Bitcoin - It's gotta hold.....
Updated
We never actually touched the Fib extension yesterday. We got close, but didn't actually touch it just under 9K. Is this their attempt to rectify this problem and then continue higher? Nobody can say until we get there. I can say this with pretty good confidence, if we break 8.9K or so we are very likely to continue down to the next fib level around (7.8K) which would be the maximum allowed for this to be a C wave of the larger ABC.
After all the government recognition of Bitcoin recently I'm not going anywhere. I've got enough Satoshi now to start my own city if needed or at least fund my own town so FUG EM! If they want more Bitcoin they will have to buy it from somebody else. I've already started moving mine off the Exchange.
Here's a 15 minute view of what I would like to see happen. What I'd like, and what I get, however, are not always the same.....
After all the government recognition of Bitcoin recently I'm not going anywhere. I've got enough Satoshi now to start my own city if needed or at least fund my own town so FUG EM! If they want more Bitcoin they will have to buy it from somebody else. I've already started moving mine off the Exchange.
Here's a 15 minute view of what I would like to see happen. What I'd like, and what I get, however, are not always the same.....
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Here is a 3 hour view of what could have happened and of what is currently happening.Assuming yesterday's move was valid (close to the fib but not exactly touching) then we are starting wave 1 up which will consist of 5 sub-waves. We just completed sub-wave 1 and sub-wave 2 and are starting sub-wave 3 next
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I drew the pink wave at the wrong fib. It should be higher at the 1.618 Fib extension. This is how we will know it is a wave 3 and not another wave C.Comment
A more correct view.Comment
Just to note. That is a PERFECT baby blue wave 2 hitting the 78.6 Fib. and the reaction confirms it!Comment
Now if the current move continue up to AT LEAST the 1.618 or higher we KNOW this is Wave 3 impulse move and not another wave C corrective type move. Then we pull back for the 4 and continue higher to end the 5th followed by an ABC corrective move.Comment
We do NOT want to stop and consolodate at the purple 1.0 Fib Level. This would indicate the entire purple move is NOT a 12345 but rather another ABC and we could turn and go lower still. Stay on your toes!Comment
We need to break the purple 1.0 and 1.272 Fibs to break the pull of gravity and continue higherComment
The 4 hour Volume, RSI, and MACD seem to want to support this move but we still need to see higher prices and break the 1.272 Fib and move on.Comment
If we can start closing candles above the 1.272 Fib I will feel more confident this is a 5 wave impulse instead of another ABC corrective type move.Here's a 30 minute view.
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Here's a view of what another ABC might look like if we stop here and do not continue higher.Comment
A 3 hour view. We have broken out of the channel and have now broken the 1.272 Fib which was critical for this move. We now need to hit the 1.618 or even the 2.618 for the end of Wave 3. Then it's Wave 4 down followed by Wave 5 up!Comment
A 2 hour view without all of the other noise on the chart.Disclaimer
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