I'm writing this while we are about half-way through wave (b) and wave (B) of a large corrective down-move. I expect wave (c) to be a strong one so $6600 is a reasonable target. Then, sorry to say, what is on the cards is a 20%+ move down for a 1:1 extension of wave (A) at least. If the recent bull-move from $5755 to $7410 was actually an wave B in a larger ABC move then $4800 is a possibility. We could also fall short, but a major decline in the short-term is the only reasonable scenario unfortunately.
I have been hearing about $5000 and $4800 BTC for a few weeks and months. Looks like that's going to happen pretty soon - and they actually were right.
Look all is not lost:
1. The market needed to shake out the speculators and this required a capitulation phase,
2. $5300 is right on what would be the lower trend line of a descending wedge if you link up the swing highs and lows since Feb 6th. This could imply we can expect the bounce back to have some strength if this is an ending fifth wave diagonal - the breakout would be expected to be upwards. Anyway, that is some way in the future... maybe.
This is solely published for my own education - as there is certainly no incentive to keep doing this otherwise.
I have been hearing about $5000 and $4800 BTC for a few weeks and months. Looks like that's going to happen pretty soon - and they actually were right.
Look all is not lost:
1. The market needed to shake out the speculators and this required a capitulation phase,
2. $5300 is right on what would be the lower trend line of a descending wedge if you link up the swing highs and lows since Feb 6th. This could imply we can expect the bounce back to have some strength if this is an ending fifth wave diagonal - the breakout would be expected to be upwards. Anyway, that is some way in the future... maybe.
This is solely published for my own education - as there is certainly no incentive to keep doing this otherwise.
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.