Bitcoin: Momentum Looks Toward Liquidity Near $27K-$29K
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With a 70% drop in value over the past 8-10 months, its easy to understand why many traders consider price levels of 3K, 10K, 
14K, 16K and even $0.00 as appropriate at this time. Relying solely on Bictoin's price structure, even to consider the waves from its all-time low, I find all of the above mentioned targets as doubtful in the least (though I have been wrong before).
As my prediction was made weeks ago, I yet expected Bitcoin to find very solid support above the 18.6K level and am hesitant to consider other macro, bearish alternatives without this being negated. Still sitting nicely within its apparent Leading Diagonal pattern, wedge Wave 4 should conclude very soon, likely within the next 48 hours. Also considering the guidelines of a Diagonal Wave, which many also classify as Wyckoff, the next upside swing should be at least $6503 in length, pointing us minimally to low 26K. Looking at the current upside trend line, one could also see why
29K would be attainable.
The distant ranges of traders' emotion are currently on full display. At 17K most people thought gloom, I was too undecided a bit here but shortly after the pump initiated and I found some invalidations for more downside, my sentiment has since been bullish. At
25K, certain bulls proclaimed that price was heading back into the 30Ks and beyond. The Digital Surf Trading Community was in total expectation of a drop to the 20K range. Now that we're below 20K, the sentiment of gloom and fear has yet returned. With the theory of Support and Resistance, traders feel that a drop below 20K is a very very big deal. TradingView and mainstream news articles only help to cement this bias. In the grand scheme of price action however, $20,000 is simply just another number, though definitely a psychological level when looking at the bare naked number.
Should the target range of
27K-29K be actualized, fully expect a retest near 21.5K, though there is slim chance that support could be discovered above this level.
Based on Fib levels and my personal wavemapping, 18.6K is the only major level in the current range. If Bears can't strike below it, Bulls are largely yet in control. As said weeks ago, Crypto Winter has concluded and Crypto Spring is upon us (unless 18.6K breaks).
14K, 16K and even $0.00 as appropriate at this time. Relying solely on Bictoin's price structure, even to consider the waves from its all-time low, I find all of the above mentioned targets as doubtful in the least (though I have been wrong before).As my prediction was made weeks ago, I yet expected Bitcoin to find very solid support above the 18.6K level and am hesitant to consider other macro, bearish alternatives without this being negated. Still sitting nicely within its apparent Leading Diagonal pattern, wedge Wave 4 should conclude very soon, likely within the next 48 hours. Also considering the guidelines of a Diagonal Wave, which many also classify as Wyckoff, the next upside swing should be at least $6503 in length, pointing us minimally to low 26K. Looking at the current upside trend line, one could also see why
29K would be attainable.The distant ranges of traders' emotion are currently on full display. At 17K most people thought gloom, I was too undecided a bit here but shortly after the pump initiated and I found some invalidations for more downside, my sentiment has since been bullish. At
25K, certain bulls proclaimed that price was heading back into the 30Ks and beyond. The Digital Surf Trading Community was in total expectation of a drop to the 20K range. Now that we're below 20K, the sentiment of gloom and fear has yet returned. With the theory of Support and Resistance, traders feel that a drop below 20K is a very very big deal. TradingView and mainstream news articles only help to cement this bias. In the grand scheme of price action however, $20,000 is simply just another number, though definitely a psychological level when looking at the bare naked number.Should the target range of
27K-29K be actualized, fully expect a retest near 21.5K, though there is slim chance that support could be discovered above this level.Based on Fib levels and my personal wavemapping, 18.6K is the only major level in the current range. If Bears can't strike below it, Bulls are largely yet in control. As said weeks ago, Crypto Winter has concluded and Crypto Spring is upon us (unless 18.6K breaks).
Ghi chú
With Wave 4 being a Triangle wave, this signifies that the last trending move is next to come, currently in motion. Wave 5 seems to be developing in a Diagonal Wave as well, which also signifies a reversal is pending. Not 100% sure the Diagonal plays out though. Time will tell.Ghi chú
Wave 5 of 5 being a Diagonal Wave*Ghi chú
If BTC breaks above the green line, Wave 5 possibly turns into a Diagonal Wave for the totality of its fractal. This would send BTC into chop suey mode until the American Labor Day holiday is over.Ghi chú
18.6K is likely due to break soon but I'm yet not convinced that a much deeper retracement is bound to manifest.A break below $17.6 very likely kills any near time upside momentum.
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With all bullish fractals nullified, a drop to 16K is now very likely before Bitcoin starts its next long-lasting pump.Fibs currently point to $15.4-$17.4 to be precise.
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Big point to mention, $27-29K will likely not come until after 16K as BTC pushes up towards its next target above 100K.Ghi chú
16K yet not guaranteed though a test near 17K is currently likely.Ghi chú
Bulls seem to be in control of the momentum here.Ghi chú
If form continues to hold, the leading diagonal play had to be correct all along..
Join me on the waves, where its safe. discord.gg/QRPx6ShxMt
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