Bitcoin in Largest Harmonic Reversal Zone of its 8 Year HistoryBitcoin is at a yuge Harmonic and Elliott Wave reversal zone. If this breaks up about 100 more dollars and can stay above that resistance zone , then it will become a support zone and the trend will likely continue up from there, possibly to 1500 usd. If the bears can hold this resistance zone then Bitcoin will likely continue the megaphone pattern that it is in (aka the expanding running triangle) and we will likely test the bottom of the megaphone around 600 usd before making our way to about 1500 usd.
Right now the trend is still fairly strong up, so it is likely to continue, but this potential reversal zone should not be ignored, because it will either confirm or deny the continuation. The fact that we are stalling here, and the fact the momentum seems to be slowing down on the 4hr, could be a sign that we are about to drop. BUT if there is a clear break out of the harmonic PRZ then we will definitely went to get long and continue to ride out the rest of this trend. Harmonic's are signals that work in BOTH directions. A failed bearish harmonic can actually be a very powerful continuation signal IF the original reversal zone fails and becomes support. The Elliott Wave can also give continuation signals which is one way I was able to reverse my last two bearish charts for a large profit multiple times over the last few months and call the continuation of the bull run. I admit, it went much farther than originally forecasted but strict adherence to a smart risk management strategy kept us in the great majority of the trend and free from any major set backs. The failure of many sell signals all at the same time immediately preceded the massive rise over the last 2 weeks, and acted as a great signal to buy on.
The Bubble in June (wave (a)) on a lower timeframe), despite it's strength, is actually only a double zigzag and not an impulsive wave. Double zigzag's frequently emulate impulsive action because they are made up of 4 impulse waves, and since the structure is corrective in nature, and because it is followed by two more corrections (waves (b) and (c)), that means we are very likely in an expanding triangle. That would make sense because expanding triangles tend to be the most treacherous trading environments and can be very difficult to predict until they are completed. This count is also fairly unconfirmed, so it could definitely change in the future, but for now it is my best interpretation. If the harmonic PRZ were to fail then the count would most likely need to be altered because whatever I am assuming it to be now would likely be invalidated in such a bullish situation.
For now, this is definitely a key level to be watching, perhaps one of the most critical™ in all of Bitcoin's history. This also coincides with the largest Harmonic PRZ on ETHBTC ever as well, which has surprisingly held up very well over the last 2 weeks even with Bitcoin experiencing a massive rise, perhaps lots of strong hands buying at these low prices on ETH? If these PRZs hold then we could begin to see an altcoin boom while BTC begins to stall for a few months, if they fail then of course the opposite will happen and ETH could drop down to 4.5 USD while BTC soars up to 1500.
Life is about the journey, not the destination. Focusing only on win/loss ratio is polar thinking that is destructive to profits and enjoyment of life. With the right strategy the only thing that you need to focus on is the process and then the content will work itself out. Focusing on content leads to expectation, upset, and loss and causes you to focus on the past or future which brings about feelings of guilt, shame, and sadness or feelings of doubt, fear and anxiety. Focusing on process allows you to stay present in the here and now so you can simply notice, be at choice, play with options, and flow towards your goals easily and with little stress.
"The path up and down are one and the same" -Heraclitus
