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The Bitcoin Megabull Nearing our $10,000 USD Target

已更新

More than a year ago I published a chart on tradingview and forecasted that Bitcoin will have a Megabull that will hit past $10,000 USD (chart is below). Almost nobody at that time believed it could happen. I even got some hate mail calling my prediction a "joke" and some other hateful terms. However, fast forward to today and now we are few weeks or few months away from hitting that $10,000 milestone:

The Bitcoin Megabull Cycle - Delayed till Dec 2016 to Feb 2017

What a time to be alive, really! Bitcoin is making history as the Megabull continues for a record of 8 months compared to the old 2012 and 2013 Megabulls that lasted between 3 to 4 months only!

Bitcoin is going quickly through what we call the 5 phases of adoption which is contributing to the Bitcoin Megabull lasting as long as 8 months and counting:
1. Experimental - done
2. Early Adopters - in progress or done? (maybe whoever is buying under $10,000 is still an early adopter?)
3. Venture Capital - done (ICOs are replacing IPOs)
4. Wall Street - in progress
5. Consumer - in progress

We are currently on uncharted territories here, and on the verge of going parabolic/euphoric. TA might not be much of help but I wanted to share with you all what we've been looking at in the Bitcoin Guru group for the past month. The published chart is a Bitcoin logarithmic chart with a bullish parallel channel. As seen in the chart, we hit our forecasted target at the top of the bull channel at $7350-7200. We speculated due to volatility that wicks could stab through as high as $7600, but the highest top that was hit was $7350 on both Bitfinex and Bitstamp.

Here is what we're expecting next:

Bull Parabolic Scenario - A: As of now I am still giving a higher chance of a parabolic/euphoric move to $10,000 and even much further which would top around the B2X Hard Fork on November 15-16. Currently this move would happen if we have a break out past the log bull channel top at $7400 on Bitstamp.

Slightly Bearish Scenario - B: This scenario would entail a similar move to the last two moves we had after touching the top of the bullish parallel channel.
If you look at the chart, you notice every time we got close to the top of the channel, we reversed the trend to bear through a H&S and also a rising wedge that broke down.
So it would be wise to watch out for a similar move for the 3rd time which consists of a bearish reversal pattern such as a H&S or double top at the current levels around $7600-7400 and a highly volatile wash-down to $5500-5400, a bounce to $6100-5950 (to draw another H&S) then a final drop to retest the bottom of the channel at $ 4600-4200 (will confirm the exact bottom when more data is available to us). Then we'd reverse the trend through an IH&S and continue to $10,000 or beyond.

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註釋

Bitcoin failed to go parabolic past the top of the bull parallel channel after the new weekly candle yesterday - and that is overall a good thing and a healthy outcome (departing from the old Megabull parabolic ways from 2013 and 2014).

At the moment slightly bearish scenario -B is seeing the higher probability of happening:
We currently formed the big H&S first shoulder at $7600 and expecting a pull back to $6500 (could be a bit lower to $6100-5950 as a wick) then the formation of the head will come in few weeks by hitting the top of the bull channel again. I am forecasting the head of the H&S to be around $8360-8000. See blue fractal on the below chart.

註釋

Scenario B will not occur as Segwit2x or B2X Hard Fork is cancelled due to lack of consensus. It seems that the unexpected pump that started more than 12 hours ago from $7000 support to $7400 was due to insiders / corporations part of B2X that knew ahead of time of the news.

Hence, Scenario A is back on track with a possible parabolic move to $10,000 if we break past $7800 and close a daily candle above the it.

註釋

Bitcoin failed to close a daily candle above $7800 and ended up retracing back down to $7000 support completing a stop hunt from B2X insiders who knew ahead of the cancellation of the Hard Fork.

We are currently back to Scenario B and on the verge of drawing a giant H&S as I am depicting below, which means that the current drop that Bitcoin is in at the moment could bottom here at $6500-6400 or we could get a capitulation wick down to previous top which should hold us as support at $6200-5950 before reversing the trend and going for the big head of the H&S.

The head should be within the top of the bull channel and at this moment could be around $8360-8000. While the last shoulder would top around $7600-7450

註釋

The level of manipulation on going between BCash/B2X corporate firms/miners against Bitcoin is HUGE. At this point, it seems were off to go to $5600-5450 straight down with a possible wick to $5100-5000

Corporate firms and Miners takeover attempt:
B2X HF cancels - Nov 8
B2X corp collude with BCash miners
Bitcoin Stophunt Forex Style to load shorts - Nov 9-10
Bitfinex ceases US resident service
Bitcoin slumps hard vs BCash goes parabolic
BCash Hard Fork Nov 13
Bcash sell the news on Nov 13 after the fork?

註釋

First strong support/mode at $5600-5450 held twice. Strong rebound since then as anticipated. Possible last shoulder of the H&S playing out with a higher out of wack shoulder to $7200-7000.

Alternatively, it is possible that we just finished drawing the first shoulder of a bigger H&S, and were currently going for the head which could shoot to $8360-8000. I will side with the first scenario for now for a smaller H&S just to limit risk, we are not sure if Roger will attempt to force a sell off again.

註釋

So far target reached at $7200 with an overshoot to $7350 on certain exchanges. Were exiting a rising wedge soon which would mark a bearish reversal from the double bottom we just had at $5600-5400 support.

We also are printing a potential double top at $7300 area and plotting a descending triangle too. However, this is the megabull and previous top at $6600 might hold us as support and we could break out from the descending triangle as well equally a the probability of a short-term bearish descent.

I have corrected the H&S as it is more a crooked diagonal one as the first one we had a while back. There is a chance that we do see the same sell off to $5000-4900 if it plays out.

If you would like closer follow up and updates daily on Bitcoin and other crypto, PM me to ask me about the subscription. It is pretty affordable and could help you greatly if you are too busy to look at charts.

註釋

Final update for a while, just wanted to give this one since I know a lot fell for the Bcash / Roger ver scam and manipulation few days ago:

註釋

Bitcoin Megabull Update: Top of bull parallel channel and rising wedge were broken to the upside confirming the next move being a parabolic high volatile final leg to $10,000 and beyond.

註釋

We posted this update on twitter few days ago - so make sure you follow us there. We are looking at a potentially last parabolic attempt to $50,000-30,000 through December 18-26 before the big crash and the bear market starts.

If you are interested, you can join our cryptocurrencies trading alert membership for more in-depth daily updates on crypto and Bitcoin.

註釋

Bitcoin broke out exactly as we've anticipated based on the fractal. Time to continue the parabolic move to $30,000

交易結束：目標達成

New charts have been published for Bitcoin:

Short-Term:

Long-Term:

註釋

Continuing the work on this old log chart from November 2017 with the parallel channels, I will be publishing a new live chart today or tomorrow (see screenshot!) Just keep following us