We are currently sitting in what I like to call a, Bitcoin "INCEPTION" market. This is because we are currently inside of a market, inside of a market, inside of a market (BU(BE(BULL)AR)LL). In order for us to get back to the long-term Bull market us Cryptonians want, we need to have a series of things occur.
1-We need the current short term Bull market to complete (6,500-7,200) - (This is actually just a small retrace in the mid-term market). Hopefully this occurs soon if not already (see 1 Hr ago) People are/have been buying the bottom...and having short term FOMO due to a $500 move in BTC (Hurry, everyone run, BTC went up $500, this is the launchpad to the moon, don't miss - buy buy buy).
2-We then need the current mid-term market to complete ($4,500-$5,500) - (This is actually just a retrace in the long-term market). Hopefully this will occur within the next 20-30 days as the media/whales/institutional investors "release the Kraken" of FUD driving the market to new yearly lows (the sky is falling, crypto is only used by criminals, blah blah blah). Whales will dump a little, add FUD, equals the weak at heart retail investors will dump fearing for their lives.
3-We then need a large Jolt to wake us up from our sleep so we can start the 3rd leg of the weekly (which is the biggest wave in a 5 wave movement). This should propel us to the $30,000-$45,000 range (1.618 move based upon leg 1 of the current weekly pattern). I hope this is caused by the approval of the at the end of September however it might take longer if it gets delayed again (Release the rejection "Kraken" and lets drive prices lower as was mentioned in step 2). Once the gets approved and we people start paying attention to the recent news (ICE, BAKKT, Northern Light, Blackrock , etc.), this baby could start to sale the sees as fast as the black Pearl. Bull market ignites, REAL FOMO kicks in around $10,000-$15,000 and we are off at hyper-speed to complete leg 3 sometime in 2019.
All things said and done, we just need a big jolt to knock the market out of the current "INCEPTION", and we will be back on track.
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