 

This principle should be your 'guiding light' if you are not a trader. 

Note, I am not ready to say alts are in a bull market. Obviously, as a whole, that is not true. We have a few selective charts performing. If you are holding a strong downtrend that is breaking the December low, you may be doing unnecessary harm to your PnL. But you'll need to decide what to do there. 

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