The break of 5K means we are in the 5th wave of an incredible Elliott Wave set. I have compared the Fibonacci levels from the 0-1 and 2-3 runs and extrapolated to the 5th wave. This has resulted on an 8K target. I have also overlayed the bar patterns from these runs to the current wave in pale white. In these overlays I have indicated the regions interacting with the fib levels that I have used to predict the price movement. The vertical lines indicate a few key events in my strategy, namely the Swell conference for Ripple, the date of the Chinese Congress and the Fork to Bitcoin Gold. I compared the duration of the 0-1 and 2-3 runs and used the ratio to forecast the length of the 5th based on the length of the 3rd. This resulted in a peak approximately around the date of the BTG hard fork (25th), so I have chosen that as the likely date of peak price. Price will likely climb up to the fork, then drop quickly after once everyone gets their BTG.
The rotating arrows indice periods of rotation, where BTC could enter a consolidation phase and allow money to flow back into the alts. At the time of the breakout at 5K, I sold into BTC, now I am rotating into ETC and XRP as indicated by the blue rotating arrow. These coins are suppressed in price with solid TA and fundamental catalysts (XRP with the swell conference, and ETC with the ETH hard fork). After a few days I will reassess and aim to sell into BTC, as I expect the tide to go out on alts again when it runs once more. Selling into BTC is indicated by the yellow rotating arrows.
I expect the next run to reach the 0.786 fib level, hopefully around the time of the Chinese Communist Party Congress on the 18th, on which date it is speculated that cryptocurrency regulations will be announced. This could spur some negative sentiment towards the overall market and cause another round of consolidation in BTC. I will be looking to sell into fiat and rotate into BCH, since Chinese mining could receive positive sentiment from these regulations. Again I will be selling into BTC after reassessing the situation after this date at the second yellow arrow. Finally, I plan to cash out at 8K, for a clean exit before the BTG fork. This could be the end of the road for the bull market.
Please don't take these dates and prices as gospel, but more as an approximate prediction, and a plan to trade the volatility. I hope it helps! Feel free to leave a comment or send me a message :)
Az.
The rotating arrows indice periods of rotation, where BTC could enter a consolidation phase and allow money to flow back into the alts. At the time of the breakout at 5K, I sold into BTC, now I am rotating into ETC and XRP as indicated by the blue rotating arrow. These coins are suppressed in price with solid TA and fundamental catalysts (XRP with the swell conference, and ETC with the ETH hard fork). After a few days I will reassess and aim to sell into BTC, as I expect the tide to go out on alts again when it runs once more. Selling into BTC is indicated by the yellow rotating arrows.
I expect the next run to reach the 0.786 fib level, hopefully around the time of the Chinese Communist Party Congress on the 18th, on which date it is speculated that cryptocurrency regulations will be announced. This could spur some negative sentiment towards the overall market and cause another round of consolidation in BTC. I will be looking to sell into fiat and rotate into BCH, since Chinese mining could receive positive sentiment from these regulations. Again I will be selling into BTC after reassessing the situation after this date at the second yellow arrow. Finally, I plan to cash out at 8K, for a clean exit before the BTG fork. This could be the end of the road for the bull market.
Please don't take these dates and prices as gospel, but more as an approximate prediction, and a plan to trade the volatility. I hope it helps! Feel free to leave a comment or send me a message :)
Az.