since my last post i've done a lot of pondering and observing.
i noticed something very important that's been taking place.
btc has been holding very steady over these last couple of days, while the global stock markets have been absolutely getting obliterated.
this is a massive sign of strength from my perspective, and it supports my bullish thesis going forward.
i do think that btc has the potential of seeing a run to about 55k in the days ahead.
specifically in time for the full moon on the 20th of september.
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i've shared a lot of bearish posts over the last few months, and very few bullish ones, so consider this post the beginning of something much larger (if this setup does indeed work out).
btc has to break through an important level of (49,770) in order to go parabolic. if it successfully does so, i'm going to share my full bullish theory, and explain in detail as to why i have changed my overall bias over the last couple of days from a technical perspective.
entry: 46,707~46,511 pt: 55,555
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there's a possibility that the correction is completed, but i am still a little suspicious.
until btc breaks out of this bear channel, it is bound within it, and will return to test the lower part of it.
good potential for a wxyxz going forward.
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uploaded a youtube video discussing this setup if anyone is interested ~
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after further examination of the current wave structure, this move has just enough momentum to get to my red box.
which means, this isn't a wave 2, but rather a wave C of a larger A-B-C as talked about in my previous post via:
once the red box is hit at 49.8k, there's a 90% chance btc falls to 40k.
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here's what we have so far,
i give btc a 95% chance of falling to 40k, after this final upside is attained.
possible it goes just slightly higher, to really solidify this bull trap - but as of this morning, what looked to be the beginning of something marvelous, just looks like a good ol bull trap to me.
there's about a 1B increase in open interest, mainly shorts ... we might see a big liquidation through 49.8k potentially ... current move seems to be trying hard without any relief to stop shorts
EDIT: 1B since the drop sept 13th
Eloquent
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@reveance, measured move of this current structure takes it to my red box, i think this was the ultimate trap as of this morning
ThaoK
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Thanks
SLK2408
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I'm going long mara then 😅
Thank you for the updates 😊
I'm thinking Riot is more structurally in tact when compared to Mara - but I'm sure both will see a similar move if btc does indeed pull a quick one on the bears
actuaIity
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You're the man <3 ftm 2$ still possible in this wave c ?
BTC is BBBullish.
Run Wild Bulls Run.
Full 🌑🌀 Soon