BTC continues to go as planned. We are creating an equilibrium pattern currently, expecting some volume to flow in and to see a break out here shortly. Continue to move your stop losses up as the price moves up. DON'T get caught holding the bag, because when we drop, we are going to drop fast!
Hope to see you on the moon
Disclaimer: I am not a financial advisor, simply a person sharing their ideas with the community. If you found this chart useful please give me a like.
Have a great Monday!
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Hit the first target for impulse wave one. Next target is 9100. A bit of resistance along the way, once we break through 8800, the next resistance will be around 8960. Remember as the market moves to continue to move up your stop loss. It's better to get stopped out and lose a few dollars or break even than risk trying to time the market and close the position manually as it changes direction.
what makes you say that it BTC will come down below 5K or even 4K? what will it drive down to that kind of price? thanks.
zerotozeros12
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Hey @tonygrusso, I created a chart to try and depict things a little more in depth. I left my retracement and extension measurements on there as well as supports that I Believe are going to play a role in our bottom price. To tie it all together though; I believe price will hit around my target area for multiple reasons. I started out by trying to put myself in the shoes of institutional investors asking myself what I would do if I were them. They need large pools of liquidity in order to execute their positions and capitalize on their gains. If they don't have the liquidity their huge orders will drive up the price substantially as they try and buy, or drive down the price as they are selling, both cost them money. The way to solve that is taking advantage of stop losses as well as those who think they are catching a break out. 2: Everyone is discussing consensus 2018 and how historically it drives up price so everyday traders feel like they have the upper hand on the market, institutions are going to play into that, further driving up the price and just as traders believe bitcoin is going to the moon the institutional money is going to liquidate their huge positions causing devastation in the market and avalanching down prices. 3: I don't think that we will have a triple bottom at 6k simply because generally the third time a support is hit with huge force it breaks down. I expect those who were moments ago thinking they were riding bitcoin to the moon, and now are riding it off a cliff, will be emotionally trading, in turn driving the price further. 4.5-5.4k has confluence from the initial trend channel as well as an Elliot extension.
Hopefully this explanation better explains my reasoning.Sorry it took so long to reply, I had it all written out and then for whatever reason everything I had written disappeared so I had to start over. Anyways, if you have any other questions let me know!
Good luck with whatever you decide to do in the market!