Short term - Long
Medium term - Short
Long term - Long
Ultimately - Short
This momentum is going up so fast, RSI and Willy haven't had a chance to indicate overbought.
Right now should stop at around $555 at B which is about 50% retrace to the top at X. Then we should head back down to $490 at C, gathering more steam (btc swaps) for the big "moon" climb to about $800 at D. Anywhere inside the red or green circles should alert you to open/close.
If the bulls are too weak for another climb after C, we'll fall into a 3 drive pattern (not shown here) and wait for the cycle to complete (happy bears) for a strong bullish finish. But if the bulls are strong, we'll push up and out to D from C and arrive at our destination... or just keep going like we have in the past.
If we reach $610-ish but fail to break through, then the pattern will evolve into a Gartley and a big bitcoin depression will set in causing many to abandon all hope (BIG happy bears). This is due to the current EW pattern in the complete bitcoin cycle and the general stock market... everyone LONG will go bust and it won't be pretty unless the developers do something drastic to change the dynamic... (full scripting support?!)
But with our past to guide us and the current BIG bearish crab($1400)/gartley($850) pattern yet to play out, we still have some bullish movement left to go.
(BTW, I'm usually about 3 days too early most of the time.)
Medium term - Short
Long term - Long
Ultimately - Short
This momentum is going up so fast, RSI and Willy haven't had a chance to indicate overbought.
Right now should stop at around $555 at B which is about 50% retrace to the top at X. Then we should head back down to $490 at C, gathering more steam (btc swaps) for the big "moon" climb to about $800 at D. Anywhere inside the red or green circles should alert you to open/close.
If the bulls are too weak for another climb after C, we'll fall into a 3 drive pattern (not shown here) and wait for the cycle to complete (happy bears) for a strong bullish finish. But if the bulls are strong, we'll push up and out to D from C and arrive at our destination... or just keep going like we have in the past.
If we reach $610-ish but fail to break through, then the pattern will evolve into a Gartley and a big bitcoin depression will set in causing many to abandon all hope (BIG happy bears). This is due to the current EW pattern in the complete bitcoin cycle and the general stock market... everyone LONG will go bust and it won't be pretty unless the developers do something drastic to change the dynamic... (full scripting support?!)
But with our past to guide us and the current BIG bearish crab($1400)/gartley($850) pattern yet to play out, we still have some bullish movement left to go.
(BTW, I'm usually about 3 days too early most of the time.)
