Bitcoin Poised For More Upside? Let's Take A Look!
Welcome Back!
It's that time again where I update you on my thoughts towards Bitcoin's current cycle.
Are we going higher? Or... Are we going lower from here?
Today, I will give you and in depth look at what I am seeing both bullish and bearish!
Let's jump right into it today :)
Taking a look at the daily time frame it appears we are still working on finishing out overextended 3 wave.
Based off my wave count I see us going higher to $10k before we experience any sort of major correction.
I have been watching this $10k level for a while because I see it as a big resistance moving forward.
Once we find the top of the 3 wave there are a couple things that can happen...
1: BTC retraces and all this new money that entered the market from December lows starts flooding into Altcoins. This creates a major rally in the alts
2: BTC retraces and drags the alts down with it. This creates massive panic and capitulation across the board before altseason.
Often times it's during the 5 wave when Alts parody with Bitcoin so I wouldn't be surprised to see option 2 play out.
With that being said, there is still a ways to go with bitcoin. But... What's the bearish perspective?
I will update with my thoughts below...
It's that time again where I update you on my thoughts towards Bitcoin's current cycle.
Are we going higher? Or... Are we going lower from here?
Today, I will give you and in depth look at what I am seeing both bullish and bearish!
Let's jump right into it today :)
Taking a look at the daily time frame it appears we are still working on finishing out overextended 3 wave.
Based off my wave count I see us going higher to $10k before we experience any sort of major correction.
I have been watching this $10k level for a while because I see it as a big resistance moving forward.
Once we find the top of the 3 wave there are a couple things that can happen...
1: BTC retraces and all this new money that entered the market from December lows starts flooding into Altcoins. This creates a major rally in the alts
2: BTC retraces and drags the alts down with it. This creates massive panic and capitulation across the board before altseason.
Often times it's during the 5 wave when Alts parody with Bitcoin so I wouldn't be surprised to see option 2 play out.
With that being said, there is still a ways to go with bitcoin. But... What's the bearish perspective?
I will update with my thoughts below...
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With my current count we still have waves 3x5 to complete in the 5 of the 3.
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This is my least likely scenario because the Elliott Waves don't line up very well. If this last impulse was an overextend 5 of the 3 then we should see something like this. Breaking support at $7,300 would be very bad and would indicate a trend change.
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Current prices are consolidating in what looks like a symmetrical triangle or even a bull pennant. Since we have continued to create extreme bullish moves I think it's likely we continue up. Don't fight the trend!