user100000
Long

expanding leading diagonal

BITSTAMP:BTCUSD   Bitcoin / Dollar
today primary wave 4 was invalidated as a normal impulse wave as the market moves into primary wave 1 terriroty. the pattern looks like a large expanding leading diagonal that is the only pattern which makes sense to me, typically wave 5 ends just before touching the 1-3 trendline
When does this idea get invalidated?
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user100000 MoonTrader
market has to move below 45 for invalidation of this idea
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Are you holding to this considering the pummeling we're getting today? We may even hit final support at 124 within the next day or two.
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user100000 rivet.popper
yes holding to 3K and will watch it carefully at that level. it is obvious it is an expanding diagonal. there is no other explanation. you will get a huge rally out of nowhere. it will be shocking
+1 Reply
oaksacorn user100000
This so called 4 wave is too far into 1. I think we had a 1 wave ending on high of 16.41 on 8/17/12; 3 wave ending at 179 on 4/11/13; 5 wave ending at 1163 on 11/30/14 and is the cycle 1 wave high. This diagonal from the highs is a larger 2 wave. We are now about to embark on the larger cycle 3 wave with a 5 wave structure inside it. Your original call of 99k was correct - the high of the cycle 3 wave. This being the case, 3K is chump change. Let me know your thoughts. Thanks.
+1 Reply
user100000 oaksacorn
if you look at the macd it is at its highest level near the ATH which usually indicates wave 3. that's why im expecting wave 5 to 3K. i hope you're right but it feels too similar to silver monthly chart (also an expanding diagonal)
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HenrikLolsor user100000
What's your opinion on the inflation? Do you think it even can reach those high prices when there's 3600 bitcoin generated daily?
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MoonTrader HenrikLolsor
3600 BTC generated daily? Where did you hear that?
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HenrikLolsor MoonTrader
yes, 3600 BTC are being mined by miners every day. You didn't know that???
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MoonTrader MoonTrader
I keep hearing 7200/day, which is twice as much as you're saying.
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