Note once the trend was established, we formed a nice impulse set as the market began to get impulsive. Trends are everything in crypto, and the easiest way to know when to take profit and when to rebuy. (Things go parabolid from trend, take profit and look to rebuy on the trend and support it). Once the trend breaks, its over, and the market WILL correct. How that correction plays out is what determines if we continue on or not.
As we can see, the retracement held the classic 0.618. This is the tell-tale sign that the market wants to continue on. As we respected the 1d cloud and completely confirmed support by those 2 indicators, the market broke out of the downtrend, flagged out to signal to the smart money that we are good to go and we continued on.
The retracement of that flag set us on another nice trend where we get once again a impulse wave set as everyone's emotions are running high and peaked this time at the 2.618. Once the trend broke, signal to get out, market gives you a nice second top to sell at the top of the B wave in the correction and down we go.
Measuring the retrace we once again held the . Wait, is the market really doing the exact same things and behaving the same way again? No way...you don't say?????......Strong 1d cloud support as well, market denies further downside and shows its ready to keep boogying. Emotions are still high, everyone is a genius at this point and the next wolf of wallstreet. Blind luck is guiding them since they don't understand the true way the market works. This time the market slowly just casually creeps up to the ATH where many think a is coming, however there is a bigger picture being painted... and here we are.
The bigger picture is that there were/are LARGER waves being painted and once again on a trend. Lets take a closer look at this third wave.
So immediately we can see we have perfectly tagged the 1.618 this time. Understand as we further ascend in price, each top on the following waves will be smaller fib extensions because the price is too expanded at this point in retrospect. Ofcourse we can have some pretty gnarly waves, especially for a 5 wave, but understand Bitcoin is a 100 billion dollar market now and it takes ALOT of fiat to move at this point and more and more as we continue on. I know we dont have a classic blow off top like we usually do, but like I said, its taking quite a bit of money at this point and where will this money come from? Plenty of people have been blindly rode to riches and now its time for them to lose. Could we still go further, possibly. We will have to see how this correction now plays out. If it holds in a 0.618 as shown above, then yea we might just keep playing the same ole game. However it would be history in the making if we made another past 3, especially where we are in price. Many things are drying this up as well. ICO bans and regulations coming, decreasing, the general sentiment on Bitcoin and the governance issues.
Continuation in comments/post too long.
What happens is all dependent on what fibs the retracements hold. All this compltely coincides with alts taking over as their massive realized profits need to be realized and sold in Bitcoin for the most part. Plus you will have some people just being completely emotionally tortured and fearful.