G'day fellas.
going back to some of my roots.
I've evolved my trade style to focus more on PA and mastering RSI rather than EW.
But though I'd go back to EW just to see what's going on, on a larger timeframe.
This is what I'm seeing.
I chose Bitstamp because they go as far back as 2011 for data, like Mt Gox.
I see 5 waves completed.
We've retraced to the 70.5% value from our ATH.
And honestly, I doubt we fall much from here.
There's a couple of reasons Why I think we SHOULD go up from here.
1) prices just DO NOT fall below that bullish OB that I outlined in there.
There is A LOT of institutional interest at this zone.
2) We formed a higher low on the weekly for the first time. First sign of strength in this market in over 6/7months. Appearing on RSI as well and my fast and slow oscillators.
3) We had some nasty news, with 9ETF's being rejected. But prices did not dump into oblivion. Usually that's indicative that perhaps market direction has changed a little bit. Because bear markets end when bad news stops being as impactful as they were in the past. (from what I've noticed). With a lot of great things happening for a lot of the blockchain projects this year, it's only a matter of time before the compounding of the good news manifests itself in a bull market.
4) Completed EW cycle.
5) Size of moves becoming smaller and smaller, volatility decreasing.
OK.
I might be talking rubbish, but I think the end of the market is closer than most people think.
NOW. All of what I said above is INVALIDATED should we fall below the 5400 bullish OB.
5k is like the lowest I will allow, but any close, lower than that means crypto will need to consolidate for a lot longer before going on another bull run.
Which is why we spend this time to learn TA so we're prepared for the next bull run. I know I've been doing that ^_^ Have you?
One more nice short opportunity, then bitcoin will really be slow moving and up goes our bullishness which should fall in line with some solid FA.
I'm thinking I post a bit more on here.
Though sometimes its really hard to do on top of the stuff that I'm trying to do right now.
But I'm keen to get this going.
going back to some of my roots.
I've evolved my trade style to focus more on PA and mastering RSI rather than EW.
But though I'd go back to EW just to see what's going on, on a larger timeframe.
This is what I'm seeing.
I chose Bitstamp because they go as far back as 2011 for data, like Mt Gox.
I see 5 waves completed.
We've retraced to the 70.5% value from our ATH.
And honestly, I doubt we fall much from here.
There's a couple of reasons Why I think we SHOULD go up from here.
1) prices just DO NOT fall below that bullish OB that I outlined in there.
There is A LOT of institutional interest at this zone.
2) We formed a higher low on the weekly for the first time. First sign of strength in this market in over 6/7months. Appearing on RSI as well and my fast and slow oscillators.
3) We had some nasty news, with 9ETF's being rejected. But prices did not dump into oblivion. Usually that's indicative that perhaps market direction has changed a little bit. Because bear markets end when bad news stops being as impactful as they were in the past. (from what I've noticed). With a lot of great things happening for a lot of the blockchain projects this year, it's only a matter of time before the compounding of the good news manifests itself in a bull market.
4) Completed EW cycle.
5) Size of moves becoming smaller and smaller, volatility decreasing.
OK.
I might be talking rubbish, but I think the end of the market is closer than most people think.
NOW. All of what I said above is INVALIDATED should we fall below the 5400 bullish OB.
5k is like the lowest I will allow, but any close, lower than that means crypto will need to consolidate for a lot longer before going on another bull run.
Which is why we spend this time to learn TA so we're prepared for the next bull run. I know I've been doing that ^_^ Have you?
One more nice short opportunity, then bitcoin will really be slow moving and up goes our bullishness which should fall in line with some solid FA.
I'm thinking I post a bit more on here.
Though sometimes its really hard to do on top of the stuff that I'm trying to do right now.
But I'm keen to get this going.