I wanted to provide this alternative scenario I've been contemplating for the last 24-hours. It does not feel like we have yet to bring in the doubters that Bitcoin has bottomed. There are still many charts that receive hundreds of likes calling for $1,200 or for some spontaneous crash. Which means many people have been left behind, selling into the capitulation. They want the price to come back down. However, we have not created any meaningful structure to cause FOMO for them to start coming back in to pay these prices.
So, what needs to happen in order for them to FOMO back in? How about a break above $10,000? Then a break above $11,000? The news channels start talking about Bitcoin. The hype gets real. Then what? Then, they realize, "Oh crap, I actually sold the bottom, Bitcoin is going parabolic."
That sounds like the most logical scenario to get the doubters to FOMO back into the market. An $11,000+ Bitcoin price would likely rattle them to their core if they sold between $3,000-$5,000.
So, let's analyze why I have the price targets that I have included.
Let's take a look at the previous fractal Bitcoin had:
Notice how this move from $20,000 down to $3,000 lines up with the fractal?
Also, when we align our fib structure like this, it shows reactions at specific places on the fib scale. Which means a trip back to $11,600 would be to the 0.618 fib.
So, I wanted to leave this up here as a possibility. I still stand behind my previous analysis I posted where I stated if Bitcoin broke above $6,100, it would go to $9,800 before reversing back down to $6,000 again, which you can see here:
However, if we somehow start rocketing above $10,000, I want to have a plan. And this is the one I will follow. I will sell at $11,600.
Good luck!
-SecludedJ
So, what needs to happen in order for them to FOMO back in? How about a break above $10,000? Then a break above $11,000? The news channels start talking about Bitcoin. The hype gets real. Then what? Then, they realize, "Oh crap, I actually sold the bottom, Bitcoin is going parabolic."
That sounds like the most logical scenario to get the doubters to FOMO back into the market. An $11,000+ Bitcoin price would likely rattle them to their core if they sold between $3,000-$5,000.
So, let's analyze why I have the price targets that I have included.
Let's take a look at the previous fractal Bitcoin had:
Notice how this move from $20,000 down to $3,000 lines up with the fractal?
Also, when we align our fib structure like this, it shows reactions at specific places on the fib scale. Which means a trip back to $11,600 would be to the 0.618 fib.
So, I wanted to leave this up here as a possibility. I still stand behind my previous analysis I posted where I stated if Bitcoin broke above $6,100, it would go to $9,800 before reversing back down to $6,000 again, which you can see here:
However, if we somehow start rocketing above $10,000, I want to have a plan. And this is the one I will follow. I will sell at $11,600.
Good luck!
-SecludedJ
Comment:
On our rocket ship to $$11,600
Comment:
We hit $11,473. If you are following this strategy, and are waiting for $11,600, well, hopefully you aren't waiting for the "exact" mark of $11,600. Start de-risking if you are getting out here. $11,600 is an estimate. We are about $100 away.
Comment:
If Bitcoin breaks upward, the next target would be $13,300 and $14,800. And that would invalidate this scenario.
Trade closed: target reached:
$11,600
Comment:
If BTC clears $11,800, we are likely heading to $13,300.
Comment:
If we do break above $10,000, get ready for $11,600, then GET OUT.