Hello everybody! I am back from vacation and decided to share my thoughts on BTC/USD pair. (*Going to do more on other pairs too.*)
Bitcoin needs to close above 11490$ on weekly to get a chance for 16000$. If we close below, which I believe is not likely - more consolidation and decision time might extend for at least couple more weeks. Only weekly close below 10700$ would invalidate this wave count and btc would likely head straight to 7-8k zone.
I studied BTC price action for years and what I noticed that wave 2 or in this case wave (II) has deep correction. As you can see, wave 2 retraced 0.786 before 3rd wave kicked in. This move is very impulsive and this time 0.786 should not be touched. Fib 0.618 should act as support on weekly (volatility might get us lower to catch more bears and panic sellers).
Stoping at 1.236 with decent volume and big spike would offer good spot to short or at least sell and wait for better price to re-enter. I will be waiting for 0.618 to finish II wave. After that - party will really start.
****In long term I am very bullish eyeing anywhere from 110k - to my original target of 350k. All depends on how aggressive and steep is price action.
** This idea is NOT A FINANCIAL ADVISE.
BTCUSD
Bitcoin needs to close above 11490$ on weekly to get a chance for 16000$. If we close below, which I believe is not likely - more consolidation and decision time might extend for at least couple more weeks. Only weekly close below 10700$ would invalidate this wave count and btc would likely head straight to 7-8k zone.
I studied BTC price action for years and what I noticed that wave 2 or in this case wave (II) has deep correction. As you can see, wave 2 retraced 0.786 before 3rd wave kicked in. This move is very impulsive and this time 0.786 should not be touched. Fib 0.618 should act as support on weekly (volatility might get us lower to catch more bears and panic sellers).
Stoping at 1.236 with decent volume and big spike would offer good spot to short or at least sell and wait for better price to re-enter. I will be waiting for 0.618 to finish II wave. After that - party will really start.
****In long term I am very bullish eyeing anywhere from 110k - to my original target of 350k. All depends on how aggressive and steep is price action.
** This idea is NOT A FINANCIAL ADVISE.
BTCUSD