BitcoinLong
BTC: I am (happy to be) wrong!
Back in September, I was tracking BTC price action as a start of an ending diagonal pattern. The movement out of August low looked like a 3 waves pattern. Even though, it still looks like a 3 waves pattern, the breakout from early November is definitely no diagonal pattern. It is a clear wave 3 of some degree. I have been expecting BTC to hit 100k milestone, but I was thinking it as a touch and go the other way kind. The current structure is most likely proving me wrong about the strength of that milestone. I have to admit, I will most like eat my words when I said 100k will get people holding the bag.
From EW perspective, I can dig out a wonky leading diagonal pattern from August price action to call it a wave 1 and Sep low a wave 2. Now, this wave 3 needs to break 100k and stay above 100k for a few days to prove the strength. Wave 4 should stay well above 74k and get support on one of the fib locations. How far BTC will go this cycle is anyone's guess. But the lesson here is, if one tries to predict the top, one will miss out!
From EW perspective, I can dig out a wonky leading diagonal pattern from August price action to call it a wave 1 and Sep low a wave 2. Now, this wave 3 needs to break 100k and stay above 100k for a few days to prove the strength. Wave 4 should stay well above 74k and get support on one of the fib locations. How far BTC will go this cycle is anyone's guess. But the lesson here is, if one tries to predict the top, one will miss out!
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.