This is a near textbook zig-zag ABC corrective pattern.
The dotted line is the A wave stuck onto the terminal point of Wave B.
We are also basically exactly where I predicted the supercycle EW Wave 5 would begin.
I don't think BTC will see too much resistance at these retracement levels below the previous Wave 5 (on intermediate, primary, and cycle timeframes).
This market continues to disprove any "bubble" bigots as I like to call them - healthy correction followed by huge growth, rinse and repeat. It's what we're seeing over and over again.
Fractals at every level.
Wave 5 of the supercycle will be the "public adoption phase" so expect monstrous growth in the year to come, as your mum's and pa's start liquidating their assets to get invested in cryptos! Much like what we saw prior to Mt Gox, but Wave 2 (what we saw afterwards) is almost always very deep (80-90%) for cryptos. The Wave 4 we have seen on this time frame - retracing only 50% of the supercycle Wave 3 (except for a small, temporary drop below - on account of exchanges not allowing new members which would keep the demand more reflective of reality than what we have seen with this sell off), and taking only 23.6% of the time of supercycle Wave 3, are both very bullish signs.
The sheer amount of money flowing into this market means that the sky truly is the limit.
The bottom is here right now - BTCUSD pierced the "double wall" made by the 1.272 extension of Wave A, and the 0.5 retracement of the supercycle Wave 3, making its way towards the lower half of the downwards channel - it quickly threw this off, and rebounded to where we are now.
We may see a little more sideways movement, especially with the weekend coming up, but once Wave 1 EW cycle begins (of Wave 5 supercycle), we'll know it!
If you haven't bought coins cheaply, just HODL and wait.
Don't swim into open waters, when they're murky and you don't understand them.
You need to know when to side-line your trading, and when to step back in.
Now is a great time to practice your TA, take a break/vacation from trading, and just be patient.
Patience = profit! A lesson I learnt the hard (expensive) way.
The dotted line is the A wave stuck onto the terminal point of Wave B.
We are also basically exactly where I predicted the supercycle EW Wave 5 would begin.
I don't think BTC will see too much resistance at these retracement levels below the previous Wave 5 (on intermediate, primary, and cycle timeframes).
This market continues to disprove any "bubble" bigots as I like to call them - healthy correction followed by huge growth, rinse and repeat. It's what we're seeing over and over again.
Fractals at every level.
Wave 5 of the supercycle will be the "public adoption phase" so expect monstrous growth in the year to come, as your mum's and pa's start liquidating their assets to get invested in cryptos! Much like what we saw prior to Mt Gox, but Wave 2 (what we saw afterwards) is almost always very deep (80-90%) for cryptos. The Wave 4 we have seen on this time frame - retracing only 50% of the supercycle Wave 3 (except for a small, temporary drop below - on account of exchanges not allowing new members which would keep the demand more reflective of reality than what we have seen with this sell off), and taking only 23.6% of the time of supercycle Wave 3, are both very bullish signs.
The sheer amount of money flowing into this market means that the sky truly is the limit.
The bottom is here right now - BTCUSD pierced the "double wall" made by the 1.272 extension of Wave A, and the 0.5 retracement of the supercycle Wave 3, making its way towards the lower half of the downwards channel - it quickly threw this off, and rebounded to where we are now.
We may see a little more sideways movement, especially with the weekend coming up, but once Wave 1 EW cycle begins (of Wave 5 supercycle), we'll know it!
If you haven't bought coins cheaply, just HODL and wait.
Don't swim into open waters, when they're murky and you don't understand them.
You need to know when to side-line your trading, and when to step back in.
Now is a great time to practice your TA, take a break/vacation from trading, and just be patient.
Patience = profit! A lesson I learnt the hard (expensive) way.
This level simply could not be maintained, and shows how bullish the market is on larger time frames (which reflects on everytime frame: "as above, so below").
My 13th January prediction for beginning of Supercycle EW Wave 5 seems like it is exactly on point (top right of green box, which has been in play since January 10)
It's clearer in this image: