When BTC went from 6000 to its recent highs our Long Term Wave Indicator switched from Sell/Short to NEUTRAL. As it was going up by 1000 every day we said it was just daily ATR and nothing to get excited about.
We still hold that position as BTC has lost some ground day. A 1000 drop seems large just as a 1000 increase seems large BUT that is BTC's daily ATR: 1108!
We are still cautiously optimistic about the continued upward move of BTC but before it gets to 50k it has to get to 15k first.
In conclusion, its a mixed bag : Long Term Trend ...NEUTRAL. Med Term Trend.... Long. Short Term Trend ...NEUTRAL.
We will see some big swings in both directions but as traders that should get you excited!
We still hold that position as BTC has lost some ground day. A 1000 drop seems large just as a 1000 increase seems large BUT that is BTC's daily ATR: 1108!
We are still cautiously optimistic about the continued upward move of BTC but before it gets to 50k it has to get to 15k first.
In conclusion, its a mixed bag : Long Term Trend ...NEUTRAL. Med Term Trend.... Long. Short Term Trend ...NEUTRAL.
We will see some big swings in both directions but as traders that should get you excited!