If you can't properly recognize the details on the right chart, zoom in. I had to zoom out when analyzing, as otherwise all the details wouldn't have fit on the window.
I've also tried to find some similarities on the time axis, but there are none. The only thing that stands out is that things are moving way quicker than back in 2014. According to this, I expect $3000 to be hit either in between July and September. Take into consideration that a reversal NEVER happens with just one candle - so do not expect an immediate bull run. When seeing a trend reversal there is almost always a double bottom being built. As we're here speaking of a daily timeframe, this could take another few weeks/months. However, this does not mean that we can't buy the bottom at 3k - we just should be aware of the high chances that this level will be tested once again before really skyrocketing and repeating its cycle once again.
Just wanted to say, well done for allowing yourself to flip view.
You previous post was looking for a fairly strong bullish swing trade which looks now quite clearly as having failed.
A few months ago you really nailed a low with a great wave count.
It takes the right amount of detachment to hold for a reasonable time then to chalk up a failed view. There are some really popular analysts on TV who appear to have a real blind spot when it comes to changing their views. Ultimately they don't manage it, instead preferring simply to zoom further and further out in an attempt to validate their bullish hopes.
BudBronson
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@BRRD, thanks mate, appreciate. Indeed, it is important to not get too biased!
GJMRealEstate
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in December I had bitcoin coming back to consolidate the $5,000 - $10,000 area. the area below $5,000 has been well consolidated. these charts are amazing comparisons. Who can say? The lower it goes, the more shares I have. this market is gifting wealth to those with a strategy.
JRspotcryp
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thanks a lot bud
there is one thing that is making me curious: most of the ideas are really bearish for short term targeting 1500-4000 as final correction destination, meaning lots of bulls are waiting over there.
i can assume there are no free meals in the market so the bearish cycle might end before reaching those tragets
i would even say that we had double bottom found at the area 5900-6200.
psychologically speaking , it makes sense.
everybody is waiting for wave c to come that will take us to 1500-3500-4000 ( last time there was such a certainty was at 20k when all were bullish )
BRRD
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@JRspotcryp well, there are a fair few analysts also saying this is the buy zone and some well-known projecting huge targets by end-of-year.
Psychologically it doesn't seem like sentiment is reset from last year. Maybe half-reset!
I think we are more uncertain than bearish.
cyberholz
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And why "all in at $3,000"?
BudBronson
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@cyberholz, because the time will come where you'll thank yourself every single day for having done that
cyberholz
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@BudBronson, The graph rather shows bottoming out now.
BudBronson
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@BudBronson, I am not intending to go all in into BTC, but in other alts. But as we know, if BTC drops, so does the market and vice versa.
Assuming price will behave quite similar to the 2014 scenario, we can expect a minor three wave correction to the upside back to the $7000-7500.
Comparing it to the chart on the right, it's the move that has started on 5th of October 2014 and has found its peak on 12th of November 2014 - I'd label that as a wave 4 followed by a final dump to complete wave 5 of (c)