Long

Updated

BTC on subwave-2 of wave-C, preparing to start another Bullrun

A wave count for consideration.
I see (zoomed out, starting from the bottom) we just ended what looks like 5 subwaves (starting possibly wave-2 of a larger wave-C) after an ABC correction.
If correct. We could get one small wave up, then down, then another Bull run upward.

Note

I now realized something.
(Can't remember what retracement points I used in the last chart)
But if I take a retracement from point 1 to 5 in this small wave here, we have already corrected to the 0.618 level.

I am looking to see if there will be a bounce or not, at around ~8440.
Otherwise, I review my other chart again, which had a lower wave-C target

Note

#Bitcoin 8440 didn't hold, however, we are now exactly on point with my previous ABC count. Let's see how this plays out.

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#Bitcoin Double touched exactly on my 8300 target. Showing some signs of life. Still too early to confirm though.
I need to get to sleep. Would have liked to set next targets (if my count holds), but I need at least wave-1 to complete and retrace, to estimate wave 3 & 5 targets.

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Looks like my count and bottom target were correct.
#Bitcoin started an uptrend after touching my 8300 target.
I entered Long between 8300-8400, as I trusted this count.

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(Posting quickly as some asked for targets).
Wave-3 (which we are on now), I estimate could end around my 8900 target range, it could have one more small subwave-5 up.
(Personally, I have started taking some profit, since I'm well up for the day, got in at my bottom point.)

As for waves 4 & 5, let's do this one step at a time, and confirm where wave-3 ends first.
(Very rough estimate of wave-4 @ 8650 in my chart)

Now about to have "breakfast" for the day (2:08 pm here) :)
Will be back in a bit.

Note

We have likely completed wave-3, and have just started a wave-4 correction (don't worry for HODLers, won't be too long till we move up again).
Wave-4 end targets are roughly: 8680 to 8600 range

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Bitcoin just got an extra push to reach the very top of my target range for wave-3. Will update for wave-4 target once we've confirmed end of wave-3.

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#Bitcoin ABC correction (wave-4) looks a bit bullish so far.
(So I'm not sure if it will retrace heavily)
I have two general target regions: ~8800 and ~8690

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BTC did hit one of my 2 target ranges for a very minor subwave-4 retracement.
I was hoping for a deeper retrace, but I did mention earlier that it looked bullish and could end abruptly.
There may or may not be one last subwave up, I don't recommend jumping in at this position.

There really wasn't any good/safe play here for the past few hours.
Too little retracement to worth the risk for only ~2% gains. Not a safe risk to reward ratio.
We don't want to gamble with out investments.
We take chances, yes, but when the profit probability is in our favor.

I assume that the this current wave could end anywhere between here and ~9300 (still poor risk-to-reward to jump in now), so I've just slightly adjusted wave-4 target, assuming an average 9200 end point for wave-3.
Wave-4 rough target: ~8680

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Congrats for those who didn't jump in at this point (~9120) like I recommended not to. We haven't yet recovered to that price since. #BTC

If my wave counts are correct, my target areas for wave-C retracement before next Bull-run:
to ~8810 or ~8655 range
Keep in mind that we've had very bullish/limited retracements since the start of this run up. No guarantee it retraces heavy, or that we haven't completed w-C.

Note

BTC - There is a "good chance" that we have completed this ABC correction.
We got to exactly the middle of my two targets, and have a slight bounce so far.
Again I make it clear that these waves are hard to count/interpret, a lot of overlapping whatever way I try to count this.

AndrewEDavis

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AndrewEDavis

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