WARNING - TOO MUCH BULLISHNESS - BITCOIN (BTCUSD) to 9,100
This is an update to my previous post regarding a leg down in BTC. I've refined my wave count to the most probable scenario beingBTCUSD to $9,100 which will wrap up this 2nd Wave. If nearly-symmetrical to wave 'a', we should see a 'c' wave from current prices down to roughly $9,100. There is just WAY too much bullishness in the news right now. Way too much.
From the completion of wave 'c' of Wave 2, I see a 3rd wave taking us to $23,500 over the coming months; most likely by end of January 2021. I did not factor time into the 3rd wave path drawn up to this target as it was more to illustrate the overall structure of a wave 3.
As usual, I hope I'm wrong and we just go straight to the moon from here. if you've listened to Michael Saylor's description of how they accumulated so much Bitcoin in just a few days, then you know that, if done properly, it will dampen volatility, not increase it. So, then looking at every headline on Youtube or the title of nearly every current article, everyone is strapped in EXPECTING LIFTOFF. To me, this signals way too much bullishness and a near term top. I do expect the remaining half of October to be sufficient time to complete wave 'c.' Given the nature of 3rd waves, I wouldn't be surprised if right around November 1st, we started feeling the pre-burn on our faces from the impending-face-melting-wave-3.
If you want alternate counts, please give this a thumbs up and/or comment. If I'm wrong, please tell me why. I love a good discussion.
NOTE: I do see an ultra-bearish-alternate-count that is structurally possible, but unlikely. This can be posted if enough of you express interest in my ideas above; otherwise it's a waste of time.
Thanks for your time!
From the completion of wave 'c' of Wave 2, I see a 3rd wave taking us to $23,500 over the coming months; most likely by end of January 2021. I did not factor time into the 3rd wave path drawn up to this target as it was more to illustrate the overall structure of a wave 3.
As usual, I hope I'm wrong and we just go straight to the moon from here. if you've listened to Michael Saylor's description of how they accumulated so much Bitcoin in just a few days, then you know that, if done properly, it will dampen volatility, not increase it. So, then looking at every headline on Youtube or the title of nearly every current article, everyone is strapped in EXPECTING LIFTOFF. To me, this signals way too much bullishness and a near term top. I do expect the remaining half of October to be sufficient time to complete wave 'c.' Given the nature of 3rd waves, I wouldn't be surprised if right around November 1st, we started feeling the pre-burn on our faces from the impending-face-melting-wave-3.
If you want alternate counts, please give this a thumbs up and/or comment. If I'm wrong, please tell me why. I love a good discussion.
NOTE: I do see an ultra-bearish-alternate-count that is structurally possible, but unlikely. This can be posted if enough of you express interest in my ideas above; otherwise it's a waste of time.
Thanks for your time!
Related publications
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.