BTC correction due, but first a final test rocket?
I'm burned out from this market! My past several trades have gotten stopped out. Still trying to figure out the larger moves however. Who here is frustrated and who is making money?
The weekly candle closed red, and part of me wants to short at the weekly open if we get back up to it. However, I think we have another move up that will take us further than 50.5k this time, and that bullish engulfing candle on August 27th was the start of a new impulse wave.
The past two major moves up were preceded by a break in the low before pumping upwards. We could be putting in another lower high, then fall and break the last pivot point one more time before blast-off! Or we are already headed to the next target zone, which is located between 52-53k. After that I think we will put in the first part of a strong retracement wave downward which will last at least a couple of weeks.
If you want to open short when we test the purple weekly resistance line instead, that would be a good place to start. That is only if you think that the high is already in for awhile, however.
But, keep in mind that the monthly is about to close and it still looks bullish. This denotes the idea that we could go at least a little bit further upward, either first or after a correction. So if we are due for a correction soon (and we absolutely are), the question is how much and for how long?
After putting in a new high early on in September I am expecting it to fall, then bounce hard from 39k, after which it will play around in the mid 40s but still close red on the monthly. We may get back up to around 47k early in October and that is where we will experience the biggest drop. I don't know exactly how low we go in October (either we create a higher low at 32-35k or we break right through the 29k triple bottom and bounce from the low 20s), but once the final low is created it will be time to buckle up your seatbelts. We will break all-time high by December and keep going up for months afterward.
This is all just conjecture and does not represent financial advise.
The weekly candle closed red, and part of me wants to short at the weekly open if we get back up to it. However, I think we have another move up that will take us further than 50.5k this time, and that bullish engulfing candle on August 27th was the start of a new impulse wave.
The past two major moves up were preceded by a break in the low before pumping upwards. We could be putting in another lower high, then fall and break the last pivot point one more time before blast-off! Or we are already headed to the next target zone, which is located between 52-53k. After that I think we will put in the first part of a strong retracement wave downward which will last at least a couple of weeks.
If you want to open short when we test the purple weekly resistance line instead, that would be a good place to start. That is only if you think that the high is already in for awhile, however.
But, keep in mind that the monthly is about to close and it still looks bullish. This denotes the idea that we could go at least a little bit further upward, either first or after a correction. So if we are due for a correction soon (and we absolutely are), the question is how much and for how long?
After putting in a new high early on in September I am expecting it to fall, then bounce hard from 39k, after which it will play around in the mid 40s but still close red on the monthly. We may get back up to around 47k early in October and that is where we will experience the biggest drop. I don't know exactly how low we go in October (either we create a higher low at 32-35k or we break right through the 29k triple bottom and bounce from the low 20s), but once the final low is created it will be time to buckle up your seatbelts. We will break all-time high by December and keep going up for months afterward.
This is all just conjecture and does not represent financial advise.
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