Hello again Everyone,
As bullish as I am on Bitcoin... I also realize this is a bias and try to play devil's advocate on myself to keep myself grounded. Yes, we have the beginning of mass adoption going on... But that doesn't mean it goes up in a straight line. In my opinion, we need to see something like bitcoin bull over? or bitcoin to 20k, in a headline to give us clues that the correction is over. Atm, I don't see anything really negative towards bitcoin which tells me we are not done with this correction yet and may take a good chunk of Feb to finish.
As we see below price has bounced off the orange trendline and up towards the main white line of resistance. Let's take a look at the Intermediate and Minor waves.
Below we have intermediate waves in blue and minor waves in yellow. I'd like to bring your attention to the Intermediate C wave we are currently in. As we see we hit the orange trend line making wave 1 and then we hit the Top main Resistance line which I am now pegging as a minor wave 2. We need 5 of these minor waves to complete the intermediate C wave. Now have said that I could make this count also bullish but I would like price confirmation before I favor that idea. Right now this is my main count. I do not think bitcoin will go down past 28k and if it does it will be very quick. We need a nice jab down to scare people and get the news trumpets going on how its crashing. When that happens it will be buy time and should be close to be done this C wave.
Part of me wants this count to be dead wrong... However, all the indications are leaning to this count so far. If that changes I will be sure to update everyone asap. Until then this is the main count before we go higher.
This Bull Market is far from over...But even in the most bullish markets, prices do not go straight up... and if they do get OUT. Just like GME. Notice how these Newborns actually thought GME was going to 1000 bucks. That is the kind of news and social mood you sell into... But we see people actually buy on FOMO.
This is why Financial Markets are Different Than Economic Markets. In Economic Markets high prices decrease demand and yet in financial markets we see Higher prices spur demand... when prices crash and go on discount most people get afraid and don't buy, unlike in economics... low prices spur demand.
Also, note the rise of RH and public small traders are typical of fifth waves in markets throughout history. Refer to my Dow Ta here
https://www.publish0x.com/the-infinite-banker/is-the-dow-looking-crashy-crash-xmkjqgr
Bitcoin buy up to 40k
If you haven't bought yet i'd suggest waiting as prices show go back down to at least 30k again. Start buying around that area with 25-50% of your total investment so you can carve out a bottom.
To Decentralized Freedom
