Just looking at ETH and had the idea that both waves over last several months is really just 1 big consolidation happening that might last till end of year before going higher. Im no expert but it seems its trying to find its real price through both waves until now.
After every indicator from what i saw the last month said BTC was headed lower it looks like simple EW count might be the winner of where we are. Assuming we just finished wave 3 at 1.61 of wave 1 and a possible pull back to .78 at 4617 or .61 at 4400 high are both next support areas, i will be looking to go long at these prices with 5200 to 5500 target price...
Given the weakness of this current wave compared to last one, looks like 1 possible small leg up. Or maybe 10,000. who knows
Currently there is a big H & S pattern forming which if Bears win would indicate down. There is also a possible bullish bat with head and right shoulder. 2 possible paths I see to complete the bullish bat. RSI and PPO indicate its the bulls turn coming up so the bat seems more possible. I really wish a decision gets made soon because Im ready to make a trade...
chart shows each wave correction PPO on bottom of chart, labeled 1, 2, 3 for how many bottoms each eave has in correction. Notice the last 3 have 2, 3, and 3 for the final bottom. Also notice the amount of bearish divergence of current wave which neither of the other waves had. So based on last 3 waves we have at least 1 and possibly 2 more bottoms below 3k before...
Such a nice day
4 hour RSI should look like the blue to continue down, or red to set new ATH. Either way a drop is in order.
I like when wave 5 lands on 2 fib counts like it does here. 3.6 of current wave 1 and 2.6 of smaller wave 1 just formed. 4800 was 3 different fib counts of 3 different waves and it topped at 5k. Anyway Risk/Reward looks good to me to throw some more moolah at it. IF it breaks all these then its wave 5 I guess. Which means ABC is up next.
Theres one thing i consider myself to be an expert in (my opinion only) is Commercial Real Estate. Ive traded (brokered) it for over 16 years. Ive made and lost, large amounts of money. The smallest deal I ever closed was around 600,000 and it gave me the highest return on investment by far. The largest deal I've brokered was around 7 million and it had the...
Perfect set up with small risk if it is in fact in fib down channel. Stop on chart
Which channel will win and when? I damn sure don't know anymore
Im still convinced we revisit the mean before going higher, whichever mean that might be. The wave to 5k along with free BCH seemed a lot like euphoria to me. If not and this is wave 5, then euphoria is about to begin or ends in double top around 5k. With all that said Im looking for reversals of the current uptrend in the 4200-4600 range like some have mentioned...