Husain_Zabir

time for bitcoin to take a breadth?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
hey guys here's an update on bitcoin , by looking at charts it's clear that we've got a huge parabolic wave 5 in last few days and the more quickly high we're going the odds are getting more likely for the end of wave 5, as i've said in my previous analysis that 6000-6450 was the major resistance level which was also oct 2018s high, but bitcoin completely destroy that wall, after that i've said, ok! now 7400 level is looking the next major resistance which was also sep 2018s high, but again bitcoin broke that level. first thing we need to understated that in trading there's nothing right or wrong, you need to be flexible when things don't go as predict them than you need to quickly change your mind, that one quality will help you to cut your losses.
now at current situation we're again in a major resistance zone 8300-8500 which are also another highs of july 2018s. the meteoric growth in prices has achieved this level in just under 15 days after, keep in mind that this kind of parabolic moves are like climbing on a cliff , the more quickly we'll go up the more quickly we'll come down. if prices keep continue to go up and we break 8500 level and succeed to hold it than next major resistance zone will be $10000, previous highs of may 2018. however if we broke from here than most likely this will be the beginning of larger ABC correction move.
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Forget to mention but if you'll look chart closely you'll find that we had an extended 5th wave which exactly 161.8% of wave 3. Why that's important?
An extended wave 5 could travel more or equal to 161.8% of wave 3, so from this perspective 8300-8400 zone could be major terminal point or the beginning or ABC corrective wave.
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