Our recent bull run of Bitcoins is nothing short (sic) of amazing. Many authors on trading view have taken the stance of shorting this bull run in which my opinion is to never guess or place a cap on when the bull run is going to end unless you have confirmation that the bull run has finished. None of the indicators or signals give a 100% confirmation on where the market is headed. It is there to give you a guidance or higher probability of your chances of being successful. All the EW traders or Fib or pattern/harmonic traders 100% know the next move to any markets.
However there is a thought process that you want to be part of the same movement that majority of the traders are in. And if majority of the traders look at the chart at the same way then your chances of higher successful probability will increase (let's not talk about the IB or the gremlin whales that push/dive the markets at this point).
We have a nice 2.414 target at 7861.41 from leg X to Z high and low back in September 2nd to 14th. We also have 1.618 fib level from horizontal resistance at leg point 3540.19 to leg point 6192.48.
At this point we are not predicting the market will turn around at 7861.41 but we can mark it as a point of interest and make a decision once we get there. RSI divergence also has a little more room to push up before seeing a move down.
I'm in no way disrespecting any EW, Fib,pattern/harmonic traders. They have worked on models that works for them and if they month on end walk out with profit then they are doing something right. Much respect to the traders.
As always, trade with a plan and safe trading.
Seildev
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Now that we have seen our target 2 reached at 7831 we need to re-evaluate and work out our next plan and see if there are any other opportunities.
All the EW traders or Fib or pattern/harmonic traders
100% know the next move to any markets.
you said all but i think you meant none...
seildev
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@jeremyalain, that was poor grammar on my behalf. I was meant to say no one knows 100% which way market should go. Thanks for picking up the error
JimPi
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Finally someone with a little common sense. For days I have been watching everyone talk of shorting and they are wrong. Remember charting is not the whole picture. To be accurate fundamentals have to be considered. We are just over a week from a fork so ppl want their free coins. this buying to get free coins pushes price up. Not complicated. there will be no major correction until right after the fork.We are headed to 8-10k and that is that.After we can expect a profit taking correction to 5-6k.
100% know the next move to any markets.
you said all but i think you meant none...