Bitcoin - Two possibilities
Updated
Good morning my fellow Bitcoinistas!
It looks like the pattern from my previous charts are playing out very well. A 3-3-5 Flat, X Wave, followed now by what looks to be a 5-3-5 Zig Zag.
This chart zooms in on the Zig Zag to show how the count may play out. If Waves 1 and 2 are complete then we are currently in Wave 3. This Wave should complete soon IMO, and then we begin grinding out Wave 4 over the next day or so. The final Wave 5, however, is what most people are interested in. I have two possible targets on this chart circled in orange and marked with the yellow horizontal lines. The first target is around $9,000 as there is much support in that area and where many shorts may start to cover and many bulls begin scaling in long. The horizontal red line marks the CME futures gap everyone has been talking about forever. This seems like an obvious target but if we dip down that low I would expect us to overshoot it a bit. That's why I have the second lower target.
This entire complex corrective move plays well into the BAKKT futures opening on September 23rd. I suspect they are taking full advantage of these lower prices and will continue to buy Over The Counter and possibly even on the down low through the Exchanges so long as they don't spook the sheep. They may even be using the CME futures to assist.
Once they have loaded up their rocket ships with all the cheap Bitcoin they can get, the BAKKT futures open, and at that point I would see no reason to try to hold back prices any longer.
Why? Would you invest hundreds of millions of dollars to create a platform to promote your newest safe haven asset and then shit all over it? At first I thought that may be their objective but in reality they need Bitcoin to succeed as much as we do. Where else are they going to store their wealth when all of the markets around the world begin to explode and fiat after fiat fails?
No, this is their safe haven exit strategy in my opinion. Mine too and has been for years. They don't care about speed, smart contracts, defi apps, point of sale, etc. They care about scarcity, cryptographic security, decentralization, mobility, and the fact that their holdings cannot be counterfeit. All the qualities needed for the mega rich to stay mega rich. I plan to join them.
BBS out.
It looks like the pattern from my previous charts are playing out very well. A 3-3-5 Flat, X Wave, followed now by what looks to be a 5-3-5 Zig Zag.
This chart zooms in on the Zig Zag to show how the count may play out. If Waves 1 and 2 are complete then we are currently in Wave 3. This Wave should complete soon IMO, and then we begin grinding out Wave 4 over the next day or so. The final Wave 5, however, is what most people are interested in. I have two possible targets on this chart circled in orange and marked with the yellow horizontal lines. The first target is around $9,000 as there is much support in that area and where many shorts may start to cover and many bulls begin scaling in long. The horizontal red line marks the CME futures gap everyone has been talking about forever. This seems like an obvious target but if we dip down that low I would expect us to overshoot it a bit. That's why I have the second lower target.
This entire complex corrective move plays well into the BAKKT futures opening on September 23rd. I suspect they are taking full advantage of these lower prices and will continue to buy Over The Counter and possibly even on the down low through the Exchanges so long as they don't spook the sheep. They may even be using the CME futures to assist.
Once they have loaded up their rocket ships with all the cheap Bitcoin they can get, the BAKKT futures open, and at that point I would see no reason to try to hold back prices any longer.
Why? Would you invest hundreds of millions of dollars to create a platform to promote your newest safe haven asset and then shit all over it? At first I thought that may be their objective but in reality they need Bitcoin to succeed as much as we do. Where else are they going to store their wealth when all of the markets around the world begin to explode and fiat after fiat fails?
No, this is their safe haven exit strategy in my opinion. Mine too and has been for years. They don't care about speed, smart contracts, defi apps, point of sale, etc. They care about scarcity, cryptographic security, decentralization, mobility, and the fact that their holdings cannot be counterfeit. All the qualities needed for the mega rich to stay mega rich. I plan to join them.
BBS out.
Note
Some people think we are going to follow a pattern like this to complete this correction. It could be, but it does not matter to me. I am not selling anything. I am only looking for lower opportunities to buy. If we go higher fist and then lower it doesn't change my game plan at all.Note
Push the play button. The price is tracking the chart rather well. The question now is will it turn down into Wave 4 of 5 like drawn or continue higher as a Wave C of a larger ABC? There are plenty of reasons to go higher. Bounce off the bottom of the triangle, trendline support, etc. and the other camp says lower in order to fill the CME Gap, flush out more weak hands, BAKKT coming soon, etc.Only time will tell who is right. Either way we are all right if you are in the camp that is holding some Bitcoin long term no matter what......
Trade closed: target reached
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