goldbug1

BTC - Have We Topped and Where to Next

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It's not that I'm always a bear, it just seems we get to our target levels in a bullish manner much quicker than expected. On Oct 9th we posted "the next leg up" with a final target of $6000. We got there in like 2-3 days or close enough that we were looking for a signal for a pullback. Now AS LONG AS $6252 is not broken and held (I don't mean a wick) I have updated the chart with two likely paths in my opinion. Regardless we are going higher. Of course the further we correct the higher our target level becomes as you can see. Also every wave correction has corrected by at least 0.5, and all but one corrected by 0.618. This is not a dream, this is not a wish, this is not throwing some lines on a chart and flipping a rocket on it calling for the next leg higher, this is factual data as I showed on my "key levels according to Fibonacci. Now do we have to follow the same pattern? NO but it is very highly likely regardless of what some may think. I know many have trouble thinking ohhh give up on the $2700 number it will never happen. Ok let me put it in simple terms.

Most everyone I'm sure has been in a relationship, many have probably been married. I'm sure everyone has broken up with someone at some point or gotten a divorce. Well the market is no different when you get emotionally tied. What does this mean? Well nobody goes into a relationship or gets married thinking ohhh we will probably breakup. No you think the opposite, ohhh this is my soul mate, it's perfect the ying to my yang. But then something happens along the way. Maybe there is adultery, maybe a drinking problem, maybe..... well you know because most of us have been there. (Yes I can tell by some posts that many have not left there parents basement in years and the only relationship they have is online but darcyspringpopper@twitter told you to stop tweeting her which is the same thing). I mean who get's married with the knowledge of getting divorced? Nobody but divorces happen. After two divorces (wasn't my fault believe me I'm a great guy) I look at my relationships differently. I look at it as well what if it doesn't work out? I'm much more cautious. Do I want to move all my furniture in now, or take it slow to see how things evolve, let me make sure this is the right thing to do and let's take it slow.

Well this is the same philosophy in investing. Once you have been through a couple breakups or divorces! You learn to be cautious and expect the unexpected. This is why we move into markets slowly not all at once. If your new to the market can you buy here? Sure you can, but I would only bring over a few clothes and a suitcase, I wouldn't be moving in the bedroom set yet. Now of course some never learn and jump in from relationship to relationship. Yes I see some of those out there too.

So regardless if you agree or disagree with me, I'm only going by what the chart is telling me. And believe me I put a lot more information on my charts then most, maybe too much. Anyone that knows anything about charts is looking at the same things I am. Now maybe they think well this is wave III and this is an WXY blah blah blah, but overall we are looking at the same chart, and there are times we will have a different opinion, but I can tell you from investing for over 30 years, never think ohhhhh the market can't correct.
Comment: 5 Wave cycle appears to be completed as we corrected to the 0.618 level of the 5th wave in wave V. This is where it gets a little more complex, and the reason you have not seen me make a trade. We could travel in a zig zag correction before pulling back to the overall correction of wave V. Then there is still the broader correction of the entire I,II,III,IV,V. Which may or may not happen. But I feel pretty confident we see $3500 before it's all over. But this is just my opinion.

Comments

Ignorant and short sighted day traders with their self fulfilling infantile philosophies, fallacies and false hopes. Their gargantuan greed and grotesque tendencies for debauchery and unkempt hedonism. I'm not a fucking normie day trader. I am a pure crypto HODLer. I am a virgin and live in my parent's basement and that is something to be proud of. I dont fall prey to the day trader's unfettered white knight practices; their unscrupulous desires to impress Stacy with luxurious items. I don’t use my meager financial profits to bolster my self esteem. I disregard women and their malignant sexual deviancies. I have no friends. I am not consumed by any thirst for validation by insentient normies just as any low brow day trader is or would be. This saves my valuable time and in conjunction with the dismissal of superfluous technical analysis strategies such as Elliot waves, their ichimoku memes, In favor of fundamentals, I have more energy to expend on more important studies. I have all the time in the world to pursue worthy enlightened intellectual endeavorers. I am a master of existentialism, solipsism, nihilism, anti-natalism and my mastery of these topics is a truism to my intellectual prowess over the day trader's insentient philistinism. The knowledge garnered from my intellectual pursuits has only emboldened my understanding of market movements. If I tried I could make 10000% a week well above the average of any day trader's weekly P/L but I choose not to out of pity or mercy. I have resigned myself to a life defined by the HODL ethos and I will HODL these cryptocurrencies with unwavering might, an indomitable conviction which will endure even the longest of bear markets the world has yet to see. But when the markets shift and the bulls devour the bulls. Then who will be laughing all the day traders mistime the market and short the bottom? Their liquidation will fuel the bull run of my moon dreams. The day trader's greed is a vital source of my wealth.
+13 Reply
neerajniccu captrade
@captrade,
How did I miss this one. And we all understand you are a bull who stays away from women which is the right thing to do btw. Cheers.
+1 Reply
BrianCT captrade
@captrade, Brilliant. <3
+1 Reply
CHAZHORSE captrade
@captrade, Aaahhh....Whattt?
Reply
A divorce is always your fault because you did marry her, which has only disadvantages in our postmodern world for a guy! Its sad but its true!
+8 Reply
goldbug1 Grandmaster_Nitemare
+1 Reply
berryfarmer Grandmaster_Nitemare
@Grandmaster_Nitemare, Sad but true
+1 Reply
Thanks Man. I'm like the teenager that wants to move in all my stuff, then an Uncle like you comes along and gives me a big whack! Just what I needed!
+8 Reply
goldbug1 hitten03
@hitten03, LOL Thanks for commenting
+4 Reply
Love your work ! You are tapping in to the fundamental cycles of the universe, of which of course the market wave is simply a Fractal iteration of. The Phi corrections are fascinating and of course reflected through out the human world and fundamental nature. Mathematical psychologist Vladimir Lefebvre demonstrated that humans exhibit positive and negative evaluations of the opinions they hold in a ratio that approaches phi, with 61.8% positive and 38.2% negative . It appears the market participants them selves are also in resonance with the market wave its self. I reckon the Mayans would have made great crypto traders ! lol They understood the great cycles and sub cycles, no wonder they could predict times of great change( like Now !)

Ive been in bitcoin since 2011 but just started trading bitcoin derivatives in the last month, I have no TA training but am finding my early work background as a sound engineer and some basic uni study in acoustics very Helpful indeed ! I teach Math and Technology now but am totally buzzing at how .618 and of course Pi are fundamental in understanding the market cycles.

Your chart has given me some great ideas. I want to try using for a sort of homebuilt TA I'm playing around with, centered around fib sequence, extension of trend lines that help relate different frequency channels , circular geometry (similar technique used in sacred geometry) whereby the intersections are created by intersecting circles rather than linear lines. Im sorry I dont have a trader vocab yet so I'm not sure if I'm making any sense ? If I can play with it over the next month I'll try and share to get feedback.

looking forward to your posts

Peter345 from NZ

PS looks like your in beautiful Sedona ?

Passed through once , a place I definitely want to visit again

Cheers !


+5 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out