BITCOIN Bullish Scenario Reveals Itself

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The 8350-8400 level proved to be very strong support as the expected 8200 support was never even reached. The chart above shows a possible count underway in which the 8350 takeoff to 9500 was wave 1, we just retraced nearly fully for wave 2 and have started wave 3 with a bang as 3of3 just shot straight up. We are now looking to retrace to maybe 9050 or 8750 at best but don't count on going that low as a spike like this will incite FOMO and we could just have a spike-flat-spike type of impulse.
Keep in mind these are subwaves of subwaves and we are really looking at the very early stages of a higher degree wave 3 (to the 6k-12k wave 1). Currently on 4of3 of 1of3 if you can follow that :p.
GL trading and I hope you were actively playing likely bounces just in case something like this arouse.
Comment: correction: on 2of3 of 1of3 :D as shown in chart. easy to get lost in the trees among all the subwaves of subwaves.
Hope this count holds up and we start flying upwards. A very real possibility of remaining range bound but this pump was just so impressive it just might make the bulls believe again.
Comment: Well a true show of a hasty post, this was 3of3 according to my count but I drew the subwaves wrong. 1of3 was 8400to8800, 2of3 came back to 8470ish and 3of3 took us all the way to 9300. sorry for the confusion.
Comment: This count is still valid!
orange wave 1of3 completed at 9900, wave 2 dropped to 8750 and we are now either starting up wave 3of3 OR on the B of wave 2 which would go to about 9400ish (now 9200) and then fall again to 8750ish with a wick down to as low as 8500ish. Today's drop to 8750 was to the 78.6% retracement (fairly common for wave 2) so going slightly below that is not too out of the ordinary.
Everyone is calling for 7K or sub 6K so I expect market makers to do what they did when everyone was calling an inverted H&S break ... the opposite.
This is a time of uncertainty so having stops at about 8400 or so is prudent. You can even have stops at 8730 but then u really risk getting wicked out on wave C of 2 if that scenario comes into play.
Nice setup
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