In the parabolic bull run of Dec 2017, it all came crashing down in tremendous fashion - a double zig-zag WXY - and then a dead cat bounce and slow bleed out to the downside over many months.
My, my how history repeats itself. It has become apparent that the exact same initial pattern is unfolding. Parabolic runs will always come tumbling down, this is the first part of the consolidation.
Trade active
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started the climb on the mini C wave. Watching the 10345, 10600 and 10780 areas for a reversal and short.
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Oops, I didn't mean to post "trade active" . I'm still waiting for this mini C wave to breakout before the 3rd wave down. There's a lot of buzz and the famished fomo bulls will likely want a last feed before the slaughter. So it could push to 11k before the tumble down. I'll wait until I see a sign of the reversal.
Trade active
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Price action didn't quite reach my target zone, so I sat on the sidelines watching, thinking there would be a retrace up. That didn't happen and since I think the larger trend will play out as illustrated, I've opened a short from 9700.
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So I was impatient and jumped into the trade too early without letting the (ii) wave fully play out (with the mini abc). I think we'll pump a little further from here and I have placed a ladder of short orders from 10200 to 10700 for the expected slide down to 8500. Need to be patient when trading, I can't stress this enough.
Trade closed: stop reached
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I forgot to update this page - I was stopped out on this trade. Working on a new idea as there is much downside to come.
Great chart. What do you expect to happen in the market if BTC hits your target?
liquidcactus
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@JackieAncap,thanks! I think it's likely there will be a retracement back up to fib382 (close to 10k) and then basically a dead cat bounce...a series of lower highs. Basically what happened last year after the Dec 2017 bull run but dragged out longer.