Yep same 6-7k bottom shorter's are chanting 5k and screaming bear! from the hilltops again...guess what? BTC don't care and either do I. I have been calling for the low 8k levels since the 9k~ top and it's getting close I'm expecting a wave 4 completion somewhere in the 8k-8400~ area and have multiple confluences around $8300~, from here I see another rally taking us to 10-11k levels which will complete our 5 wave move.
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Added long at $8385~
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For people curious where this count is invalid it's below the top of wave 1 use candle body around $7600~ level, once we complete 5 waves up though that stop is gone and we must stay above the $6400~ low below the start of wave 1 to remain bullish.
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Added more longs in $8200~ range
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the first half of this wave 5 is almost complete which we will call leg A, Expecting this to top around 9k~
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wave 3 of smaller degree was quite big expecting this A leg to top around mid-high 9k levels.
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Looking quite toppy in 9400~ area Id say this is the top or close to it for our wave A of 5 which is half the move...can extend to 9800~ area but not seeing much more, Expecting to fall down to middle-high 8k levels from here if this is the top and after that we start the next rally to complete wave 5 which will push up to 10-11k area.
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Low of wave 4 around $8200~ must hold for this wave 5 count to stay bullish before completing, If i was using stops this is where my stop would be placed $1 under that low, the B wave nature of the wave 5 configuration can be quite nasty in some cases and really throw ppl off thinking the trend is over and a top is in...only to find it rips up again to make a new high.
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shows the formation of what I see coming and makes the last comment clearer visually for people confused.
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Is a bit more accurate
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Still expecting 9k to bust and land somewhere in the 8700-8900~ area before heading back up to 10-11k and completing our wave 5, Currently I'm in alt coin positions as i think we're in an Alt Season and the next 1-2 months will be very explosive for alts as BTC slowly grinds it's way to 10-11k~
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Only level of concern for BTC is if it breaks that wave 4 low around $8200~ until that happens assume we correct and continue back up higher to 10-11k.
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So it looks like this wave 5 is going to be a single leg and I'm of the belief it's topped out or getting damn close and would say around $10,500 is as far as it can go in the shorter term...(if it can even get there) and we should expect a sizable correction off these highs, Greed is high and FOMO is kicking in and it's probably a good idea to take some profits.
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Sold all my BTC at $9800~ out of this market for now.
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shows my current thinking.
