Bitcoin hits our $7k Target - What next? - BITCOIN (BTC)
Friends, Traders -
Bitcoin has BLOWN through our first target around $7100. Now, as you know our target ultimately was $7777 - lucky 7's! I want to explain this. That target, was assuming we would wait a bit longer to approach the top of this fib channel which we have now wicked off of. Because we reached it so quickly, I would consider this the equivalent of target hit. I will leave it on the chart to explain what I mean. That's why I used the horizontal ray, to show how I wanted the top of the channel to be tested.
Here, I would like to see some retracement. This parabolic run has been caused by bears not throwing in the towel and getting squeezed over and over. I think they've had to at least have capitulated somewhat, by now.
Probably the best sign of true market reversal is that I am STILL SEEING much bearish sentiment to the tune of, "this is a sucker's rally" type of commentating. This type of disbelief/denial is to be expected at this stage.
Only in crypto can we see this kind of price action! Keep in mind this market is unique. Rules don't necessarily apply here - liquidity is low, emotions are high, we as crypto traders are trailblazing somewhat.
Now, as for the chart. We are approaching a big milestone here in that we will soon be in the 0.618 Fib TIME ZONE from the BULL RUN of 2017. This is a big deal. Refer to the chart on the left to see how I arrived at this conclusion. The dotted trend line shows where I charted to determine this. Keep in mind that fib timezones are not exact - in fact I think this parabolic run is already due in part to this time zone being approached. Often, things can happen before and after the time zones flip.
Now, we must wait for more information taking a trade here. I cannot iterate enough - I would not try to catch a top on this. Just keep your cool, take profits, and remember not to get greedy - the time for greed was at $3k. Anything can happen now. I will post another update when we see how price reacts to the top of this Fib channel. I'd say most likely, we'll probably fluctuate around this area for a little while. A retracement will be nice...it's got to happen eventually...right? .........right?! :D
Good luck traders! Stay safe!
Bitcoin has BLOWN through our first target around $7100. Now, as you know our target ultimately was $7777 - lucky 7's! I want to explain this. That target, was assuming we would wait a bit longer to approach the top of this fib channel which we have now wicked off of. Because we reached it so quickly, I would consider this the equivalent of target hit. I will leave it on the chart to explain what I mean. That's why I used the horizontal ray, to show how I wanted the top of the channel to be tested.
Here, I would like to see some retracement. This parabolic run has been caused by bears not throwing in the towel and getting squeezed over and over. I think they've had to at least have capitulated somewhat, by now.
Probably the best sign of true market reversal is that I am STILL SEEING much bearish sentiment to the tune of, "this is a sucker's rally" type of commentating. This type of disbelief/denial is to be expected at this stage.
Only in crypto can we see this kind of price action! Keep in mind this market is unique. Rules don't necessarily apply here - liquidity is low, emotions are high, we as crypto traders are trailblazing somewhat.
Now, as for the chart. We are approaching a big milestone here in that we will soon be in the 0.618 Fib TIME ZONE from the BULL RUN of 2017. This is a big deal. Refer to the chart on the left to see how I arrived at this conclusion. The dotted trend line shows where I charted to determine this. Keep in mind that fib timezones are not exact - in fact I think this parabolic run is already due in part to this time zone being approached. Often, things can happen before and after the time zones flip.
Now, we must wait for more information taking a trade here. I cannot iterate enough - I would not try to catch a top on this. Just keep your cool, take profits, and remember not to get greedy - the time for greed was at $3k. Anything can happen now. I will post another update when we see how price reacts to the top of this Fib channel. I'd say most likely, we'll probably fluctuate around this area for a little while. A retracement will be nice...it's got to happen eventually...right? .........right?! :D
Good luck traders! Stay safe!
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