Updated

So the CME wants to tame bitcoin huh?

I'm not sure bitcoin wants to be tamed...time to make the noobs who are all in the green seasick? Just an idea.

Note

Trace Meyer says he was approached to buy bitcoin by 3 different sources and they offered to pay up to $50k if the deal was closed this week...interesting. It's certainly possible this train just wont stop..well see. This next daily candle should give us a nice hint.

Note

Hey guys, try not to get too triggered by a chart : ) it's okay to consider bearish possibilities when the price has gone from $5,500 to $17k without a pull back. Of course it can just keep going, but to not have your antennas is up just stupid.

Note

Idea still valid.

Note

Also, the idea here is that big volatility is coming, we take things one step at a time, but another form of "flat correction" would be the "running flat" as opposed to the "expanded flat" ...both of these have B near the top of the fifth wave and sometimes it can go a bit higher...the difference between the two is that C in a running flat does not go below A where as C in an expanded flat does go below A. Perhaps a running flat would make a bit more sense with keeping the uptrend in tact, it would looks something like this:

Anyway, sellers are starting to step in, let's see if it intensifies or if this dip is as intensely bought as all the rest.

Note

Looks like an Adam and Eve top. On the 4h chart looking for something like this for A if we can't hold $16k:

Note

That target (produced from the 4h Adam and Eve pattern) also happens to coincide with the lower quartile green pitchfork line.

Note

Welp, when you're wrong you're wrong.

Note

Going to test the break out point, if it holds former resistance becomes support and we go to the moon. If we fall back below it was just a bull trap.

Note

Textbook break out, retest of support, and moon. Up she goes, where she stops, nobody knows.

This bull is unlike anything we've ever seen before, nonetheless will continue to not get emotional and look for opportunities. Good luck all! Enjoy the fun.

Note

Something to be aware of...

As carpenoctom pointed out on twitter (and i'm sure others are noticing as well) there's a rising wedge forming. We also have bearish divergence on RSI, Stoch RSI, and MACD. *If the price falls out of hte wedge there's room for a nice drop.

Note

decent chance for a bounce around here:

Note

Went a bit further to the .786 on the 4h, which also was the 50 MA on the daily chart, still thinking this is a good area to be buying in for a reversal. If it breaks the lows than watch out, things can get very ugly and we are heading to the bottom of the pitchfork on the daily chart/100 ma. Gluck!

Note

Again think it should hold, but put that circle there to show you what we would be looking at if not, always good to consider all possibilities.

Note

Assuming the lows hold, could get something like this earlier update (with a being a bit higher than initially shown)

Note

Guys i'm the biggest bitcoin bull on planet earth, no need for the snarky comments, recently those comments haven't been aging well lol

I get things wrong all the time, its not about being right 100% of the time, all good traders know this. It's not about "up" or "down" success comes from being open to all possibilities. Perhaps that doesn't get you the best tradingview rep but it does make you the most money : )

Note

Peeps get so triggered by charts its hilarious to me...I guess i'm the goose for caring LOL

oh well no more of that : )

Note

Assuming the lows hold...and this is indeed a flat correction...a good target for wave b would be between 1-1.38 extension of a:

Note

posted this on twitter today, just a thought:

Note

Another tag of the 50 MA...until we close a candle or two below there still bullish

Note

Went a bit lower but that's okay...price bouncing beautifully off the pink dotted trendline as shown in the initial chart.

ltc-joe

Related publications

Bitcoin just broke through the last line of resistance…

by ltc-joe

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.