Some folks think I don't make my charts and explanations simple enough to understand. So here's a plain one ;)
Looking to top out 15-16K, probably about the same time the next round of futures contracts close...
(check out my related charts below if you want to read more details, there really is more to the analysis than a wave count and falling wedge)
If this plays out, it's a 100% rise for those who bought at 8K ;) Tips appreciated, PM me for addresses
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(E) wave dug a little deeper to 6K. Doesn't change the bigger picture at all. Wedge gets a little wider at the bottom, and now we're looking (based on volume and RSI, not shown here) like we've got a solid local bottom in place. Targets still apply. Obviously we have to break out the wedge top first, you'd think I wouldn't have to explain that, but some folks here are really crabby about a lack of disclaimers on my scribbles ;)
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buckle up...
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bulls didn't take a single rest stop. no retraces, just straight shot for the 100MA and upper bear shoulder line. We could just keep cruising -- or we could finally get a small pullback before breaching
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pullback to the 0.382 (of the rise since the bottom) played out nicely, right down my arrow, and daily just turned again on the next arrow ;)
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yes, we went down for another leg, but it's still part of the new bull phase that we're in. We've hugged that downtrend line on the way to forming a bullish gartley, which will resolve any moment now and take us to the 15K target I've been aiming for finally.
Booooo Ron, I need to see all the mumbo jumbo if I'm ever going to start understanding it. If they can't get what you mean when they look at your other charts then they must not be reading the paragraphs explaining your thought process. Use all the specialized vocabulary and multi-colored lines you like, I'll get to Googleing and learning what you mean by it all and come out a little smarter in the end.
@ronfkingswanson Why do i need to chase you and correct you every single time? :)
Dont rush with buy levels.
You might end up bull trapped.
5800 is not expencive Bitcoin.
8500, it is.
cblaze22
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@milanjelic, I agree, a previous post was about sun with some clouds to 15K about a week ago
milanjelic
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@cblaze22,
I'm persistant, because Ron doesn't want to cooperate.
I corrected him back then as i'm doing it now.
Someone could hang himself just because he bought i.e. 5 Bitcoins at 12.000 level aiming for 15k, ending at 8, then 5,8k Bitcoin.
It's not all about money.
You were born naked without money.
You are leaving dressed, but also, not bringing any money with you.
machelix
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@milanjelic, I think it will go down one more time. It could get enough support around 4.5k-5k. Lets wait and watch. p.s. I dont hold any bitcoin but will buy at my desired positions.
SeferCrypt
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@milanjelic, On the other hand someone could hang himself for not getting in at 9.2k because it didn't fall lower as predicted. Or it could take some time (week, month)... If it really gets there again...
I mean I think this isn't done yet, too. But you could gamble even at 9.2k. Use a stop-limit or a direct limit order just to be safe...
SeferCrypt
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@SeferCrypt, You are stating "Trade closed: target reached" by yourself in your linked chart.
Garrettd1991
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Seems like everyone in the comments is fearful. Must be a great time to buy. Keep it up Ron!