Bulls adhering to the symmetrical triangle count looking to explode up and out from around 8300 apex in a few weeks will have similar short-mid term targets and I generally like spots where both bears and bulls agree on direction (like we just had at 7300 with permabulls screaming wave 2 is in we are starting 3 and permabears saying we need wave 4 up before a 5th wave down).
Re: 2014 Crash Scenario, I think many ppl are too far ahead of the action. In 2014 we had a major move up (B wave) after the initial 70% retracement before heading lower on the C. I think we are on the B now and will ride along with permabulls till we hit that interesting 13-17k area where I will be transitioning to fiat in steps depending on what I see on the charts. If permabears are right then we will know soon enough because this 4 wave will likely terminate in 9600-10200 range within a week (if not done at 9200 already) and we will plummet rapidly and breakout to the downside of the symmetrical triangle bulls are counting on.
Anyway, those are our options as I see them and really wasn't going to post this at all but needed a chart for a discussion with a mega bear claiming big upside is 'impossible now'. Would love to hear what makes it impossible or at least so unlikely someone would even use that word in this crazy crypto world.
GL trading...a few green days in a row await after this last red one imo .
The general structure can also remain if we continue much lower and put in 5waves down making our new bottom the larger degree A and we will just start the B.... that would make what I thought was the A up, the 4wave of the 5wave impulse down.
Whatever the count for the very short term we should be heading up now.
Watch for sidelined tether to move into circulation. My guess it will be at start of c wave.