Bitcoin likes Repitition!
Updated
Hello folks! Just a student of the game myself. The only credit to my name is a CBP certification and the constant pursuit of education from experience in the market(2 years).
Getting right into it-
EW hasn't made much sense as of lately. It has been a very rocky ride with EW analysis constantly throwing a curve ball into wave count.
Looking at a chart by throwing out the deepest technical parts of our ideas gives us a fresh new perspective.
Here is a 1 hr chart showing a pattern forming that we JUST went through. I redrew a trend line in a similar fashion and it looks on point to touch into 6400 territory this time which I believe will finally not hold. At that point we may not see the support as strong since we did bounce earlier for this small upward correction. Judging strictly on pattern recognition and the continued OVERALL downward trend...the charts STILL line up for a perfect double bottom coming up soon.
Also, sometimes when the general consensus is one way...it becomes a self fulfilling prophecy among the market. Nobody can say whether we will reach 6k exactly but I do believe we will be in the ball park. I will be setting limit orders to DCA in once we have a better general idea in the 5800-6100 range. We could very well blast through that short term(constant stream of good news so far should not let it fall too far or too long beyond this level barring any negatives occurring in the market) to provide "despair" among the community but if the plan is longer than a month or 2 for the investment...does it really matter?
What are some of your game plans? If you DCA...when do you plan to start or is it ongoing process with every dip? Anyone out there HODLING without concern? Lemme know what you guys think!
Getting right into it-
EW hasn't made much sense as of lately. It has been a very rocky ride with EW analysis constantly throwing a curve ball into wave count.
Looking at a chart by throwing out the deepest technical parts of our ideas gives us a fresh new perspective.
Here is a 1 hr chart showing a pattern forming that we JUST went through. I redrew a trend line in a similar fashion and it looks on point to touch into 6400 territory this time which I believe will finally not hold. At that point we may not see the support as strong since we did bounce earlier for this small upward correction. Judging strictly on pattern recognition and the continued OVERALL downward trend...the charts STILL line up for a perfect double bottom coming up soon.
Also, sometimes when the general consensus is one way...it becomes a self fulfilling prophecy among the market. Nobody can say whether we will reach 6k exactly but I do believe we will be in the ball park. I will be setting limit orders to DCA in once we have a better general idea in the 5800-6100 range. We could very well blast through that short term(constant stream of good news so far should not let it fall too far or too long beyond this level barring any negatives occurring in the market) to provide "despair" among the community but if the plan is longer than a month or 2 for the investment...does it really matter?
What are some of your game plans? If you DCA...when do you plan to start or is it ongoing process with every dip? Anyone out there HODLING without concern? Lemme know what you guys think!
Note
Looks like RSI is topping out with lower highs recently and the ascending wedge formation present....looking for a larger sell candle soon! My prediction of a small dip with sideways movement for a while was correct tho I did not call the upwards sideways movement correctly. Crucial moments coming up. Lets see if the chart starts dipping towards that 6400 area soon causing the above chart to come back to life! :)
Note
Chart seems to be back on track!6600 is support which we should be able to break through without too much sideways movement
Next stop 6400 :)
Note
Should be out of steam on the sideways movement very soon! I may be looking to pick up on this imminent next drop :)
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