$BTC Update

Nov 17, 2021

Forget all of the clutter on this chart, I am simply redrawing the key area for Bulls to hold. When we look at the structure and counts, the 57K area remains the spot for bulls to defend. I have also overlaid the oversold areas with vertical blue lines, just as observation points. We are approaching oversold levels on the Daily, but on the Weekly we still is a bit bearish turn. Beneath the Fibs, I have laid down the Grand waves in white, while I have labeled the 5 sub waves of the Final 5th Grand wave in red. It is still my belief we have another All time High to print, BUT I am NOT in the camp of targets north of $100,000. While I do have a count that takes us to north of 130K (133K to be precise), I have less confidence in that structure and count. With the USD rallying and stocks at nose bleed levels and valuations, there is a reason I remain conservative with a Target top in the mid 70K's. FOCUS on support for the time being, and we can discuss more about the resistance levels later. :0)