The surprise of the century
Updated
Ladies and gentleman, behold. A 5k BTC by May/June.
I have been watching price action very, very carefully.
According to Fibs and Elliott theory, I believe this is the primary count for Bitcoin.
Notice what happened earlier yesterday. We fell hard but stopped on a dime at the 200 MA on the 4HR- which has so far at least been tested successfully for support.
We also wicked by $40 off the 100 MA on the 6hr. While $40 may not seem much, that is HUGE in this tight range. Currently, we are holding above the 100 MA.
Bears have had ample time to follow through, yet haven't yet.
I have noticed people strongly accumulating on the .236's and the .382 Fibs lately.
I have also noticed, via Fib, that lately we've been holding 50% retracements on bullish impulses.
Typically speaking, in Bitcoins bear market history, the .786 retracement almost ALWAYS gets hit on bullish impulse retracements.
Now tack on hidden bearish divergence in the weekly. Why have 3 candles in a row ignored it?
Why are shorts so low if we're suppose to fall from here?
Why are longs so high if we're suppose to fall from here?
Why are ETH longs sitting at a massive ATH?
Why do we keep getting darth maul lightsaber price action?
Shorts are closing. It's painfully obvious what is happening here.
Can you see it?
This is a snapshot from a few days ago in ADA.
ADA had an ugly inverted head and shoulders, where the right shoulder was extended before breakout.
If you notice, Bitcoin is printing almost the exact same pattern.
What happened to ADA? MOONSHOT, and it probably hasn't even begun yet.
What if I told you that everyone being bearish on the front page of TradingView is arguably the most bullish sign at the moment?
Also- Bitmex leaderboard is showing a sudden shift in momentum- before we dropped for what I believe to be our ABC wave, shorts were 70% and longs were 30%.
At the moment, this has shifted from 70/30 to 65/35. There are still A LOT of shorts, and I believe they're about to get nuked for fuel.
It just so happens, coincidentally as always, that we're approaching a monthly close. Which color will it be painted?
According to my trendlines, we are days away from multi-year support meeting ATH resistance, and price action is coiling. RSI corroborates this.
The support trendline Bitcoin is grinding up on is one that has held Bitcoins uptrend for 4 years now. I don't think it breaks yet now that we have fought successfully to get back above it.
Wake up before it's too late, you're being played out of your BTC.
The best course of action here in my opinion, is to wait and see if we can breach above $4,077. This price is the bear .786 retracement which *should* be INFURIATINGLY strong resistance.
If we drop below
4K from $4,077 this idea is invalidated. If we drop below $4,050 upon re-testing the neckline, this idea is invalidated.
Breaking the .786 makes this idea and all targets valid. On breakout, we should be targeting $4,400 almost immediately. Then, a retrace to the neckline of the inverted head and shoulders.
Wait for the breakout to retrace, then buy the neckline of the IHS if it holds support. Don't FOMO, there will be plenty of upwards momentum to catch. Worry most about getting a solid entry.
Immediate support will be located between $3,850 and $3,900.
If this idea is valid we should not break below $3,800. Ideally, we hold above our current low at $3,856.
VERY VERY strong support will be found at $3,650 should this idea be invalidated.
Take from this what you will, I'm just an amateur.
Good luck.
I have been watching price action very, very carefully.
According to Fibs and Elliott theory, I believe this is the primary count for Bitcoin.
Notice what happened earlier yesterday. We fell hard but stopped on a dime at the 200 MA on the 4HR- which has so far at least been tested successfully for support.
We also wicked by $40 off the 100 MA on the 6hr. While $40 may not seem much, that is HUGE in this tight range. Currently, we are holding above the 100 MA.
Bears have had ample time to follow through, yet haven't yet.
I have noticed people strongly accumulating on the .236's and the .382 Fibs lately.
I have also noticed, via Fib, that lately we've been holding 50% retracements on bullish impulses.
Typically speaking, in Bitcoins bear market history, the .786 retracement almost ALWAYS gets hit on bullish impulse retracements.
Now tack on hidden bearish divergence in the weekly. Why have 3 candles in a row ignored it?
Why are shorts so low if we're suppose to fall from here?
Why are longs so high if we're suppose to fall from here?
Why are ETH longs sitting at a massive ATH?
Why do we keep getting darth maul lightsaber price action?
Shorts are closing. It's painfully obvious what is happening here.
Can you see it?
This is a snapshot from a few days ago in ADA.
ADA had an ugly inverted head and shoulders, where the right shoulder was extended before breakout.
If you notice, Bitcoin is printing almost the exact same pattern.
What happened to ADA? MOONSHOT, and it probably hasn't even begun yet.
What if I told you that everyone being bearish on the front page of TradingView is arguably the most bullish sign at the moment?
Also- Bitmex leaderboard is showing a sudden shift in momentum- before we dropped for what I believe to be our ABC wave, shorts were 70% and longs were 30%.
At the moment, this has shifted from 70/30 to 65/35. There are still A LOT of shorts, and I believe they're about to get nuked for fuel.
It just so happens, coincidentally as always, that we're approaching a monthly close. Which color will it be painted?
According to my trendlines, we are days away from multi-year support meeting ATH resistance, and price action is coiling. RSI corroborates this.
The support trendline Bitcoin is grinding up on is one that has held Bitcoins uptrend for 4 years now. I don't think it breaks yet now that we have fought successfully to get back above it.
Wake up before it's too late, you're being played out of your BTC.
The best course of action here in my opinion, is to wait and see if we can breach above $4,077. This price is the bear .786 retracement which *should* be INFURIATINGLY strong resistance.
If we drop below
4K from $4,077 this idea is invalidated. If we drop below $4,050 upon re-testing the neckline, this idea is invalidated.Breaking the .786 makes this idea and all targets valid. On breakout, we should be targeting $4,400 almost immediately. Then, a retrace to the neckline of the inverted head and shoulders.
Wait for the breakout to retrace, then buy the neckline of the IHS if it holds support. Don't FOMO, there will be plenty of upwards momentum to catch. Worry most about getting a solid entry.
Immediate support will be located between $3,850 and $3,900.
If this idea is valid we should not break below $3,800. Ideally, we hold above our current low at $3,856.
VERY VERY strong support will be found at $3,650 should this idea be invalidated.
Take from this what you will, I'm just an amateur.
Good luck.
Note
As stated in my prior idea, beware of dangerous wicks.Could even wick below $3,800 considering that is where important high time-frame MA's are.
Be careful people.
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