Well it seems that I was wrong about the direction of the break from that fib time zone and my stops were hit at $7440 en-route to our current schiff pitchfork resistance.
Some elliot wave analysts called it so the pace of this recovery was unexpected to me but obviously not to a others.
If you press play on my previous chart, you can see that we reached the next (current) schiff pitchfork resistance peaking at around $8400 and then we subsequently had a 38.2 fib retracement down to our 1.618 fib ring support so at least these levels are being respected for now.
I do now believe that the bottom is in and believing contrary is denial (although we can never be 100% sure since this is a game of probabilities, not certainties) and a few of my alt coin trades have played out very nicely, with most showing great setups lately.
Altcoin season still has not started though, not until bitcoin dominance has dropped enough to kick things off.
For the short term, I'm looking for another retest of $7440 before 1 last 138.2 fib extension from our recent $8400 peak, taking us to between $9750 and $10400 where resistance will be heavy.
This is also the 3.618 fib ring resistance when you connect a fib circle from the December lows to the $5600 peak, which was reached just before the recent larger impulse move.
From $10k we should have at least a 61.8 fib retracement / correction back to our macro trend line support which starts from our 2015 lows of the previous bear market.
This should take us to somewhere between $5200-$5900 before the next parabolic phase of the bull market starts with a target of $24 000 sometime at the end of this year or early 2020. We should enter the parabolic phase after breaking out from both the outer 4.236 fib ring and the 2.618 fib ring of the larger red fib circle connecting the December 2017 ATH to the December 2018 lows.
By connecting fib timezones between our Dec 17 ATH and Dec 18 bottom lows, you can see that this move to $24k should take us to our next fib time zone as well as our next schiff pitchfork resistance.
Good luck and happy trading!
Some elliot wave analysts called it so the pace of this recovery was unexpected to me but obviously not to a others.
If you press play on my previous chart, you can see that we reached the next (current) schiff pitchfork resistance peaking at around $8400 and then we subsequently had a 38.2 fib retracement down to our 1.618 fib ring support so at least these levels are being respected for now.
I do now believe that the bottom is in and believing contrary is denial (although we can never be 100% sure since this is a game of probabilities, not certainties) and a few of my alt coin trades have played out very nicely, with most showing great setups lately.
Altcoin season still has not started though, not until bitcoin dominance has dropped enough to kick things off.
For the short term, I'm looking for another retest of $7440 before 1 last 138.2 fib extension from our recent $8400 peak, taking us to between $9750 and $10400 where resistance will be heavy.
This is also the 3.618 fib ring resistance when you connect a fib circle from the December lows to the $5600 peak, which was reached just before the recent larger impulse move.
From $10k we should have at least a 61.8 fib retracement / correction back to our macro trend line support which starts from our 2015 lows of the previous bear market.
This should take us to somewhere between $5200-$5900 before the next parabolic phase of the bull market starts with a target of $24 000 sometime at the end of this year or early 2020. We should enter the parabolic phase after breaking out from both the outer 4.236 fib ring and the 2.618 fib ring of the larger red fib circle connecting the December 2017 ATH to the December 2018 lows.
By connecting fib timezones between our Dec 17 ATH and Dec 18 bottom lows, you can see that this move to $24k should take us to our next fib time zone as well as our next schiff pitchfork resistance.
Good luck and happy trading!
Trade active:
This has followed the blue arrows well so far, however I do think we still have more upside! The mania fomo crowd has just arrived.
