Congrats first to all who took a position at the 6,000 range. You have had a very nice gain in the past two days. Cheers to those who caught that trade!
i6,000 the "BOTTOM" ? Volume and price aligning with a major trend line and a key Fibonacci retracement level which we were watching as a likely bottom price certainly seem to say so. These factors strongly support that we indeed did bottom and have now began a bullish trend. If I am correct, better times are ahead for the Bulls and BEARS will need to trade much more cautiously going forward as shorting BTC will not be very wise henceforth. "The trend is your friend", a oft repeated and long held investor mantra is one we all must remember everyday we enter a trade. So if indeed we did bottom, up is the trend that is your friend now. This has been a painful correction for many investors, but it also has been a good learning experience for many. Therefore, while perhaps an expensive education, it is almost a priceless education in Investment Basics Course 101. Seeing a correction wipe out this large percentage of BTC's market cap is a lesson all should appreciate as to the extent markets can move, both in price and in direction over a short time comparatively. I think we all can now look forward to enjoying a positive trend in the cryptos, and a much stronger BTC base. I am sure it will not be long before we also again see frequently "To the Moon" comments in the Chat. Hopefully, these comments will not pop up during another total melt down collapse as those folks who kept making the "Moon" comments I am sure learned a hard lesson. Nonetheless, you have to respect their tenacity and belief in bitcoin through it all.
Before we discuss future price expectations we should understand what put in a bottom means. When bottoms form it does not mean a stock or coin will move sharply up from that point on. There are different tones and structures to any trend reversal either bear to bull or vice versa and they seldom, if ever, sharply print gains day in and day out, at least not for very long. What shape will BTC take if we are now in a bullish trend? It is likely BTC will pop and grind upward over a long period same as it popped and ground downward interspersed with periodic sharp moves up and down. BTC may re-test the 6,000 and it could even break through the expected bottom and move lower to the 3,900 level at some point in the next month or months. The point is a bottom does not mean BTC is going to move higher everyday, but rather that we will not move always lower over time. BTC will most likely grind along sideways for a period after some initial recovery stage of more volatile pops and drops, but having an overall upward trend as we recover from this correction into a healthier market. At some point the sentiment reaches a level where a steady upward increase will become more pronounced. As BTC moves through this process I will publish charts of my thoughts and hope you will share yours and together we will profit while making a better world for all thanks to our faith in bitcoin and other alts.
Okay, where we going next? The most likely price moves I believe over the next 1-2 days are laid out per the blue arrows on the chart. I believe we will complete an ABC advance per the arrows followed thereafter by a re-test of the 6,000 level or a 5 up wave marking the official start to EW surpassing the old ATH as we so this new bull market. We should during 2018 see at least BTC at $24,000.00 +/- level based on Fibonacci. Lets see how close I called this one.
i6,000 the "BOTTOM" ? Volume and price aligning with a major trend line and a key Fibonacci retracement level which we were watching as a likely bottom price certainly seem to say so. These factors strongly support that we indeed did bottom and have now began a bullish trend. If I am correct, better times are ahead for the Bulls and BEARS will need to trade much more cautiously going forward as shorting BTC will not be very wise henceforth. "The trend is your friend", a oft repeated and long held investor mantra is one we all must remember everyday we enter a trade. So if indeed we did bottom, up is the trend that is your friend now. This has been a painful correction for many investors, but it also has been a good learning experience for many. Therefore, while perhaps an expensive education, it is almost a priceless education in Investment Basics Course 101. Seeing a correction wipe out this large percentage of BTC's market cap is a lesson all should appreciate as to the extent markets can move, both in price and in direction over a short time comparatively. I think we all can now look forward to enjoying a positive trend in the cryptos, and a much stronger BTC base. I am sure it will not be long before we also again see frequently "To the Moon" comments in the Chat. Hopefully, these comments will not pop up during another total melt down collapse as those folks who kept making the "Moon" comments I am sure learned a hard lesson. Nonetheless, you have to respect their tenacity and belief in bitcoin through it all.
Before we discuss future price expectations we should understand what put in a bottom means. When bottoms form it does not mean a stock or coin will move sharply up from that point on. There are different tones and structures to any trend reversal either bear to bull or vice versa and they seldom, if ever, sharply print gains day in and day out, at least not for very long. What shape will BTC take if we are now in a bullish trend? It is likely BTC will pop and grind upward over a long period same as it popped and ground downward interspersed with periodic sharp moves up and down. BTC may re-test the 6,000 and it could even break through the expected bottom and move lower to the 3,900 level at some point in the next month or months. The point is a bottom does not mean BTC is going to move higher everyday, but rather that we will not move always lower over time. BTC will most likely grind along sideways for a period after some initial recovery stage of more volatile pops and drops, but having an overall upward trend as we recover from this correction into a healthier market. At some point the sentiment reaches a level where a steady upward increase will become more pronounced. As BTC moves through this process I will publish charts of my thoughts and hope you will share yours and together we will profit while making a better world for all thanks to our faith in bitcoin and other alts.
Okay, where we going next? The most likely price moves I believe over the next 1-2 days are laid out per the blue arrows on the chart. I believe we will complete an ABC advance per the arrows followed thereafter by a re-test of the 6,000 level or a 5 up wave marking the official start to EW surpassing the old ATH as we so this new bull market. We should during 2018 see at least BTC at $24,000.00 +/- level based on Fibonacci. Lets see how close I called this one.