I think we might have seen enough panic. At least for now.
I shared my ideas recently about the 2 day bullish divergence and the primary trend line. I'm also seeing evidence of a LOT of alts diverging heavily against BTC. Whether this is a move up within the correction or the correction is about to end, I think we're about to see much larger moves up than we've seen since Feb or even 2017. This chart is a bit of a mess but if you like, take a look at the
correlations and think about what I'm suggesting. I personally think this is the ending of a primary wave 3-4 pull back and not the ending of the primary wave 3 but being objective, I'm remaining open to another pull back after some significant relief in the selling pressure for a while. This will take some time to play out however I believer the lower pink trend line is a great guide of market direction at this time.
I'll be honest, I was pretty freaked out by the moves as of late but in all honesty, this is not acting like a continuation of a down trend. This is behaving to me as a bottom whether local or not. I think $9-12k is closer than I was imagining as of late. Still waiting for further signals but though the price action fell below my initial expectations, I'm still seeing the signals I wanted to see to expect a change of trend. Lets watch and see how this plays out!
correlations and think about what I'm suggesting. I personally think this is the ending of a primary wave 3-4 pull back and not the ending of the primary wave 3 but being objective, I'm remaining open to another pull back after some significant relief in the selling pressure for a while. This will take some time to play out however I believer the lower pink trend line is a great guide of market direction at this time.
I'll be honest, I was pretty freaked out by the moves as of late but in all honesty, this is not acting like a continuation of a down trend. This is behaving to me as a bottom whether local or not. I think $9-12k is closer than I was imagining as of late. Still waiting for further signals but though the price action fell below my initial expectations, I'm still seeing the signals I wanted to see to expect a change of trend. Lets watch and see how this plays out!
Comment:
This is following what I explained as the "caution" zone last april. Go ahead and press play on this chart
Comment:
Longs breaking out