Strategy Notes June 13, 2018

With each passing drop, we're getting more and more counts suggesting they are going to break April lows. My assumption is most will, if not all. Bitcoin seems it cant stop unti lit gets there. Though we have pockets of strength, we are seeing many of them give. So, I risk being general because each chart still stands on its own. 

EOS, BTS, and even ETher are at fib levels that CAN spark a rally but relying on that is looking smart at this time. 

Hopefully everyone has dry powder. If you don't, you might want want to wait until BTC hits $4700. 

Further, if we see resistance I expect to hold break, my expectation at this time is an 'evil scenario' that is just a larger scale corrective rally and further downside. But if that was to happen. 

The good news is we are rolling down hill pretty fast, so we may be able to get this done pretty soon. 

I'm going to do my best to call short trades here and there as hedges for those running margin and that's how I'm playing my own portfolio. 

I expect the region in the $5500-4700 to be an amazing buying opportunity for the long term and that is a good place to focus. Back in January I said that is ideal resting spot. But we thwarted any slide, and even now this slide is quite messy. But we seem to be aiming there. 

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