Instead of chasing out the alt pamps, I am going to chart some potential counter trades.
The blue line, would be more ideal, as there's less risk, and more potential for profit as the price is ~5% higher than it is now.
The yellow line, would be a breakdown of the current support, wait for re-test, and then enter taking profit as price hits the next support...
Can you tell the two apart without looking at price?
TP 1: $50,000
TP 2: $67,000
TP 3: $95,000
January '13 $2 to January '13 $1200 = 50,000% increase
Crash til January '15 $150 = -85% decrease
January '15 $150 to December '17 $19,600 = 12,000% increase
Crash til December '18...
Comex Leverage paper to physical are INSANE.
When futures pop, Silver is 10-20x from here.
ACCUMULATE PHYSICAL METALS. DO NOT HOLD PROMISSORY NOTES lol
Short-term (6-12 months): We will test $18 horizontal resistance.
If we break it, and I am convinced we will, I expect consolidation at $18, resistance becomes support, and we continue to $23-26 breaking...
Impulsive Wave 1: 6.1-6.6K
Wave 2: Corrective Wave reaches .6182 Golden Fib Ratio (6.3k)
Wave 3: Almost hits 1:1 Fib Extension (breaks .786 extension clearly tho), clearly hits the .382 retracement of the ENTIRE 7.7K - 6.1K move down
Wave 4 should correct less than Wave 2 (Elliot Wave Theory states corrective waves 2 and 4 are typically inverse, if one...
Assuming 6.1K was a temporary bottom (although, not very convincing considering the volume+TD daily/weekly count)....
Actionary/Impulsive Wave 1 from 6.1k to 6.6K
Corrective Wave 2: 6.6K to 6.3K = .5~.618 Fib Retracement = GOLDEN RATIO almost hit
Thus, I am predicting an actionary wave 3 to reach between 6.75-6.8K (1:1 fib extension AND confluent .382...
Finishing up ABC - this is likely completing actionary wave I and corrective wave II on a grander cycle.
In the more immediate cycle, we see an obvious 1-2-3-4-5 down and the corrective A-C waves.
Sell: 1.73 and add to position up to 1.77
SL: 1.82 (I will not set SL, but manually sell. I am bearish on BTC medium term, so I am willing to wait out any green...
We are in a massive Wave 2 ABC correction from the entire bull run of 2016-2017 ($450 to $19.8k). The fib retracements levels are shown on the left labels. We are bouncing from the .618 golden ratio level, but I think there's still more downside to be had. I think we will retrace to the .786 ~4500 before starting a MASSIVE wave 3 that would easily hit...
Bullish divergence on MACD histogram + RSI .
We are in an obvious bull flag which is a continuation pattern.
Targets/exits based on fib retracement of 894-1354 impulse wave and fib trend-based extension tool.
Invalidated if BTC 0.09% dumps below 6850