I have seen this count around and it has been my primary count since before our Feb 6 low. I was asked, don't you think we will go down further? And responded, Yep, but not before at least doubling our money on this not so dead cat bounce. Wave B still fits and we have entered the C leg of this count which will take us up to at least 13k, maybe as high as 17k.
Bulls adhering to the symmetrical triangle count looking to explode up and out from around 8300 apex in a few weeks will have similar short-mid term targets and I generally like spots where both bears and bulls agree on direction (like we just had at 7300 with permabulls screaming wave 2 is in we are starting 3 and permabears saying we need wave 4 ABC up before a 5th wave down).
Re: 2014 Crash Scenario, I think many ppl are too far ahead of the action. In 2014 we had a major move up (B wave) after the initial 70% retracement before heading lower on the C. I think we are on the B now and will ride along with permabulls till we hit that interesting 13-17k area where I will be transitioning to fiat in steps depending on what I see on the charts. If permabears are right then we will know soon enough because this ABC 4 wave will likely terminate in 9600-10200 range within a week (if not done at 9200 already) and we will plummet rapidly and breakout to the downside of the symmetrical triangle bulls are counting on.
Anyway, those are our options as I see them and really wasn't going to post this at all but needed a chart for a discussion with a mega bear claiming big upside is 'impossible now'. Would love to hear what makes it impossible or at least so unlikely someone would even use that word in this crazy crypto world.
GL trading...a few green days in a row await after this last red one imo.
Bulls adhering to the symmetrical triangle count looking to explode up and out from around 8300 apex in a few weeks will have similar short-mid term targets and I generally like spots where both bears and bulls agree on direction (like we just had at 7300 with permabulls screaming wave 2 is in we are starting 3 and permabears saying we need wave 4 ABC up before a 5th wave down).
Re: 2014 Crash Scenario, I think many ppl are too far ahead of the action. In 2014 we had a major move up (B wave) after the initial 70% retracement before heading lower on the C. I think we are on the B now and will ride along with permabulls till we hit that interesting 13-17k area where I will be transitioning to fiat in steps depending on what I see on the charts. If permabears are right then we will know soon enough because this ABC 4 wave will likely terminate in 9600-10200 range within a week (if not done at 9200 already) and we will plummet rapidly and breakout to the downside of the symmetrical triangle bulls are counting on.
Anyway, those are our options as I see them and really wasn't going to post this at all but needed a chart for a discussion with a mega bear claiming big upside is 'impossible now'. Would love to hear what makes it impossible or at least so unlikely someone would even use that word in this crazy crypto world.
GL trading...a few green days in a row await after this last red one imo.