BITCOIN - Youtube "Gurus" Want $8K 😸

More choppy w@ters and it looks like Bitcoin algos will keep complexity high through this next phase.

You didn't think you'd get an easy hodl ride did you ?

Ok thats good - me neither 😸.

I showed in Wednesday's video that having printed only a slightly higher high meant there was a good chance that BTC will be form yet another ascending wedge which will prove to be bearish.

This is where the algo games begin and how they keep the herd confused.

So here's the game:

ALTS tend to have their strongest rallies when BTC drifts upward.

And an ascending wedge is a slow moving pattern that is a perfect drift for ALTS.

But the complication is that an ascending wedge is a bearish pattern and at some point the hammer will fall.

And when the hammer falls ALTS will dump hard.

So its kind of a game of musical chairs 😸.

...

The youtube shills are doing their best to scare the dumb-money-free-lunch-crowd out of their positions having seen the slightly higher high would probably be bearish at least in the short term.

But they are calling for $8K and telling their subs its time to go short!

And they can make a quick buck as BTC has a small tumble and their audience will be impressed.

But what they're not telling you is there are big guns getting ready for the next wave up and they can go on wild rallies while BTC prints limp upward oscillations.

(FET pushing on up as I write this)

...

Back in June, Bitcoin printed an ascending wedge that lasted the whole summer and in that time many ALTS made great gains.

I bought the bottom and sold the top on quite a few - I linked UNI and APE entry and exit threads below

That BTC ascending wedge saw 5 oscillations and so far we've had only 1.5.

And that is why I have drawn the potential lower wedge trendline with a dotted line; because its not a wedge unless it reverses to the upside, which as yet it hasn't.

So its not at all certain that there will be another wave up to form the wedge, but that is what I think will happen.

If it is a wedge, whenever it tops it is logical to consider that history will repeat and a BIG collapse will follow.

And if we also consider this from an Elliott Wave perspective; this ascending wedge could be a wave 1.

In a typical Elliott Wave a typical wave 2 will retrace 0.618.

Although we don't yet know where the top is, that could approximately take BTC back to $19K.

If this happens of course this will remove many get-rich-schemers from the table who will believe their gurus that BTC is heading to $8K.

But I don't think that will happen.

And so you might think - "ok - i'll just wait for a big pull back and buy then."

But this is where the game is.

ALTS can be long over the horizon before that pull back comes many oscillations later.

And BTC may even have a mini blow of top before tumbling down.

But each time it dumps there is always a risk it will the the big dump down and down.

Clever algos 😸.

See you @ BTC $174K.

Not advice

Comment:

UNI entry thread linked incorrectly.

Here it is.

Comment:

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Comment:

On target so far.

There were some key details in this recent area to see this might dump. I'll probably cover this more in my next TradingView video later this month.

Anyhow BTC is on its way down - the 200MA and 0.618 retracement are potential areas for reversal 👍🏻.