With all this BTC euphoria going on right now, you all should be well aware of this:
Don't fear it, but be well aware of it.
There is a confluence (also called cluster zone) between the 62% fib retracement and this lower trendline @ 09.12.2017 @ 3000$. This could be the finish of big wave IV.
If I see a big move down (400$ or more in one day) in the coming three weeks, I expect nothing less than this horrible catastrophic retrace in BTC.
Don't get me wrong about this one... this is not a must.
But it would fu.ck both the bulls and the bears hard enough to "clear" the market and set stage for $10k BTC. This is why I prefer this count right now. Also the beginning of this move up was one of the weakest I have ever seen. This usually indicates a corrective movement and not an impulse.
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DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
Update: in the evening I will have to look for a bullish alternative. 800$ in 2 days, this is clearly a strong impulse now.
I think this setup is likely. I wouldn't short it but I think everyone is crowding into the trade because of the forks and it might still go a lot higher for several weeks. Ultimately, I think people will take profits and jump into alts just before or after the forks and we'll get a long term retrace. It would actually be really healthy for the market and set up more big money to enter crypto going into 2018. Even big finance firms are talking about putting clients into BTC for diversification. They won't do it at ATH.
YeH looks legit to me
We might need to visit $6000 before $3000.
Few days ago I put a target at $5,512. I think we'll probably get around there and then start correcting. Ultimately I see BTC touching $1,300-1,500.
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