Bitcoin is in the middle of a possible 5 wave correction and there's currently a buy set-up that will complete the 5 wave correction. This correction however, will likely present us with only a short term sell trade because there's a major trendline which I expect to act as a support that will give us the complete reversal into a bullish market.
If you have any comments or different view then please share it.
I cannot see us hitting anywhere above 7k it's a massive resistance zone as you can see from the strong rejections we have had thus far. As the hopium runs out and investors look at the despicable situation of the stock markets tonight Bitcoin will move back to the 5k region. There are many technical indicators pointing to this playing.
Joseph_Yabwa
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@tonygun72, We are in a corrective structure that could break to the downside at any moment and retest the recent lows. The current structure suggests a short term move to the upside and how high we go is not 100% certain but the resistance you mentioned at 7k is significant no doubt.
Joseph_Yabwa
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@Joseph_Yabwa, I appreciate your point of view though, so time will tell!
tonygun72
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@Joseph_Yabwa, After doing a lot of analysis I'm with you on this especially after today's small pullback whilst indicators have cooled the market has remained stable so I'm also thinkinh we will have a stab at 8k and then likely go much lower. Traditional markets have also been positive. Fear and Greed has been extreme so it's time for BTC to continue higher.
Tanin008
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This was a special and different analysis I've seen recently. Honestly I am confused with all these contraditory TAs!
Joseph_Yabwa
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@Tanin008, Thanks for your comment bro. I think the reason why you are confused is the fact that some traders focus on the short term and others on the long term and both analysis will look different. I focus on both the short term and the longterm which is a lot more difficult to do but it gives you a much more clear picture. I hope this helps clarifies things for you.
I think its wrong because it can increase up to 6500
Joseph_Yabwa
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@7c4747cd98f045f39e582e088b4681, Did you look at the chart? I said there's a buy set currently that will take us from the current price (6300) to around 7800 before it goes down. So you are right and the chart is right too, agreed?