graham.edwards84
Long

BTCUSD chart revision and new targets set

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
There`s no way now that we are going to have the retrace here that I had expected earlier, and what that means is that my fib chart projection was way off because I was using the smaller formation and should have been using the larger complex as wave one. Now this looks way, way better and it also eliminated some of those concerns that I had when I was rambling on earlier.

Sometimes we can`t see the forest because we`re staring at a tree. Sorry about that. That`s why I didn`t really push the idea to sell here at 16000... something just did not feel right.

My idea now is that we are going to have a retrace now at the half way point but that makes complete sense because we would expect to be turned down at the top and have to take a second run at it.

You know, charting from the bottom is like trying to figure out the end of a story having only read the first chapter but as the story unfolds it becomes increasingly easier to deduce what the ending might be. This is why it is important to approach your charting with zero bias (fundamentalists) and re evaluate continuously.
Comment: I mean look at that 50 MA moving up towards the 200 here. This this is going to pop when that happens...
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