Have we finished wave 5, or still on Wave 4?
Not sure whether you can see the lines I drew, but I drew alternative counts.
The darker blue line indicates we have finished wave 5, and have started an ABC. The ligher blue line indicates we are on a wave 4, and still have wave 5 to complete.
The problem with the idea of being on a wave 4, is that wave 3 doesn't give a very good 12345 count. Which leads me to believe that we are not in fact on a wave 4.
But I am going to carefully watch the 4hr OBV. I have overlaid the 4 HR OBV uptrend that occurred during wave 2 to compare the length with the current uptrend in OBV - this line is in bright green. I'm going to be watching if this current uptrend will lead to a significantly longer OBV uptrend line compared to Wave 2 - which would lead me to believe that we are not on a wave 4.
My thinking for tonight's action: I suspect Asia will be bullish on bitcoin. Asia has been bullish lately, but the main thing is that altcoins are back in full force. So long as people are buying altcoins, people are buying btc so they can buy altcoins. This will allow demand for btc to remain high regardless of any sentiment towards btc.
The problem with being on an ABC, is that after a wave A up, there is a wave B down and this can be confusing as to whether we are on bearish correction or have started a bearish impulse. I will be looking to compare fractals with wave 2.
I've seen pump and dumps before, and the dump happened shortly after - that didn't happen today. This isn't a pump and dump, in fact it's most likely to be short squeezing as many have already pointed out. Yesterday, shorts became parabolic which led to massive short squeezing today. What I think this means is that short sellers got hammered and therefore weakened and have less capital and courage to short, which will give bulls some breathing space. Feel free to correct this thesis.
Not sure whether you can see the lines I drew, but I drew alternative counts.
The darker blue line indicates we have finished wave 5, and have started an ABC. The ligher blue line indicates we are on a wave 4, and still have wave 5 to complete.
The problem with the idea of being on a wave 4, is that wave 3 doesn't give a very good 12345 count. Which leads me to believe that we are not in fact on a wave 4.
But I am going to carefully watch the 4hr OBV. I have overlaid the 4 HR OBV uptrend that occurred during wave 2 to compare the length with the current uptrend in OBV - this line is in bright green. I'm going to be watching if this current uptrend will lead to a significantly longer OBV uptrend line compared to Wave 2 - which would lead me to believe that we are not on a wave 4.
My thinking for tonight's action: I suspect Asia will be bullish on bitcoin. Asia has been bullish lately, but the main thing is that altcoins are back in full force. So long as people are buying altcoins, people are buying btc so they can buy altcoins. This will allow demand for btc to remain high regardless of any sentiment towards btc.
The problem with being on an ABC, is that after a wave A up, there is a wave B down and this can be confusing as to whether we are on bearish correction or have started a bearish impulse. I will be looking to compare fractals with wave 2.
I've seen pump and dumps before, and the dump happened shortly after - that didn't happen today. This isn't a pump and dump, in fact it's most likely to be short squeezing as many have already pointed out. Yesterday, shorts became parabolic which led to massive short squeezing today. What I think this means is that short sellers got hammered and therefore weakened and have less capital and courage to short, which will give bulls some breathing space. Feel free to correct this thesis.