Best case scenario is 4.8k, expected direction 3.3k, bearish scenario 3 digits. ETA either summer or multiple year(s).
BTC vs USD Index (still in a bubble)
Artificial pumps on margin won't cut it, roughly +~100 real btc from joe fomo and traders won't push it to 12k.
One more up before going down, or rejection at 9.75k and going down.
Scalpers can play this when there is volatility, I'd not recommend to use positions unless 10.8k is rejected hard. I cannot see going above 11.8k, at all.
Structure is very clear.
Because we should have already corrected healthy, which we didn't and consolidated too long with too much...
I really need to spend more time before publishing....
Here's is my updated chart after tidying it up, adding a few bits and also a tongue in cheek look ahead to $1,000,000 :)
Bitcoin 4 year cycle, self explanatory chart.
2019 Cryptocurrency (Elliott Wave): Sell In May And Go Away?
Since the orthodox bear market low on 06-FEB-2019, the Bitcoin markets have surged to an average 125% gain in approx 100 days approaching mid-MAY. The 3-month rally has now retraced a Fibonacci 23.6% of the entire 2018 bear market....
History tends to repeat itself. we can see a previous move which happened from may 2nd to may 8th before a continuation of the bull market.
This is playing itself out now
so, we can expect another drop to 7,200 before a steady incline, surpassing 10k to 13K which is where the media will go apeshit.
Here is the move which was copied
There is a pump incoming in the next days that could even try the 8.5-9K resistance. However, there is also an expected dump for 19th 20th of June. Enjoy the uptrend but take out your profits before 20th. #BTC #Bitcoin #BTCUSD #trade #Blockchain
Do you see what I see or are you BLINDED by all the HYPE of going 5 times Higher than it has ever ???????? up to +100k??????
Anyone with any Forex Insight and experience can see from this chart whats going on here with BITCOIN
My wife is cheating on me... she still uses real money instead of BTC ;p
Now we are going to cut the crap and explain this trade in proper English so everyone can understand.... price has used a strong support zone ( red box ) and is on its way up to our resistance zone ( green box )
See how simple that was? even my pet dog understood it and is now currently on...
Bitcoin is showing some bearish momentum with potential to move down to $7128. If price does move to this price point, we may see price even trade lower after a retracement.
SL - 8118.16
TP 1- 7128.57
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I apologise to the bears!! LOL. My technical analysis informs me that the bullish move that is obvious to everybody, indicates that $10,000 is the next probable way point. No predictions - no guarantees. Price could easily collapse however. So don't blame me if it does!
Strategy - Wait until BTC is above the 30 and 50 week Simple Moving Averages before making any long term buys. You won't catch the bottom, but you take on less risk. You wont be stuck holding if Bitcoin capitulates. You aren't waiting for demand to catch up to the price. You are protected from Black Swans whilst bitcoin builds/finds the bottom.
$6800 is a key...
In this screencast I make out the argument for Bitcoin getting to $30,000 USD in 2 years. This is not a prediction. My speculative projection is based on geopolitical, macroeconomic issues and market psychology. No fundamentals involved.
Have a listen. If you have alternative ideas do share by commenting or PM. Let's share and learn together.