Crypto_Ed
Panjang

$BTC update The road to 6k

BITFINEX:BTCUSD   Bitcoin / Dolar
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This post is an update from my earlier set up, about a month ago where I called (again) BTC             to $6.000,- Link to that set up is below.

Past days, we have seen a mind blowing bull run for BTC             . Since the first set up, it rose $2.100,- in a month with some spectacular movements up this week.
In my opinion its very tricky to chart BTC             in such days. When its on a roll, it just keeps going but I think I've found a scenario what seems logical to me. Lets give it a try:

This new set up is just a follow up from previous, nothing major changed. I'm still looking to the same targetted area which starts at $6.200,= This targetted area ends a 5 legs cycle, as shown on the Daily chart left. What happens around that area is for later concern, lets look at lower timeframes.

On the chart on the right side, I've also drawn a 5 legs up. It seems to me that we might see some correction which makes leg 4. Leg 5 would end also in the blue box. I'm not sure about leg , if it will go that low (which isn't really low).
But TA whise it would be logical that we see some sort of correction. Indicators like MACD and RSI show that we might get some correction.
Once again: when BTC             is on a roll, it just keeps going.



Target areas on both chart correspond to each other, coincedence? Targets are calculated with a mixture of Fibonacci Retracements and Extensions. Most of my TA can't be found in studybooks, a lot is my feeling, experience and I pick what seems most logical to me. Die hard Elliott Wave believers criticized my methods and were announcing BTC             collapsing since $ 3.300,- but I'm still here ;-)
Komen: Slowly getting the feeling BTC won't make more corretion right now and goes straight to 6k......
Just a feeling... Be carefull wiht buying alts right now!
Komen: this might be today's play in BTC. We're in a flat correction which could lead to a push up. Right now we're forming a bullish flag which might bounce in the blue box for a move towards top of the flat pattern


Thank you for the info.
+1 Balas
Crypto_Ed Darakaye2
@Darakaye2, nice glassses
+1 Balas
Darakaye2 Crypto_Ed
@Crypto_Ed, Thanks, Babe
+1 Balas
It's the cycles, cycles, cycles,...
Yea at the moment I also think there's no correction short term.
At least it doesn't look like it, although I would like to have one so I can get more coins.

Thanks for your view man, really interesting approach!
Balas
Sold 50% of my BTC at 5800, will buy around 4k lvl when we go there
Balas
eimsav simo110j
@simo110j, will have to wait for a while.. better rebuy at 5.2k ;)
Balas
simo110j eimsav
@eimsav, have a buy around 5k now ;-)
Balas
Akitadunk simo110j
@simo110j, doesnt' look like will go to 4k soon as its strength is different from top 3k and 5k. It may hit the 2017 top ar 7k before do the correction.
+1 Balas
simo110j Akitadunk
@Akitadunk, @eimsav, have a buy around 5k now ;-)
Balas
Do you think the correction will happen after it hits $6000? Or do you think it still has legs to go higher before the next correction?
Balas
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