@alexyeoh, C is probably where 3 is on the chart above and Wave 1 of the next 5 waves starts at 3 and goes to 4 Maybe?
NaturalPatterns
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@Kwa, i agree with you both. Do you think 8k That was just hit is top of 3 or 5(of waves not drawn here - the waves we have to re adjust every Day :)
Been waiting for a retrace forever
BitcoinBearSlayer
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@NaturalPatterns, I don't know. The only think I feel fairly confident about is closing a weekly candle above $7300 to $7600 or better. If Bitcoin can do this, I think it may still have a good ways to run. Otherwise, we may get that retrace you've been looking for. Unfortunately, that candle won't close for several more days. Compare the first yellow arrow on the left to the second yellow arrow on the right in the chart below. I see no instance of a retrace once the price broke over and closed the blue trendline. It only kept going for several weeks and then pulled back. Does that mean it has to happen again the exact same way? No, but it is the only historical reference we have.
NaturalPatterns
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@Kwa, thanks for your chart.
I guess it would be ideal if history repeats itself with a little retrace first.
my bag needs some more BTC. For me it is buy the dips now.
If you draw a parallell line and make a bottom of the channel, it is also pretty interesting to see that it hits 3200 as a bottom.
And also add a line from 20K to the capitulation mid november 2018, and see where that one hits next ;) Its good to be in this channel, this channel is multi-year sustainable growth.
BitcoinBearSlayer
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@NaturalPatterns, Agreed. I have those channels drawn on charts I've already posted.
I strongly believe that We will get at least one more time to buy bitcoin below $5000 before the next bull season! Let's see how it goes!
NaturalPatterns
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@CryptoEngineering, thanks for your comment and chart. I see your point. I am waiting for the retrace myself, ready to buy the dip.
lets keep talking and find the perfect re-entry