BTC $7000+ and $7485+ still in play
Counting the waves over the past week has been rather difficult. I have picked some price declines and picked that BTC support had been reached after the price action after the 14th showed strength. Actually, all I said is that as long as $5855 isn't breached then a bullish scenario was still in play. That still applies, and we are a lot further from $5855 now. I haven't been playing short-term moves and bought in at sub 6300ish.
BTC by my count wave (3) hasn't completed. If the bullish case is to remain on the table, wave (3) must exceed the length of wave (1). So look, for the price to pop out of the top of this little area of consolidation to push above $7001 to complete wave (3). The next requirement for the bullish case to remain on the table is for wave (4) not to retrace into (or too far into) the wave (1) peak. If that happens, we could be looking at $7486+ in just a few days.
While that will be some welcome bullishness, that will take us up the the descending trend-line formed from joining the 5th of March and 24th/25th of July swing highs. There is nothing from the present price action that strongly suggests a trend-line break at this stage. I will be very interested to see the level of retracement after that move. My perfect scenario would go like this: BTC hits $7500 before starting a simple ABC correction down to about $6500 (0.618 fib retracement level) before forming a strong wave 1 up and wave 2. If that happens, you will hear me (and probably others too) call $9000+ and the end of the bear market. But we are a while away from hearing either of those calls.
I am not a professional, financial adviser, or your Mum so please do your own research and protect those funds. While I am not any of those things, I am independent and have no desire to mislead, shill, or see anyone do badly in the market. Best of luck and thanks for viewing. Go the bulls!
BTC by my count wave (3) hasn't completed. If the bullish case is to remain on the table, wave (3) must exceed the length of wave (1). So look, for the price to pop out of the top of this little area of consolidation to push above $7001 to complete wave (3). The next requirement for the bullish case to remain on the table is for wave (4) not to retrace into (or too far into) the wave (1) peak. If that happens, we could be looking at $7486+ in just a few days.
While that will be some welcome bullishness, that will take us up the the descending trend-line formed from joining the 5th of March and 24th/25th of July swing highs. There is nothing from the present price action that strongly suggests a trend-line break at this stage. I will be very interested to see the level of retracement after that move. My perfect scenario would go like this: BTC hits $7500 before starting a simple ABC correction down to about $6500 (0.618 fib retracement level) before forming a strong wave 1 up and wave 2. If that happens, you will hear me (and probably others too) call $9000+ and the end of the bear market. But we are a while away from hearing either of those calls.
I am not a professional, financial adviser, or your Mum so please do your own research and protect those funds. While I am not any of those things, I am independent and have no desire to mislead, shill, or see anyone do badly in the market. Best of luck and thanks for viewing. Go the bulls!
ملاحظة
$7000+ achieved. Next, correction to not below $6646 before commencing wave (5) up to $7486+ملاحظة
6647 ratherأغلقت الصفقة: تم الوصول لوقف الخسارة
It only got to $7410. Close but no cigar.
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إخلاء المسؤولية
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