BitcoinLong
Bitcoin has another leg up
Updated
Now for the Final Wave, targets are in the range of 7k-7.4k.
We can clearly count 4 waves so far. The most recent wave was a triangle correction.
But the volume is off the opinion that we are losing strength. That seems right given that we are counting the 5th wave.
I expect a correction after these targets are hit. Corrections are healthy, they are nothing but profit taking which gives rise to opportunities go long.
Though I'm liking this move up, I believe that 10k and 20k are just a dream at the moment. Its easy to forget that we are still in a major downtrend and $2000 aren't conclusive enough to get us out of them.
Godspeed
___________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
We can clearly count 4 waves so far. The most recent wave was a triangle correction.
But the volume is off the opinion that we are losing strength. That seems right given that we are counting the 5th wave.
I expect a correction after these targets are hit. Corrections are healthy, they are nothing but profit taking which gives rise to opportunities go long.
Though I'm liking this move up, I believe that 10k and 20k are just a dream at the moment. Its easy to forget that we are still in a major downtrend and $2000 aren't conclusive enough to get us out of them.
Godspeed
___________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Note
The weakness looks overwhelming. If 6800 is not broken then we might just head straight down.If it retraces beyond the orange line then this idea has been invalidated. My stops are 2 pips under that line.
Note
Potentially this is the path we are taking but I find it too risky to open a long position here. Instead I'm gonna rack up shorts in the yellow box range.Note
2% rejection weak. This does not look good for the bulls.Trade closed manually
We have got a truncated fifth wave.Lets see if 50% retracement level at 6300 holds.
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