The two orange boxes are potential targets for waves (4) and (5). Once we complete 5 waves up (wave 1 Circle) from ~$3200, expect a sharp move down for wave 2 Circle. $5900 is the 0.382 Fib
Fifth waves are known for extreme extensions in BTC.
Fifth waves are known for extreme extensions in BTC.
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Just a warning, it's nearly possible (or possible) to call 5-waves up for wave 1 Circle. I would expect a drop of >= $4400....50% of the move up or greater.
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There is one reason that we still could extend higher is, the number of BTCUSDSHORTS is rising. I would expect this to drop (to an extreme low) just prior to a BTC top. This does not have to be the case, but it has happened at extremes previously.
Trade closed: target reached:
I would call the top in for wave 1 Circle...deep correction in progress.
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Expected depth to around $6600-$4500....50%-76.4% in log scale. We are definitely in a bull market, with 5 up. The next move up could be to around $61K-103K...more than likely much higher.
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BTCUSDSHORTS just plummeted from 33000 to 9700, indicative of a significant top for wave 1 Circle. When no one is short, you should be looking for short positions.
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We are working on an A-B-C (or more complex) to $8K-$4500 then WAY higher, maybe $61K-225K for a top.
