When it comes to all the Bitcoin charts I look at, there are just about as many cluttered, overmarked charts, with 100 lines and a 100 different colors, as there are Scam ICO's. And they are ALL fighting to find any reason to say "BITCOIN TO GOING UP!"
Unfortunately the answer is the obvious one (as it is 9 times out of 10). We want so badly for HIGHER highs NOW, that we're scratching and clawing to find every little potential pattern, trendline, and Head and Shoulders pattern... ;) , to tell us that we're head up, and "BULL RUN INCOMING" when unfortunately BEFORE we do reach new highs, we WILL be testing the Mid $4000 ranges.
WHY?
Because EVERYTHING that determines the BTC price, are made by the ALGO's / WHALES, so all we can do, is find out where will they strike next? Fortunately for us, we can using FIBONACCI, and no matter where you take your fibonacci extension from, all the 1:1 extensions (where we always target first) to complete our XYZ correction, lead to the mid $4000's.
Lets say for example, that our "C" wave to complete our ABC for the (X) wave up, Has indeed completed. Pulling from our a-b-c, you'll find that the 1:1 is around the $4600 range, which is where I see our Correction truely completing.
The same scenario that's happening now, happened in Feb/March, where no one thought the BTC could drop lower, and the same happened at the end of January too, when no one thought it drop lower...And again everyone was scraping to find every which reason to say "BULLRUN INCOMING"!
BULL POTENTIAL SCENARIOS! (That could happen at any time)
1) We continue trending up to the mid $11000 ranges to complete our C, forming a double top, before we make our decent down to the mid $4000's. A catalyst perhaps being the Consensus Convention next week.
2) We punch through the TOP dotted black trendline with Conviction (VOLUME), to over take the February/March high. If we CAN, and can CLOSE comfortably above the $12000 range, then we can start to be more bullish.
Now Im not saying we're are going to drop now, or am I saying that we CAN'T continue up, all I am saying is that I do think before we can make higher highs, we need to at least test $4800, UNLESS we BREAK ABOVE $12000.
WHAT I'M DOING RIGHT NOW!?
I'm watching each fib target to gage the REACTION, right now we are find support around the 23.6%, but if that breaks, lets watch to see what happens at the 38.2%, then 50%...etc.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE**
Unfortunately the answer is the obvious one (as it is 9 times out of 10). We want so badly for HIGHER highs NOW, that we're scratching and clawing to find every little potential pattern, trendline, and Head and Shoulders pattern... ;) , to tell us that we're head up, and "BULL RUN INCOMING" when unfortunately BEFORE we do reach new highs, we WILL be testing the Mid $4000 ranges.
WHY?
Because EVERYTHING that determines the BTC price, are made by the ALGO's / WHALES, so all we can do, is find out where will they strike next? Fortunately for us, we can using FIBONACCI, and no matter where you take your fibonacci extension from, all the 1:1 extensions (where we always target first) to complete our XYZ correction, lead to the mid $4000's.
Lets say for example, that our "C" wave to complete our ABC for the (X) wave up, Has indeed completed. Pulling from our a-b-c, you'll find that the 1:1 is around the $4600 range, which is where I see our Correction truely completing.
The same scenario that's happening now, happened in Feb/March, where no one thought the BTC could drop lower, and the same happened at the end of January too, when no one thought it drop lower...And again everyone was scraping to find every which reason to say "BULLRUN INCOMING"!
BULL POTENTIAL SCENARIOS! (That could happen at any time)
1) We continue trending up to the mid $11000 ranges to complete our C, forming a double top, before we make our decent down to the mid $4000's. A catalyst perhaps being the Consensus Convention next week.
2) We punch through the TOP dotted black trendline with Conviction (VOLUME), to over take the February/March high. If we CAN, and can CLOSE comfortably above the $12000 range, then we can start to be more bullish.
Now Im not saying we're are going to drop now, or am I saying that we CAN'T continue up, all I am saying is that I do think before we can make higher highs, we need to at least test $4800, UNLESS we BREAK ABOVE $12000.
WHAT I'M DOING RIGHT NOW!?
I'm watching each fib target to gage the REACTION, right now we are find support around the 23.6%, but if that breaks, lets watch to see what happens at the 38.2%, then 50%...etc.
Thanks
**NOT FINANCIAL ADVICE, JUST SHARING WHAT I SEE**