A new high could well mark an important peak to the trend that has been developing from the Feb 2019 lows, ideally we see new highs to end wave 5 of a large impulse wave, with sentiment extremely bullish on Bitcoin, I would caution readers that are considering getting involved in this product or even buying Bitcoin to reconsider that idea.

If the current idea is an impulse wave as I am showing (5 wave advance) then it’s close to setting up for a large reversal and a substantial retracement in 3 waves.  A pullback in 3 waves is the ideal area for those that want to buy, buying the market after such an advance, in my opinion, is akin to picking up pennies in front of a steamroller.

Comments (2)

Author’s gravatar

Thank you for the update on GBTC, I was watching it when it was down at 4……took my eye off it for a bit and missed a nice move up. I’ll be watching for a nice 3 wave pull back.
Thank you for all of your hard work
John Roden

Author’s gravatar

Hello

If you do follow it and it declines, let me know I will update it if any members are really interested in it. I have no interest in it myself, but a pattern is a pattern, so its a trade setup if it does drop in 3 waves

Regards

Comments are closed.

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