BTC Bullish Projections

Updated

Chart is self explanatory. If we breach B with confidence we are likely to hit the projected targets. E target seems overly optimistic but again, this wave looks like an E wave. Trade with caution and best of luck.

Note

Big green dong, price has risen above the tk lines on the daily. This is a bullish signal.
Sevreal people have been asking me what is happening on the smaller scale.
So let us look at the smaller scale.

BTC has breached the upper limit of a "P" type five wave, commonly referred to as a "pennant" or some other consolidation pattern. The 5 waves are numbered and color coded for your viewing pleasure...
The target for this pattern breakout is right where we are now. The two upward sloping legs of the orange N wave shown in the front of this chart are the same length.
Since we have arrived at a minor milestone such as this, what shall we do next?

In a trending market such as this, one can assume that the chain of waves and patterns will continue in their current direction until a significant contrary impulse is witnessed. In order words, it'll keep going until we see some large red dongs. People taking profit.

If we look at history, we can see that this was a commonly traded area for some length of time. We may see resistance and fluctuation here, but until we see large red candles I am bullish.

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BTC is approaching our potential rejection point,
all eyes on BTC.

The bulls are in complete control. The only real hope I see of BTC stopping here is the double top.

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We have just hit NT, our rejection point, 1.5 hrs ago. Keep your eyes peeled...

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We have made a new all time high.
We will need to continue with confidence to ensure this is not a double top though.

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this is a reliable breach

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Quite a bit of profit taking has occurred. However, I did expect a lot of profit taking in this range that had not happened until now. If BTC can recover from these levels and hold higher prices, it will be a very good sign.

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After having such a strong reaction(green arrow) to the breakout of the pattern shown in the green circle, we can very reasonably expect the sort of corrective price action seen in the red circle. If you took profit in this area then I would not blame you. However I do think that the bulls are simply on lunch break and will be back on duty shortly.

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Candle bodies are beginning to be completed above our NT target. This is very promising behavior.

Bulls seem to be back on duty.

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During long term(for crypto) trades, I do enjoy looking at the smaller movements within the larger ones to better inform myself of what is going on.

When an asset develops a wave within a larger wave, I analyze it and check it against my longer term ideas.
This smaller wave looks like an E wave and has an E target close within range of our N and V targets for our current trade.
This strengthens my expectation that these targets will be hit.
Not only are they close together but a smaller wave seems to have confirmed its arrival as well.

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BTC is approaching our N and V targets. Halfway there between NT and N right now.

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BTC is so close to our high probability targets that I can almost taste it. Once hit, we will enter a zone that I would consider the ideal profit taking area. I would take profit in this area from leveraged positions but to be frank I can't say what BTC will end up doing. It can just rocket to our E target, it looks like an E wave after all.

Trade well and be safe ladies and gentlemen.

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BTC has hit 10k. Someone please hold me. I am afraid.

Trade closed: target reached

We have hit and surpassed our high probability targets at N and V.
Everyone celebrate.

As you can see, profit taking has begun resulting in some fluctuation. However, this very well may not be the top. I like to keep things high probability unless price action is very convincing so I will be relaxing my btc positions but I am well prepared for btc to continue this run and may reenter depending on the price structure

If my advice helped make you a little cash and you're feeling generous, donations are welcomed and appreciated. I like beer monies. I am very hungry as well, please feed me.
BTC: 363sDXLXkV7tm3pJmK2mLTDZjdTANbiA4A
ETH: 0x4c1aA87252e31C2552248b3561c9dBef7E21C7Fb
LTC: LeUKche2Mz51tNG4jmTj2LkufkNUd4DpFm

Thanks all and happy trading.

Note

BTC has hit 11441USD, about a grand and a half under our E target. Violent fluctuation is being seen in this range, as we are in the ideal profit taking area but the bulls don't want to relinquish control.

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The bears have made their presence known with force... once some structure develops bear and new bull calculations will be on their way. As I have said previously, anywhere above or equal to N and V was the ideal place to take profit.
Happy trading and good luck.

Trade closed: target reached

This puppy perty much hit our E target. See most recent projections to see what is next.

Thegreatomski

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