Granted there is extreme hype as of late with institutions adding BTC to Elon Musk updating his twitter. I can't help but see the jitters of 2017 and years past where I sat there slowly hoping BTC would go higher while my hopes died with every lower weekly/monthly high. Whenever BTC has hit this crazy speed pump in the past, it always slowly consolidated away into eventual return to EMA and slightly below. It would take months to happen but this would bring us to eventual target of $16k-20k. Hence this is window for all the random alt pumps we've been seeing.
ABC bounce.. to me what makes sense was $29k drop at A while we are currently uptrending towards B of ABC correction. This week BTC can still pump upward but probably not past all time high. Will have to wait another 1-2 years before the next pump. I'm probably the only one that might be a 1 year bear out there.
For my charting purposes I only use 12ema because it's worked well for all my trades in the past.
ABC bounce.. to me what makes sense was $29k drop at A while we are currently uptrending towards B of ABC correction. This week BTC can still pump upward but probably not past all time high. Will have to wait another 1-2 years before the next pump. I'm probably the only one that might be a 1 year bear out there.
For my charting purposes I only use 12ema because it's worked well for all my trades in the past.
Comment:
sorry i was wrong in this post as BTC went up another 2x. will update my thoughts in next post.