BitcoinLong
What the heck is going on with BTC and will it correct?
Updated
I think we're witnessing a special time for BTC. It's very possible there's some manipulation coming with the CBOE and CME announcements. Then again, BTC is a global market. It's quite possible the institutional powers that be, have been acquiring bitcoin en mass to dump and crash the market, test its resilience so to speak. Only to follow up with a massive volume purchase by essentially the central banks of the world, as a hedge versus capital flight and push towards digital currencies as a whole. That's what I would do if I had control of the printing press. Missed the boat? Add zeros, buy BTC in numerous accounts. Sell off once the new wave of investors came in. Establish CME and CBOE so you can profit legally and add it to your books, meanwhile you're preparing to buy as much volume as you can just to control the markets. They print money after all, why not buy as much as possible with shadow funds?
Okay so if you're still with me, that's obviously a conspiracy theory, doesn't mean it's not possible. Let's move on to Elliot Wave analysis of this current rally. If there is no manipulation at hand here, then we are looking very long in the tooth for this rally. We can see the end of wave 3 upon us at 13.9k, with a small pullback. Makes sense psychologically as well. Many new people in the market, see the gains, the pullback, the support above 10k, builds confidence. That leaves wave 5, which puts it at the 4.36 fib extension at 15.8k, followed by the start of a corrective pattern. This is where I'd look to take profit. But, what if BTC breaks out of the limits of tradingview's fib extension projections? It could go to jaw dropping levels, along the lines of my theory above. Drawing people in, thinking there's no downside, start dumping in as much capital as possible. Meanwhile they've got thousands of drone accounts, ready for a time-lapse coordinated sell off. I'm not sure whether I should trade the chart, or the sentiment. I think it's best to expect the unexpected.
What are your thoughts?
Okay so if you're still with me, that's obviously a conspiracy theory, doesn't mean it's not possible. Let's move on to Elliot Wave analysis of this current rally. If there is no manipulation at hand here, then we are looking very long in the tooth for this rally. We can see the end of wave 3 upon us at 13.9k, with a small pullback. Makes sense psychologically as well. Many new people in the market, see the gains, the pullback, the support above 10k, builds confidence. That leaves wave 5, which puts it at the 4.36 fib extension at 15.8k, followed by the start of a corrective pattern. This is where I'd look to take profit. But, what if BTC breaks out of the limits of tradingview's fib extension projections? It could go to jaw dropping levels, along the lines of my theory above. Drawing people in, thinking there's no downside, start dumping in as much capital as possible. Meanwhile they've got thousands of drone accounts, ready for a time-lapse coordinated sell off. I'm not sure whether I should trade the chart, or the sentiment. I think it's best to expect the unexpected.
What are your thoughts?
Note
The fibs on this extension work pretty well. I had to work a ways back and find the last ABC supercycle (is that right?). This seems like wave 5, shocking everyone in typical bitcoin fashion. Check out the chart, what do you think? Im super bullish. The daily looks great! I know, its supposed to correct, but check the fib levels. We've been bouncing between them. Check the fib time extensions, also lining up. This lines up with holidays, when everyone will be chatting about how BTC has doubled their money in no time. More people buy in. Days after they invest and pump the price up to one of these ridiculous fib extensions. The CME and CBOE will have their day. And crypto will bleed. They will buy the dip with all their drone accounts and drive the price even higher. It's hard to say what will happen, but its all bullish until we realize the truth. Buy precious metals with profits. Hold real money. None of this is advice, it's disinformation.
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