Zoomed Out Look at BTC

Quick post to keep track in relation to my other ideas. This hopefully more clearly summarizes where I see things going over the next few weeks. On smaller time frames we are completing what looks to be an ascending triangle. The 5th wave (wave (E)) has overthrown the triangle as has been seen on several similar fractals during this downturn, as can be seen by the macro falling-wedge. I believe we will test the $9,000 resistance which should coincide with the 4hr 50 SMA. I expect this move to be sharp and emotional. We will stagger there for the better part of a day before making our final (for now) descent to the $6,000 region once more. Provided this resistance holds true, this will give the market the confidence to make another, more prolonged, upward advance. As my previous posts have indicated, the high-side targets for the upward move will be between $15k and $17k, as low as $13k possibly. To be clear, I am short in the near-term, long over the next several weeks. $9k would be a higher risk area to open shorts, and between $7k and $6k for longs.

I've stated it before, but will again. I believe many of the major alt-coins will follow this trend, but potentially in more drastic form. Several of the pairs, like ETH/BTC, are showing bull divs right now, which tells me they may outpace BTCUSD at least on this run up.

*THIS IS NOT TRADING ADVICE*

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Have to break this for continuation. I think we will see a massive spike if we do, however, if we fail we could see new lows, or a retest of $6k.

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First sell target reached.

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The 4Hr 40 SMA is currently acting as our resistance. I see it either holding here or going to $9250. From there I imagine we will either form an inverse head and shoulders or adam and eve double bottom. See the chart below for some potential scenarios.

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Breaking high-side of wedge sooner than expected, not sure if we'll continue our retracement up from here or pull back