If history repeats itself and we stay in channel, and tether keeps beeing converted to BTC :-) Next stop is probably 5865ish. Í'm going long with a tight S/L for a quick scalp.
Might go back up to 5865
Start buying and go long at 4775 untill 4635, stop loss at 4560
Might be a nice long oppertunity incoming for anice 4%. Buy when the correction is finished, but don't forget your stop loss and take profit at 5665.
I'm personally a long term bull, but the whole tether fiasco is starting to become a problem of the same size as was the mt. gox hack back in 2014. The recent news where scientist were able to prove the influence of tether printing and the market inflation is confirming the long time rumors. I believe the concerns about tether are also the reason the institutional...
We cloud be in wave 5 of a new EW cycle on the 4hr. If so we should beat the high of the provious 5th wave and maybe even get close in the zone of the longer downtrendline. Expect resistance there, could be a good short spot for the short term.
The way the market moves right now feels a bit like when we were in the 6000/7000 bottom. It seems to have trouble to break below 7000 now and dumps are getting weaker. Lets see how this play out, but for the upcoming week I'm expecting a bit of a small uptrend.
Looking at the Elliot Wave structure we just finished a nearly perfectly elliot wave. The orange line below show the long term uptrend direction starting mid 2017, and have have since hardly ever touched the line. All the indicators are showing a oversold market and we just left behind the problem of another Mt Gox market dump. All in all after this nice dump...
I'm keeping it really simple. The orange line below is the uptrending support line starting mid 2017. Elliot wave has completed wave 1, 2, 3, 4, 5, and A + B correction wave. We are in a very strong C wave correcting down with a lot of selling power and not a lot of resistance, its almost like if its too easy. Keeping in mind all the good news we have had lately...
Check this out, I copied the trendline that started oct the 12th, right after the bigger pump on october the 11th, and moved the line to the date right after the pump of the 12th of april. The upward momentum and its path seems to follow the same curves nicely so far.