I placed the lower entry price out to the right if it were to dip down earlier. I was suggesting to those who bought in to not panic and just buy more if it dips.
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There will be moments of consolidation on the way up. However, I still believe $1,175 is very well in play this leg up.
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We could very well do a pull back here to $1,042 shortly before continuing our leg upward. If we don't pull back to $1,042 before legging up, $1,075 is next on the agenda with a pull back to around $1,050 before legging up.
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Currently, between $1,040 and $1,047 would be a good entry point.
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Again, appears to be a "lot" of support at $1,040 to $1,047. I hope y'all were able to make entry if you did not do so yet.
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I believe we have more capital coming into Bitcoin from investors who want to get ahead of the ETF that may be approved in upcoming weeks. Which means, we may not fall as far as I previously depicted after reaching the $1,175 to $1,185 range.
We may only fall down to $1,060'ish to $1,050'ish at the lowest due to potential FOMO build up for the ETF.
I have drawn with red scribble how this may possibly play out. Remember, I'm not responsible for any trades someone makes based off my analysis. No one is right "all" the time; as can be seen by some of my previous publishings and the publishings of others.
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My bad, wrong chart previously. Here is red scribble:
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If we don't hit $1,250 to $1,275 this leg up, it will certainly be the next leg up. However, $1,276 is my target for this leg up.
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I'm beginning to have my doubts about BTCUSD consolidating back down to the $1,075 range. I will post a new publication on BTCUSD later today or tomorrow regarding what must occur to give a signal for continuing up and/or what would be the signal for coming back down to possibly $1,075 range.
The country of Dubai has plans to have their country "ran" by the bitcoin blockchain by the year 2020. That is HUGE news. We have a LOT of bullish news lately that may give fuel for liftoff to the moon. Which see: bitcointalk.org/index.php?topic=1166428.msg18002246
My bad, I should have said, "City" and not "Country."
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oKuuma
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Cool chart :) Following the green line, it would seem that there will be a massive dump starting in the beginning of March until the 11th. I would expect this. From then on the green line might go either way for the next 2-3 weeks.
WyckoffMode
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@oKuuma, Thanks man. Much appreciated!!! Yes, it has followed the green line for the most part. I made a comment above with a two new charts. I forgot to include the red scribble in the next to last chart. Hence the very last chart with the red scribble. I also made remarks about "why" I believe we may not go down as far as I previously depicted. It's still very possible. Time will tell.
Thanks for dropping by, oKuuma.
WyckoffMode
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@oKuuma, I change my mind on that "massive" dump. The GEO-Political realm has changed since I last posted this particular chart. It's explained in my most recent chart.
oKuuma
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@ProwdClown, Hey thanks for that info :) Very interesting. Kind of unfortunate because I wanted to make a large investment in the coming two weeks and buy cheap but still good news for BTC as a whole.
Of course, I could be wrong. However, there's just too much going on in the GEO-Political Realm to ignore. Yes, we could have a whale or two dump a lot of BTC soon to hoard more FIAT. Very possible...
However, I believe they are seeing the light in terms of dropping a bit here and there on the way up. That's what we are seeing going on now in my opinion. Meaning, when we have these pauses, that's when they are dumping a little at a time. If they didn't dump a little at a time, BTC would continue going up naturally on its own. At least that's what I'm seeing.
Cheers,
David
oKuuma
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@ProwdClown, I just read an article by Vinny Lingham. He kind of supports your thinking: vinnylingham.com/preventing-another-bitcoin-bubble-98dee44e2c7c#.bogws78ai
@oKuuma, That was an interesting read. Thanks for sharing it. I don't believe they will approve it simply because the big banks are against it. However, if it is approved, I believe the banks have something up their sleeves to "try" to kill bitcoin. However, they will never do that in my opinion.
President Trump and his administration is pro-bitcoin in my opinion. However, we still have too many corporate elites in control of the system. Especially, the banking system and finance. They don't want to give bitcoin that kind of exposure to hurt their reputation even more. The following video is more in line with my way of thinking regarding bitcoin ATH's for 2017 and beyond: youtube.com/watch?v=-0kRLvpDBSY&t=1035s
WyckoffMode
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@oKuuma, TV's hyperlink functions are not working. You have to copy and paste the link in order for it to work for whatever reason.