Mapped out EW counts to BTC correction: apx 8.7k ~ 7.7k
Alright folks. Here we have it. This will be my last post about BTC until after the correction. At this point there won't likely be very high spikes up in price. Although we could in theory still see a 10,200, but that shouldn't scare you out of your shorts. Anything above 10,900 invalidates the EW counts. I don't expect that.
Even shorting from here, I believe you're pretty safe. Don't go crazy on the leverage, I'd go 10x/15x max on leverage to stay safe from liquidity spikes.
The counts basically say it all.
Once this correction is done. BUY... And I mean BUY like you've never bought before because I believe we are about to see a parabolic move MUCH BIGGER in stride than the run up to 20k in 2017. I mean it... We will not see a run like this for a VERY long time. I fully believe we will see 30k within the next year or so.
This is the full picture of where I think prices may be headed. It's tough to predict, but sometimes extended Fib trends can give some clues.
IMPORTANT NOTES:
- The correction COULD in theory be as deep as 5k... I strongly believe that anything in the range between 8.7k and 7.7k is a good price to buy. You will not likely see these prices ever again.
- DO expect to consolidate between the flag pattern we are in for possibly a little while longer.
- DO NOT try to long from the bottom of the correction. You WILL DEFINITELY KNOW when it ends. Understand that trying to figure out when to long the bottom of the correction is like trying to catch a falling knife. It's much safer to long AFTER the correction.
- The correction down may possibly be fairly fast with a fairly quick buy up and consolidation just like in 2017. I don't expect it to be terribly prolonged. Possibly a month, but it could also go much quicker. We could in theory even see a quick wick down, followed by massive buying. See below:
Even shorting from here, I believe you're pretty safe. Don't go crazy on the leverage, I'd go 10x/15x max on leverage to stay safe from liquidity spikes.
The counts basically say it all.
Once this correction is done. BUY... And I mean BUY like you've never bought before because I believe we are about to see a parabolic move MUCH BIGGER in stride than the run up to 20k in 2017. I mean it... We will not see a run like this for a VERY long time. I fully believe we will see 30k within the next year or so.
This is the full picture of where I think prices may be headed. It's tough to predict, but sometimes extended Fib trends can give some clues.
IMPORTANT NOTES:
- The correction COULD in theory be as deep as 5k... I strongly believe that anything in the range between 8.7k and 7.7k is a good price to buy. You will not likely see these prices ever again.
- DO expect to consolidate between the flag pattern we are in for possibly a little while longer.
- DO NOT try to long from the bottom of the correction. You WILL DEFINITELY KNOW when it ends. Understand that trying to figure out when to long the bottom of the correction is like trying to catch a falling knife. It's much safer to long AFTER the correction.
- The correction down may possibly be fairly fast with a fairly quick buy up and consolidation just like in 2017. I don't expect it to be terribly prolonged. Possibly a month, but it could also go much quicker. We could in theory even see a quick wick down, followed by massive buying. See below:
Comment:
So we are now consolidating...
HOWEVER, I don't want all of you to think we are complete done with the correction just yet.
We could still go down from here and see more of 7k.
Putting a long here is still high risk in my opinion. I will not be in a long position until we're bouncing closer to 10k. So please be careful entering any position here.
HOWEVER, I don't want all of you to think we are complete done with the correction just yet.
We could still go down from here and see more of 7k.
Putting a long here is still high risk in my opinion. I will not be in a long position until we're bouncing closer to 10k. So please be careful entering any position here.
What worries me is so many people settling into alt coins, thinking there is a prolonged and deep correction with BTC, especially seeing BTC dominance falling off during the correction.
What I'm afraid that we end up seeing is BTC dominance spiking hard and stranding all the alts behind.
If I'm honest here, alt season will only last during the length of the correction, which will be far shorter than people think.
Please take that into consideration while reading this if you're heavy into alts right now.