With bears losing momentum and bulls starting to take over, it seems like Wave-E is coming to a completion. This leaves us with two possible outcomes. Possibility #1 is that we go straight to ATH from here and start pushing towards 100k USD. Possibility #2 is that we form a wave-F and wave-G, and then at the end of this year we start heading towards 100k. Either way, with wave-E ending we should start pushing to higher prices. Breaking out of the channel will be the first confirmation that wave-E is finished.
If wave-E is retraced in less time than it was formed, there's a good chance that we head towards 100k this year. If we get a relatively weak retracement then it's more likely that we are forming a wave-F and wave-G. Based on the channeling, I am leaning more towards this going straight towards 100k from here, but ultimately we'll have to wait and see what happens.
Most of the crypto market is likely to follow this trend. Also whenever we do start heading towards 100k it's likely that we see BTC losing a lot of dominance as cryptocurrencies that are technologically superior and actually scalable start to gain more traction.
If wave-E is retraced in less time than it was formed, there's a good chance that we head towards 100k this year. If we get a relatively weak retracement then it's more likely that we are forming a wave-F and wave-G. Based on the channeling, I am leaning more towards this going straight towards 100k from here, but ultimately we'll have to wait and see what happens.
Most of the crypto market is likely to follow this trend. Also whenever we do start heading towards 100k it's likely that we see BTC losing a lot of dominance as cryptocurrencies that are technologically superior and actually scalable start to gain more traction.
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Looks like this could keep going, Using a tight S/L here.Note
BTC is likely to continue heading lower over the next 2-3 weeks and could drop another 20%+ from here. At that point it's likely that the correction is finally finished and we see a violent move upwards.
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The drop from 9k was stronger than expected (good thing we were positioned in the correct direction!) All updates will be moved to this new chart:
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I no longer post here. Find me on x.com/intuit_trading
Related publications
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.