salaryman
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Bitcoin: History Repeating Itself, but much faster cycles?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
The Pattern:
It appears that a pattern is emerging in the corrective cycles of Bitcoin             .
The magnitude of the highs and lows align almost completely, except at a much faster speed than before.

The Numbers:
Following projections from the bar pattern of the rally from 3,000 - 5,000 - 3,000 - 6,000, we can guess that this cycle will be 5,500 - 8,000 - 5,500 - 9,000.
More specifically, in the short term, we can expect a minor 200-300 correction (perhaps down to 7,100 or 7,000 support).
This should happen within the next 24 hours at this speed.
It will then become a crucial point. Just like the previous rally, many bears could consider the 200 - 300 correction as a signal to the start of Wave C of long term A-B-C Elliot Wave correction.
However, if, like before, the bulls can once again turn it around, then we might very rapidly see a rise to 9,000 by the end of the month.

The Target
In my previous Double Bottom Trade idea, I highlighted an eventual target of 7,900 (previous all time high).
This idea suggests that we will go further.
9,000usd is an important figure that many ideas have missed out.
Many U.S. traders fail to recognize the overwhelming volume of trading coming from the rest of the world, specifically East Asia.

The Aligning of Whole Numbers
There are very few numbers where major psychological barrier numbers align.
Quite roughly, 9,000 USD = 1,000,000 JPY = 10,000,000 KRW             = 60,000 CNY            

This alignment of whole numbers is likely to have a strong impact on the market.


Let's see how this unfolds.
As always, trade safe and stay nimble.
The speed and momentum in BTC             now can easily destroy margin positions!!
评论: We have broken ATH as per the previous idea.
Stay watchful of the upper channel resistance at 8100-8200.
However I am optimistic of breaking that too as we have good volume coming in.
交易手动结束: We went past the target trajectory indicating that this idea is incorrect.
Falling back to other more realistic and less optimistic numbers, especially after the news about Tether.

Seems like things will get messy over the next couple of weeks with plenty of opportunity to FUD.
Rebound might be exit pump for key players to leave before the turn on maximum fear and panic mode on news outlets...
Looks like the retrace was 7500-7300, and rocket while I was sleeping! Almost there!
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Unless it breaks below 7340-50 i dont see it looking back. The daily trend line is vertical and the support is very strong .

You anticipate a pullback ?
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salaryman casstete
@casstete, i would be careful of bullish targets if we don’t pullback. The bears have to be tricked into shorting first, and have their positions liquidated in order to fuel the entire way up ;) no pull back, no bear money. No bear money, double top...
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casstete salaryman
@salaryman, great stuff much appreciated , i agree , could they have got caught out early at 7300 level ,

I see it at next Daily channel now which coincides with previous high around 7900 - 8000
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Double thumbs up 2 you ,! I been long from 7100 took profit twice & now not touching it until previous high 7900
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