Why this could be wrong:
-Rising wedge is typically bearish
-Bitcoin overextended on all large time frames
Why I think it's right:
-Fundamentals (institutional buying)
-Lots of dumb money will chase the price and buy into the FOMO
-Lines up with the death of the clown show known as Segwit2X (not saying they won't go through with it, but the market will realize that bitcoin has effectively survived every attack thrown at it, and all uncertainty about the one true bitcoin being dethroned will be removed)
Then we look for a huge A-B-C correction after all the dumb money buys the top. Sorry for the messy charts, but they are primarily for me. If they help you I'm also happy.
-Rising wedge is typically bearish
-Bitcoin overextended on all large time frames
Why I think it's right:
-Fundamentals (institutional buying)
-Lots of dumb money will chase the price and buy into the FOMO
-Lines up with the death of the clown show known as Segwit2X (not saying they won't go through with it, but the market will realize that bitcoin has effectively survived every attack thrown at it, and all uncertainty about the one true bitcoin being dethroned will be removed)
Then we look for a huge A-B-C correction after all the dumb money buys the top. Sorry for the messy charts, but they are primarily for me. If they help you I'm also happy.
Note
This is also a possibility (wave 1 of 5 not over yet) and fits more in with my 4h count:Can evaluate as we go, but the idea here is much, much higher prices. Again traditional technical analysis would probably disagree with this, but things can get crazy in bitcoin.
Note
Sticking with the original interpretation for now.Note
And to clarify (because the chart makes this confusing) I believe (green) wave 2 has already completed. Meant to draw it to the bottom of the wick.Note
Initial count (that i'm stickign with for now) shown zoomed in:Note
Something didn't feel right, hit the labs, did some soul searching and found the answer:Will publish a new chart.
Note
Note
So to be clear, I believe we are in wave 5 of 5, but it can be a big one. Could look something like this (just a guess):
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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.