MichielVan_Kets

MichielVan_Kets

yes, we're back up, we finished leg 2, which was a little correction, and now we're back up again, this is the start of leg 3 ... at least 6 months bull run incoming ... yes but ... you're all just gambling instead of investing, so it peaks and it drops like a drunken sailor we should be so lucky if it doesn't take a nasty dive and just goes sideways for a bit...

MichielVan_Kets Updated 

well ... I'm still convinced that we finished a downwards 5 leg Elliot wave, which means we're in the beginning of an upwards wave now it could be an ABC wave, which means that after leg 3 it will crash again and severely or ... it's another 5 leg upwards wave, which means it will go even higher, a whole lot higher so, that's wait and see but I did think we...

MichielVan_Kets

so, now that leg 2 has finished, we do have some more information to work with but ok, we're just getting started with leg 3, so what we do now ... wait an itsy bitsy for that last little dip, but don't wait too long or you'll miss it and then ... hodl the heel out of it; we got lots and lots of time to wonder where leg 3 will end ... we're good for now moon...

MichielVan_Kets Updated 

we're almost at the end of the second leg of the 5 leg Elliot wave upwards ... almost, but not quite yet from 27,500 to 25,000 ... that's another 10% drop and then we're ready for an absolutely massive jump up ... to the moon !!

MichielVan_Kets Updated 

so ... we know where the circle starts, but where will it end? I just drag it around to those price points that, based on other indicators, might be that turning point and I just look how it matches up this one matches up fairly well, it's the cross point with the lower trend line and the fib retracement

MichielVan_Kets

the 'trick' is simpel I take the peak of the latest correction and I take the latest bottom point as the end point then I look ... how well does this match up point being; if we were to go back to previous high and low points; those circles always match up in a way that it's just obvious so ... does it match up enough ? it's never going to be 100%, but ......

MichielVan_Kets Updated 

so, yes, we're at the very beginning of a massive bul run, but it will always do a bit of correcting in between ... and in a parabolic bul run, it doesn't even correct that much, but ... it will correct !!

MichielVan_Kets

first draft ... the more detailed chart is on my trading account ... what to say :) it's going down, that's for sure ... we're in the downward second leg of an upwards 5 leg wave ... I'm guessing ;-) the next few weeks/months shorting is the game ...

MichielVan_Kets

so, you should start here; it's the big picture for the next 12-18 months; an upwards 5 leg wave so, now I'm zooming in, I went from the weekly to the daily chart first, and now this is the 4 hour chart I'm not going to explain in detail, because this is just an exercise I'll look back at it tomorrow and then I start tweaking it ... it does look like leg 2...

MichielVan_Kets

I'm only publishing these to force myself to make at least a bit an effort but the lines will have to do no long blah blah here

MichielVan_Kets

what? yes of course I just guessed ... what? yes, I know I could do those Fibonacci circles ... pfff but you know what ... they're damn tricky, it takes me an hour or 2 for starters, then I need to wait 24 hours to allow my brain to refresh and take another look and adjust it ... I repeat that 4-5 times and then ... yes, I do usually get them pretty good...

MichielVan_Kets

as well wave 1 and 3 might actually go higher but when it comes down to taking safe bets; the early stages of wave 3; usually also the large wave... that's always best bet so ... we wait for wave 2 to finish and once it's obvious that wave 3 has indeed started ... we're all in and then we just try to guess how high that wave will actually go, but no worries,...

MichielVan_Kets Updated 

ETH just finished a 5 wave down so, we're in leg 1 of the next wave ... it's going up

MichielVan_Kets

On the left, in orange, you can see the monthly RSI of Bitcoin. On the right, in yellow, you can see how the monthly RSI of a currency that's stable enough to be the next world reserve currency is supposed to look like. Can you see the problem ?!?

MichielVan_Kets

up to now we've been testing the highs for sure, but not really the lows ... the monthly RSI is at its lowest now; yet still 40 !! looks like we're about to find out what the lowest monthly RSI for bitcoin really is and it's not 40, believe me !!

MichielVan_Kets

what if ... we are in this long term channel and after hitting the top trend line twice, we know exactly where it is, but we're still not really all that sure about the bottom ... we started at the bottom obviously, but since then we've never been there again ... I'm afraid we're about to find out by getting dragged along the bottom for several years ... to...

MichielVan_Kets

the last 2 waves we escaped the bottom and hit the top twice ... that's all good, but we do need to know what the actual bottom trend line is, so we're about to find out ... twice !! pure speculation ...

MichielVan_Kets

we tested the upper limit twice now ... are we about to test the lowest bottom trend line in the next several years ... twice ?!? if you're worried it might ... don't look at the monthly RSI ... very scary !!