BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
WAVE 5 left to form. WAVE 4 correction seemingly finding support at 10k, 618% retrace of previous swing low & ascending trendline all in confluence with 15/1 low well in tact.
This has been the general consensus for 2 weeks now.
Twitchfingerz Twitchfingerz
@Twitchfingerz, whether or not we have the bottom of the retravement is still up in the air.
Twitchfingerz Twitchfingerz
@Twitchfingerz, *correction rather..
EMT786 Twitchfingerz
@Twitchfingerz, I thought the consensus was buy at 8k. But regardless, modifcations to analysis always take place. Price found support at 10K on the 15/1 of january so I doubt it was widespread consensus the same day it seemingly bounced. It would have been transitional hence the consolidation.. Also, even if it's two weeks old Pal nobody can give you a precise timeframe for when we'll see a continuation until Mr Market sings.
EMT786 EMT786
@NelsonVanAlden, and bare in mind it's a weekly chart. SO on a relative basis, considering the upside risks and likelihood of a continuation, 2 weeks is only a fraction of the time it'll swing higher for so...
EMT786 EMT786
Also to add on to my point, even if we can't yet pinpoint the bottom of the reversal, you're supposed to trade what you see. And evidently, we're seeing somewhat of bounce. So planning prevails and everyone else debating whether its going to hit 8k or not gets left behind
@NelsonVanAlden, All I am saying is regardless of where people thought it would correct to prior the 9k bounce everyone has been on the same page for almost 2 weeks that "Wave 5 left to form and we are getting support at 10k". It is pretty evident. That's all. There is small chance of a continuation down but is invalidated more and more as time goes on.

Yes you have to play what you see. I saw bounce from 9000, got in at 9050. The numpties who had their 1 or 2 count wrong have been given a deeper .618 fib and therefore missed the opportunity. 8k is still possible but as you say wave 4 correction 'seemingly' finding support.
EMT786 Twitchfingerz
@Twitchfingerz, This is a wave count on a weekly chart. Not a fractal on lower TF. And you have to use a pronoun because nothing is definitive in the market. Especially with cryptos. Wave 5 being here a continuation to ATHs. Plus 10K bounce I'm talking about is a higher low post the 9K bounce ie potentially poising for bullish wave uptowards 15k. So regardless of what you consider is likely or not, I view charts empirically. We've seen a fib last line bounce, price form modest higher low all whilst finding support at a rising trendline & now having formed a bullish inside bar hammer. This information wasn't avaliable two weeks ago.
@NelsonVanAlden, now if this comment was the description of your chart then I would not have bothered you :-)
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