cryptcowboy

cryptcowboy

The sideways price action continues and until 7587 or 8258 get taken out, sitting on our hands seems to be the best option. The market will keep us guessing until it doesn't and it will tip its hand eventually. It might throw us a few more curve balls before it becomes clear but that's the environment we're in and learning to respect that will save capital. I see...

cryptcowboy

Quiet on the bitcoin front with prices cornering themselves into the 8000 area. We should see a move here not far in the future that can start clarifying some things. If the proposed 4th wave correction is already over and a series of 1,2's have developed since the "flash crash" drop we should see a breakout above the 8250 highs that can carry prices either into a...

cryptcowboy

It feels like we're going nowhere fast anymore and that's how corrections are. As a beginner traders you might grow frustrated by this but you will soon learn that the nature of a correction is 2 fold, one is to correct the previous advance and second to shake out traders out of their positions before another impulse begins. As more advanced traders know,...

cryptcowboy

Bitcoin had another attempt at the highs overnight but the lack of continuation is somewhat concerning for those that were thinking the correction was over. We are falling back inside the channel in a corrective manner and the triangle concept seems to be back in focus. Another run at the highs could prove fatal for the bears since I can count a 3 wave drop so far...

cryptcowboy

Bitcoin prices pulled back to near the all the time highs of the year putting in doubt for now the outlook of a deeper retracement. This is in line with the view presented in the previous journal update , that of a wave 4 triangle before another push to new highs. The rise from the low seems a bit more impulsive than what i would like to see for a triangle price...

cryptcowboy

After the so called bitcoin "flash crash" the price is stabilizing in the 7300 area for now without much follow thru to the downside. On the daily charts the retrace looks fairly normal and it managed to stop in the area of a previous wave 4 of a lesser degree. Adding the fact that so far the drop is in 3 waves, this is mostly indicative of another 4th wave wave...

cryptcowboy

Bitcoin flushed lower overnight taking a well deserved break from the strong ascent over the last few days. The yellow flags i mentioned before turned red but I will not get extremely excited with the bearish price action and rather consider this for now a larger 4th wave the needs to match a wave 2 correction from feb19 to march 5th. If it's gonna morph into...

cryptcowboy

A bit more sideways movement as bitcoin is catching its footing after the "free solo" ascent. There is possibly a bit more to go just to stick the flag to the top and take a few pictures. I would be more confident in that scenario once 8185 gets taken out. If this is indeed a smaller wave 4 the geometry and shape of this one should be sideways with minimal...

cryptcowboy

The overnight high at 8340 is sitting pretty as the market is pulling back towards top side of the rising price channel. The move of the highs is in 3 waves so far indicative of either a flat or a triangle forming for now. A temporary top could be in place with one of the counts calling for another terminal high before a larger top is formed. Below 7630 and this...

cryptcowboy

Another day another high . Typical for 3rd wave price action the moves are strong and steady and the retracements shallow. Until we have evidence that wave 3 is complete we continue to look higher. We should be in the final stages of this extended wave but pinpointing a top is foolish , so we need to let the market tell us where that is. 7816 is the previous day...

cryptcowboy

Slight bullish tone on btc but no new high have been made at the time of this writing. I might speak too soon , but in lower time frames i think i notice an ending diagonal on this latest attempt to break higher where a final 5th wave would terminate. A drop below 7825 followed by 7580 would bring the market more in line with my count. But the price is the only...

cryptcowboy

Sideways movement in btc for now as we take a pause from the strong advance. If indeed 3rd larger wave is over then a 4th wave would need to develop near term. A drop below 7580 would offer more conviction to that view. A new high would obviously tell us that the pattern is not complete, but the strength of the advance combined with any divergences could be good...

cryptcowboy

Today's price action was a bit more contained and while we made a new high the conviction is starting to fade a bit. We have satisfied the criteria for a completed 3rd wave and if the market wants to take a breather it would be the ideal place to do it. A pullback into a 4th is desired , followed by another move higher to complete larger degree 3rd. If instead...

cryptcowboy

Since my last 4h update bitcoin has punched once again to new highs, defying gravity and changing the angle of ascent. I have placed another channel to reflect that. Strong 3rd wave price action has any wave counts on the sidelines for now , but rest assured once this impulse move is complete we will settle or pullback into a wave 4 type correction. We are working...

cryptcowboy

Another high yet again into a strong 3rd or extended 5th price action. Not sure if we can start calling the moves parabolic, but it sure hints towards vertical rises and the angle of ascent seems to mimic the "free solo" movie. These type of moves are hard to sustain with extreme intensity and while we can definitely climb higher, a sideways breather or a pullback...

cryptcowboy

Short period of consolidation over the last few sessions followed by an advance here near term as bitcoin is trying to find balance after the strong run. I continue to favor a wave 4 correction for now, but will respect the market if it decides to keep on running. I am starting to become cautious however on the approach of a wave 5 and be mindful of the follow up...

cryptcowboy

After reaching highs into 7440 , bitcoin is pulling back and telling us a correction has began near term. As I mentioned in the daily update , "Once the market gets exhausted the most likely scenario is a triangle in a wave 4." If wave circle red 3 top was reached a pullback towards the channel line near the area of previous 4th makes sense. Another move higher in...

cryptcowboy

Bitcoin did some waves this afternoon and broke decisively thru the top part of the rising price channel. We are getting a bit extended and while the price can defy gravity and keep moving higher , markets do require corrections in a healthy uptrend. I have adjusted my count to allow for a wave 4 pullback before a final 5th to complete a larger degree 3rd. Once...