Here is an updated chart with adjusted targets.
We moved beneath the golden zone at 8400 towards the 0.768 fib level at around 7800, but I am still optimistic for a bounce and nothing much changes for me except targets are adjusted slightly (see chart), and the likelihood of a bounce is even greater now.
If we do bounce then the key area to break for me...
- BTC appears to be completing its Cycle
- Still on Target to hit the golden pocket somewhere btw 8300 and 8400.
- Will we go lower than that...? Of course its possible, but I feel probably not that likely given how hidden bullish divergence is starting to appear on higher time-frames (4h, 6h), so it looks more probable to me like a strong move up is...
Admittedly I haven't posted TA in a while, simply because I haven't seen clear signals in the market for some time. At times market direction isn't very organic, BTC tends to explode with massive moves from the blue, and this is both exciting and scary!
Some things I have been pondering:
- Is the bottom in at around 7300 ? Many think it could be, but at the time...
- The first 6 months of the year we had vertical parabolic movement for BTC...This was almost unnatural growth.
- Of course what goes up must come down, and the steeper the move up, the sharper it will come back down
- Some in the market thought the first pullback to the 38.2 FIB was the expected internal correction, but that was always unlikely...
- I am still a BULL, you have to remember this is an internal retracement of the massive bull run we have had so far this year, so perfectly normal, and NOT a change in the overall trend.
- Unless we break below the 78.6 Fib I will remain bullish overall
- I will go long at the 50 Fib Algo target, as I have maintained as my position since June 24th
NEO is a strong project with a steady following, no introduction needed. I am betting 2018 will be a massive year for NEO, and will consider holding my position for the longer term.
- Buy in time is approaching in the coming days, especially if you bullish on BTC for the remainder of 2018.
- Should BTC fall in the next 24-48 hours this will possibly give us...
BTC looks most likely to fall out of the wedge, and find support at the 50% fib algo target. This would be confluent with the completion of a larger scale wave 2 retracement. This is what I am seeing in my TA, but we shall find out soon enough. We may go up first, and watch out for possible bull traps.
A coin I am liking more and more lately. Soon it may have some more decent gains. Be wary though of BTC and its movement in the next few days, as all alts will be affected if BTC corrects, and in my humble view we are about to begin an ABC corection in BTC.