Here are your levels to watch for bear season. From the high of ~14K, Bitcoin completed an ABC flat correction, or 3-3-5. Technically speaking, if we were going to break our current high at least any time soon, we should have done it on the August rally I believe. After the ABC flat, Bitcoin rallied to around $12,320 on an ABC retracement and was stopped in its tracks. This tells me we are beginning a bear impulse down.
The targets I have outlined are based on speculative Elliott Wave theory but I believe will be accurate and will yield very strong bounces. The main target for now lies around 7.4k. Beyond that, if my intuition is correct, 4.4k and 1.5k are my main targets. It will take some time to get there, but believe me, we WILL get there.
In the grand macro scheme I believe Bitcoin is soon about to begin a major 5 wave impulse down. Please keep in mind I am still very much an amateur in this market and could end up very wrong.
I am keeping a somewhat close eye on the chart to see how it develops. We have already had an ABC retracement from ATH ending at 3.1k, so it is entirely possible that we are indeed in a new bull run. Though, according to my limited knowledge on Elliott Wave theory, if we do end up in a bull run it should be very brief in my opinion and we will not be seeing the 50k, 100k+ price points the moon boys are shouting out. This new bull run would likely put us in a 5th subwave of an extended 3rd wave at BEST. I am bear bias however so we will see how it plays out.
This will be my last update for a while. I am sure most of you have realized by now that my TradingView account has been deactivated. There are a lot of not so nice people that have been stalking, harassing, and subliminally communicating with me and I'm getting tired of it. Especially because there is only one person who semi believes what I have been saying. The rest think I am suffering from psychosis or some form of paranoid schizophrenia. I know better.
My Reddit account has also been deleted as I've noticed quite a bit of subliminal messages in the Crypto subreddits I was consistently visiting. Especially lots of grammatical errors that annoy the living shit out of me. Who knows- maybe that's just exactly how this market moves. People see the messages and act on them. I don't know, and anyone I've gotten these 'hints' or subliminal 'messages' from act like they just made mistakes in the way they type, etc. Not one person is willing to talk about it. So am I being trolled because I'm weak as dirt, or is there really something I am seeing that needs to remain secret? I don't know because I have nobody to talk to about it.
I would really love to hear from some of you, so feel free to reach out and send a message if you would like to talk. Especially if you have any kind of advice on what I should do next.
I really do not want to give this up, but I feel for my mental sanity I may have no choice. It's been a wild ride.
-Salesman
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14.5k somewhere around Oct 1st - Oct 15th possible. I love how everyone pays attention to bull support but not bull resistance.
Sorry to see you go, mang, but I've never seen a nastier bunch than these BTC cultists who believe they are ENTITLED to a moon run now.
Gold_Rush
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dude, I got a weird gut feeling that is NOT the bull run I have a 6th sense for markets usually so I dunno I bought at 3200 I already took profit at 11k I'll buy back way later when it's on the cheap.
Jeff_Cryptopop
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@Gold_Rush, You did well. I did similarly. No regrets. It will be a tug of war for a bit, especially since the exchanges have a vested interest in declaring it "bull season" and are still wash trading it. But the sell pressure is already built in from rally failures.
ThumbSkin
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Typical fools TA
slcjohn
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Ive been "ready for panic" since June 24th.
AlexanderElliot
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But where is the ABC? You can't just draw ABC on top of a structure that does not look like an ABC at all and call it a day....