The market is very very bullish. Make no mistake. First the SubWave 4 retracement was shallow, which only happens about 15% of the time, second - look at that 4HR OBV!!
Do not understate the importance of the 4HR OBV - it is now on a longer uptrend that at any time since $19k. All those other times when we thought that btc was recovering (since $19k) was revealed on the OBV as a horizontal line or a shorter uptrend. This is the first time that we have had a long sustained uptrend on the OBV.
Where to from here? Well, from $6504, we have a clear 5 waves - it's so obvious. This discounts the theory that from $6504 to $8500 was a Wave 4, which would have shown as 3 waves, rather than 5. If we are currently on a corrective wave, then there would be less impulse waves on the way up. Therefore we can conclude that we've just completed 5 subwaves of Wave 1, and are about to start Wave 2. How far will Wave 2 correct? I predict no lower than $7800 based on the tremendous strength in that area and the very very bullish sentiment right now.
As always we will have the perma-bears saying that we are going to fall to $3 (pick a number - it doesn't matter because it's just plucked out of thin air: $3000, $4000 - all nonsense based on greedy traders wanting to instill FUD so they can fulfill their shorts). I don't like one-sided analysis. Analysis that predicts prices in one direction is gambling. Analysis should merely give possibilities - and possibilities include both upward and downward directions. Any analysis that insists that we are going to $3k without recognizing the possibility that we may never see $3k ever again is not worth looking at, IMO.
Do not understate the importance of the 4HR OBV - it is now on a longer uptrend that at any time since $19k. All those other times when we thought that btc was recovering (since $19k) was revealed on the OBV as a horizontal line or a shorter uptrend. This is the first time that we have had a long sustained uptrend on the OBV.
Where to from here? Well, from $6504, we have a clear 5 waves - it's so obvious. This discounts the theory that from $6504 to $8500 was a Wave 4, which would have shown as 3 waves, rather than 5. If we are currently on a corrective wave, then there would be less impulse waves on the way up. Therefore we can conclude that we've just completed 5 subwaves of Wave 1, and are about to start Wave 2. How far will Wave 2 correct? I predict no lower than $7800 based on the tremendous strength in that area and the very very bullish sentiment right now.
As always we will have the perma-bears saying that we are going to fall to $3 (pick a number - it doesn't matter because it's just plucked out of thin air: $3000, $4000 - all nonsense based on greedy traders wanting to instill FUD so they can fulfill their shorts). I don't like one-sided analysis. Analysis that predicts prices in one direction is gambling. Analysis should merely give possibilities - and possibilities include both upward and downward directions. Any analysis that insists that we are going to $3k without recognizing the possibility that we may never see $3k ever again is not worth looking at, IMO.
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