This is just a smaller update in my longer term view for BTC to $6.000 (link below). BTC went up into the blue box which I determined 2-3 weeks ago. This is a potential reversal area for me and in this box I saw a reversal pattern. BTC broke out of this pattern to the downside, curently doing a retest of the trendline which seems to fail.
If the drop continues, I'm expecting a retracement towards the blue trendline, based on fibonacci extensions AND retracement calculations what could complete an ABC which is very likely after 5 legs up. Another scenario is a bigger correction (left chart) but not very likely to me as remain very bullish for BTC.
Tradingadvise: I wouldn't short this, BTC is very strong these days. Market is tricky and I would advise to sit it out (if it happens) and buy the dips.
Komen
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and this is why I wrote "don't short BTC here" amazing blast through 5k Overbought on most timeframes now. Its not a guarantee for correction. Lets see
Komen
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Posted an update in my long term view on BTC (link below)
Hope we do get a pullback to load up before the big move.
matthew.r.broadbent
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Do you believe this trade is active Crypto_Ed I am a big follower of yours and you called it back to 6000 when everyone was posting FUD. my idea is that it could soon see retracement back to 44-4700 area and still remain bullish on daily chart up to 6000
Crypto_Ed
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@Matthew.r.broadbent, pls check my longer term view for BTC. I updated today with possible next scenario (link is on this page "related ideas")
matthew.r.broadbent
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@Crypto_Ed, Nice thanks for the reply and I see the update on the big call from earlier this month! Appreciate everything you are doing man nice YouTube videos as well hopefully will be reloading at a nice price soon
matthew.r.broadbent
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@Crypto_Ed, Bitcoin definitely seemed like it wanted to overperform too risky today only played oversold bounces but still made some nice profits i hope this thing doesnt skyrocket over night but i have to get some sleep
adityadoodle9
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Ed, i personally believe in this bull run bitcoin will make 8000$ what do you think ?
milancondsa
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@adityadoodle9, Impossible waiting for great correction soon
tereskapl
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you was so wrong... again
DeusNovac
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@tereskapl, read carefully what he said before talking bullshit.
Crypto_Ed
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@tereskapl, hahaha how was I wrong, calling this bullrun almost a month ago when everybody posted BTC collapsing? Instead of posting, you'd better read my comments to this set up.