GreaterNinja
Long

ABC Correction On B-leg, so long short-term

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I think btc/usd is currently in leg B of an ABC correction. This mean we are going up, but not to a new high. This idea would be invalidated if we hit a new high (obviously).
Drawing a pitchfork on daily or 4h says we can expect price to head further toward the median at around 5800-7200. My best guess is we goto 6800-7000 and see if we can close above median, but it fails or goes right back down.
From observing the markets it may go as high as 7450, but then I think we enter a leg-c downward. TD says we have a time-frame of several 1h candles to at least a couple 4h candles.

With cryptocurrency markets and transactions moving at an even faster velocity anything can happen.

If you guys are leveraging, use low leverage as I see people getting rekt on both longs and shorts. Perhaps put in stop slightly below current price level and set target around median of pitchfork .
Another low risk trade would probably be to accumulate alts or short alts as leg B of btc/usd goes up, then Take Profit (TP) and close trades.

TD says we have at least a few hours to go to possibly a few days to go. But I do expect price to start going downward after.
I can be totally wrong, but this is what I think is going to happen.


Lastly, look at the wall street cheat sheet.

Leg A would be from the top (Euphoria/Optimism at its highest) to where it bounced.
Leg B would be from where it bounced to a lower high. ---Complacency
Leg C would be from the lower high (Complacency) to a lower price (Anxiety).

This is all part of a market cycle.
Comment: total crypto market capital hit 220b, when previous ath hit, i think we were around 208B. This thing has potential now to push for an ATH
Trade closed: target reached: target reached, closing trade to take profit. lets see if we keep going up.
all charts, indicators, predictions of the fall to 5K or below have been HORRIBLY wrong...seems you can't use traditional indicators in tracking bitcoin, or everyone is just really bad at it
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@rlreecer, This idea hit my target for a potential B leg. In either case, push toward ATH or B leg both said we are going up. I took profit and chose to minimize potential risk of loss. With ATH in total market capital, sure this thing can reach new highs, but it can also drop several hundred or even a few thousand dollars as we have seen in the last week.
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