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.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.