BITCOIN FOLOWS 5 WAVES STRUCTURE, CURRENTLY WE ARE RIDING AT SUPPORT BUT I THINK IT WILL BE FINALLY BROKEN. BIG MONEY WILL TRY TO DEFEND 6K LEVELS WHERE STRONG SUPPORT/DOUBLE BOTTOM IS. IT WILL BE GOOD RISK TO REWARD RATIO TO JUMP IN FOR WAVE 2, WE MIGHT SEE SOME NICE PROFITS NEXT WEEK FOR THE BULLS.
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This is APRIL 6 update, named it wrong...
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We have some volume coming in, bulls might try to push it to $7760, it would form abc pattern, i said in my video that $7760 was target for 4th wave and we didnt hit it.
Anyways, my final target has not changed - around 6k
Nope. If Bitcoin breaks the support line it is not going to stop at 6k. I'm in USD until the 4.5k - 5.5k range.
sarged
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@nistic, not everyone is interested in btc going down, so we may see a slight bounce at 6k aka dead cat, hehe.
my target is 5.2 though
ParagonVenture
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@sarged, this is where ill try to make money,swing trade on dead cat bounce. overall still bearish and see 5k targets maybe below
ParagonVenture
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@nistic, i agree with you target, however i believe we will bounce of 6k for few days. Good Luck
xuanhaimmoer
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Doubledoub
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I think it would be very interesting if you could analyse the btc/jpy market.
I suspect it could clear things up a bit
bilalabes
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@gregloren1, ma20 is at 6837.1215 this would be a resistance. do you think we can go break it out above?
ParagonVenture
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@bilalabes, good break above 6900 could signal a rally to 7700. (Look at my update above) we might have abc forming now. Im not going to take this trade, i dont think we will pass 7760 and risk to reward ratio is not that great. i stick to my previous buy targets of around 6k
I_Am_Addy
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Excellent explanation! Thumbs up!
ParagonVenture
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@XoCoBrAoX, thanks, sorry for the mic again. just bought some really good microphone from amazon and should be here Sunday. will be great audio quality when it comes :D