Short

The Big Short? Bitcoin doesn't look too pretty right now

Updated

Look at the weekly chart and we see a clear converging wedge pattern, reinforcing my short sentiment at the moment. A big zoom out shows us we're potentially in a weekly wave 3 at the moment with a lot more upside to go, but to me it looks like we need a subwave 2 retrace so that we can push into subwave 3 of the greater wave 3. I don't know how long this might take to play out but it feels like a good time to have a dip is when Segwit 2x uncertainty starts up and we start having more serious talks about what's going to be called bitcoin, what will be called 2x, etc etc. Notice how the first fib extension takes us perfectly to $10000, a figure that's sure to give an insane amount of resistance naturally too. Hitting the $2500 level would not surprise me either. Let me know your thoughts.

As I said previously I tell my followers about coins I'm in that may not be on TV yet so can't have their own ideas - aside from WTC which I'm still in and will remain in for the forseeable future, I picked up some EVX earlier. I'm already in profit, check it out and hopefully you guys do well with it too. Currently trading just above ICO price.

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Note that this is the WEEKLY chart and so is representative of the greater trend. Don't be surprised if it hits the top of the black trendline further along the wedge before making the move down

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Note, if you check coinmarketcap's chart, the overall cryptocurrency marketcap (you could think of it as an index fund) and the market cap excluding BTC both need to finish wave 5. Overall will happen first via money going to BTC, then alts will have their time to shine. After that is when we'll see this deep retrace.

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bounced off our channel, looking good so far but B2x is a while away so I'm not certain this is the end of the bull run. I'm expecting short for now but if the daily candle closes above the channel the idea is void

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This idea continues with the chart/idea linked above. Still on track, trend line has held

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Safe to say this is invalid LOL

jgj

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