This is my current hypothesis. It remains valid so long and the price does not break below the blue 2 and invalidates the count. If it does break below the blue 2 then my expectation would be to complete a larger 3 wave ABC down and start the new 5 wave count up from there. Unless and until this count gets violated I'm sticking with it.
Good luck and have a nice day.
BBS out.
Good luck and have a nice day.
BBS out.
Comment:
A 1 hour view of the current price action from the same chart above. Notice how we got ANTHER perfect touch of the 78.6 Fib ? It is quite incredible how the waves keep hitting their marks. I'm not saying I'm always counting it correctly, but there is no denying the patterns keep repeating according to the numbers.
Comment:
Let's drill down even further to the 30 minute view of the current sub-wave. Again, wave 2 retraces back down to the 78.6. These Waves are like a Russian Doll set. Inside the bigger Waves are smaller and smaller waves of the same type. Once the all collapse down, they will start expanding in the opposite direction.
Comment:
Interesting setup on the money flow. Will the pattern repeat? Possibly.
Comment:
From my original post above.
" It remains valid so long as the price does not break below the blue 2 and invalidates the count."
Obviously the current 5 wave count got invalidated. They blew out stops in both directions.
" It remains valid so long as the price does not break below the blue 2 and invalidates the count."
Obviously the current 5 wave count got invalidated. They blew out stops in both directions.
Comment:
The Stock to Flow ratio of Bitcoin will be $8475 by the end of the month. The market seems hell bent to go there. You can look at $8,500 as BTC selling with no premium value. Anything above the Stock to Flow could be considered over priced and anything below the Stock to Flow is under priced. The Stock to Flow value of course continues to rise daily. For example by this time next year, 7-26-2020 the minimum Stock to Flow value is calculated at $13,472 and by 7-24-2021 it will be $105,662. (after the halving) That doesn't do us any good today but it does let you know where we are heading. Since the conception of Bitcoin the price has traded above, at, or below this Stock to Flow value and will continue to do so going forward. Some times the premium over the Stock to Flow gets extremely high. Good for trading in and out but is obviously unsustainable long term. Prices will always revert back to the mean eventually.
See chart: https ://digitalik.net/btc/
Take the space from between the https and the : to follow the link
See chart: https ://digitalik.net/btc/
Take the space from between the https and the : to follow the link
Comment:
This is what I am currently working on. I'm trying to back up and look at the overall count. Is this some sort of huge 5-3-5 correction? I don't know. I'll post later when I think I have something that makes sense.
Comment:
4 hour view of the same chart. Don't take this as fact, it's just what I am working on right now.
Trade closed: target reached