Bitcoin: 52K High New Wave Count.
Bitcoin has pushed the 50K resistance area and peaked in the 52Ks. The recent bearish pin bar has signaled a swing trade short which is not following through (no surprise there). Over the coming week it is within reason to see a retest of the 48K area support. This is the price location where a high probability swing trade long setup can appear and where I am preparing for a signal.
In my previous articles, you will notice that I had a "B?" in the 46 to 48K resistance area. That was what I was waiting for the market to confirm, but the market never confirmed. We got a resistance break and run to 52K instead. A move like this calls for a new wave count which you can see on my chart now.
This illustrates an important point: you cannot get married to wave counts because the market does whatever IT wants to do. One drawback to wave counts is you have to relabel after the fact. They only serve as a basic guide that the market will either confirm or NOT.
The new wave count presents an impulse wave with 3 legs complete, with a potential 4th wave developing. This implies there is one more wave higher which can lead price into the 55K or 60K areas over the next few weeks (IF it follows through). This impulse would actually be the 5th wave (which I thought was completed at the previous test of 50K). This also means once 5 waves are complete, the probability of a broader corrective wave to follow becomes greater.
At this point, the plan is simple: WAIT for retrace to 48K area support and look for buy signal on larger time frames. IF this opportunity unfolds I will point it out to my members along with the other parameters such as stop and take profit prices.
The broader Wave C (monthly) that I have been pointing out in recent articles is also a LOW probability scenario unless or until the 40K support is broken. Again the key to this game is knowing how to adjust to new information, NOT getting stuck on opinions. The market changes and we must change our expectations with it if you want to be aligned with the probabilities.
Thank you for considering my analysis and perspective.
In my previous articles, you will notice that I had a "B?" in the 46 to 48K resistance area. That was what I was waiting for the market to confirm, but the market never confirmed. We got a resistance break and run to 52K instead. A move like this calls for a new wave count which you can see on my chart now.
This illustrates an important point: you cannot get married to wave counts because the market does whatever IT wants to do. One drawback to wave counts is you have to relabel after the fact. They only serve as a basic guide that the market will either confirm or NOT.
The new wave count presents an impulse wave with 3 legs complete, with a potential 4th wave developing. This implies there is one more wave higher which can lead price into the 55K or 60K areas over the next few weeks (IF it follows through). This impulse would actually be the 5th wave (which I thought was completed at the previous test of 50K). This also means once 5 waves are complete, the probability of a broader corrective wave to follow becomes greater.
At this point, the plan is simple: WAIT for retrace to 48K area support and look for buy signal on larger time frames. IF this opportunity unfolds I will point it out to my members along with the other parameters such as stop and take profit prices.
The broader Wave C (monthly) that I have been pointing out in recent articles is also a LOW probability scenario unless or until the 40K support is broken. Again the key to this game is knowing how to adjust to new information, NOT getting stuck on opinions. The market changes and we must change our expectations with it if you want to be aligned with the probabilities.
Thank you for considering my analysis and perspective.
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