Tracing this wave, these are the projections we get. This shouldn't happen any time soon, and it is only in effect if price passes its previous all time high. The first leg of the wave is the bubble swelling, quickly, this is obviously an impulsive movement. It is followed by a slow bleedout, small pushes in either direction with the total sum being negative. This can be described as corrective price action.
After making almost a full retrace, we must ask ourselves... will bitcoin become even more worthless? we must wait and see.
The NT value, as with all projected values, should be see as support/resistance. I see NT as a safety net, but like all nets, if it rips you're screwed.
Things that make me suspect that bitcoin might make efforts to even bother reaching value N, which is essentially just our all time high, let alone attempting to claw its way towards higher highs is the fact that our base line(dark red) and conversion line(blue) have lost momentum and are now flat. The price has done the same. The price is sitting clearly above the kumo and for this reason, on this timescale, bitcoin is bullish.
After making almost a full retrace, we must ask ourselves... will bitcoin become even more worthless? we must wait and see.
The NT value, as with all projected values, should be see as support/resistance. I see NT as a safety net, but like all nets, if it rips you're screwed.
Things that make me suspect that bitcoin might make efforts to even bother reaching value N, which is essentially just our all time high, let alone attempting to claw its way towards higher highs is the fact that our base line(dark red) and conversion line(blue) have lost momentum and are now flat. The price has done the same. The price is sitting clearly above the kumo and for this reason, on this timescale, bitcoin is bullish.
Trade active:
The base line is curling up. The conversion line is still flat and has stopped pushing the price down. The price is inching its way up and is still above the kumo.
The trend is still up on this timescale, and it is slowly strengthening.
On the weekly, we see that every one of the 5 lines has flatlined and the price is climbing up, past the conversion line. This is bullish.
On the daily, the price has broken up and above the kumo and the conversion and base line, pulling them upwards. This is a pretty strong signal to buy if you are playing on this timescale.
The trend is still up on this timescale, and it is slowly strengthening.
Trade closed: target reached:
Bitcoin hit and surpassed our high probability targets.
