Bitcoin BTC New Count for May 2018

已更新

I'm going to invalidate my previous count due to breaking major supports. Never felt comfortable with the previous count due to Wave No. 1. This is my bearish scenario, playing along this lines. We would be in a corrective wave now and upon hitting 8600 we would go up or down from there, most likely down due to the Head and Shoulders pattern that is currently in play.

With all this said, I'm actually long with tight stop losses, until more information comes into play.

注释

We are now in the C wave exactly as planned. We didn't even get up to 9500 which shows strong bear retracement. It is possible that we will go down to 8600 or 8700 over night HOWEVER I am not going to wait until then and start scaling my buying in 20% increments until we reach the bottom WITH super tight stop losses.

The head and shoulders pattern (bearish pattern) concerns me but Consensus 2018 might send bitcoin up in a rally and invalidate technical patterns. It is also a weak right shoulder which might invalidate itself as well.

These past few months have taught me that it is VERY hard to catch the bottom so it's better to keep buying on the way down rather than look back and say, 'man I wish I would've bought at 6500 but I was waiting for 6000!' Anyone else feels like that? I feel we went up WAY to fast from the 6.8k bounce, especially in alt coins so we really needed a breather and consolidation in the upper 8k levels, and this is the reason why we are retracing. If we went straight to 10k we would retrace heavily afterwards.

I would appreciate your comments or feedback. What do you see coming next week?

注释

Target reached. This should end C wave. And now... for a nice rebound followed by consolidation.