Bitcoin - " Damn the torpedoes, full speed ahead! "
Good morning my fellow Bitcoinistas!
Here is a current look at my overall work throughout this correction\consolidation. Many say we are going lower. Many say Bitcoin has topped out. Many say it's over. I say "Damn the torpedoes, full speed ahead!" I believe we have just completed Wave 1 of the first 5 Wave move North. We are currently working on the mandatory ABC correction that follows every 5 Wave impulse move. Once that is complete we will start building a multi-wave count to complete a much larger Wave 3 that should bust out the top of this bullish pennant pattern. Wave 3 of course will be followed by Waves 4 and 5 followed by an equivalent sized ABC correction. At this point everybody will again say that Bitcoin is going lower, Bitcoin has topped out, Bitcoin is finished, etc. And again, Bitcoin will kick them all in their twats and keep plowing higher.
Those lamenting about missing buying below $5K will soon be lamenting the opportunities missed buying below $10K. As time marches on Bitcoin will continue to scratch lower price levels off its to-do list never to be seen again. $5K is gone forever and in a few months $10K will be gone forever too. Then $20K, $30K, $40K, etc.
After a decade of bullish price improvement you would think that by now most people would "get it", but alas, many don't study any history at all. Their world started the day they were born and everything else is irrelevant. That frame of mind is a huge mistake my friends. If you don't know the history of how the dollar came to be or how it functions then you will never realize it is doomed to fail in the end. If you don't know the history of Bitcoin or how it functions then you will never understand why it will succeed while fiats around the world fail. If you don't understand what makes money money and what makes a currency a currency and the differences and similarities between the two you may be forever chasing the next shitcoin project promoted as being "THE ONE". Take an hour or two and learn the history of money and you will never be fooled again.
Good luck out there!
BBS out.
A bit of history about risk takers- www.warhistoryonline...ull-speed-ahead.html
Here is a current look at my overall work throughout this correction\consolidation. Many say we are going lower. Many say Bitcoin has topped out. Many say it's over. I say "Damn the torpedoes, full speed ahead!" I believe we have just completed Wave 1 of the first 5 Wave move North. We are currently working on the mandatory ABC correction that follows every 5 Wave impulse move. Once that is complete we will start building a multi-wave count to complete a much larger Wave 3 that should bust out the top of this bullish pennant pattern. Wave 3 of course will be followed by Waves 4 and 5 followed by an equivalent sized ABC correction. At this point everybody will again say that Bitcoin is going lower, Bitcoin has topped out, Bitcoin is finished, etc. And again, Bitcoin will kick them all in their twats and keep plowing higher.
Those lamenting about missing buying below $5K will soon be lamenting the opportunities missed buying below $10K. As time marches on Bitcoin will continue to scratch lower price levels off its to-do list never to be seen again. $5K is gone forever and in a few months $10K will be gone forever too. Then $20K, $30K, $40K, etc.
After a decade of bullish price improvement you would think that by now most people would "get it", but alas, many don't study any history at all. Their world started the day they were born and everything else is irrelevant. That frame of mind is a huge mistake my friends. If you don't know the history of how the dollar came to be or how it functions then you will never realize it is doomed to fail in the end. If you don't know the history of Bitcoin or how it functions then you will never understand why it will succeed while fiats around the world fail. If you don't understand what makes money money and what makes a currency a currency and the differences and similarities between the two you may be forever chasing the next shitcoin project promoted as being "THE ONE". Take an hour or two and learn the history of money and you will never be fooled again.
Good luck out there!
BBS out.
A bit of history about risk takers- www.warhistoryonline...ull-speed-ahead.html
Comment:
For those concerned about the "timing" it is possible that this "Double Three" correction morphs into a "Triple Three" correction and work its way further down the pennant before breaking North. How would this look? When the current ABC is finished the price moves to the top of the pennant forming a much large ABC for the second X-Wave of the overall consolidation. This would then be followed by a third corrective pattern before finally breaking out. In this case my chart would show a 3-3-5 Flat, X-Wave, 5-3-5 Zig Zag, X-Wave, (TBD corrective pattern), Breakout! All of this would still be within the confines of the larger pennant pattern. I'd rather breakout sooner than later but this is entirely possible too. The bottom line for me is to get while the getting is good. :0)
Comment:
A close up 2 hour view
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It seems to be tracking as expected...
Comment:
Wave 2 (ABC) may be finished. We either start working towards the breakout this week or turn one more time to form another larger ABC type X-Wave (yellow) followed by one more corrective pattern then the breakout. Anybody that is in the camp of breaking North vs. South would do well to accumulate on the lows inside the larger pennant/triangle pattern IMO. If you think we are going lower then the obvious short is at the top of the triangle with a stop above it outside of the formation. Either way, this thing should be resolved in the next week or two. Perhaps the BAKKT launch will decide the initial direction? Good luck in however you play it.
Comment:
If this is an impulsive sub-wave 3 of a larger Wave 1 the target should be no less than 10,946 before correcting for wave 4. This assumes of course that the purple ABC that makes the larger blue Wave 2 is complete.
Comment:
I meant the purple ABC of the pink Wave 2
Comment:
Push the Play button. So far so good.....
Trade closed: target reached