Super Mega-Top Ultra Awesome Bitcoin Bonanza

Hello, guys and gals, it is fun to be bullish again. Yes, this could be a head fake into a bear market. These are not unheard of. That said, this is not my assumption at present. #1 rule of crypto-club, do not underestimate the markets propensity go soar higher, always error on the side of the bull if we are unsure. We error this way because we know the long-term potential of cryptocurrencies.

The last Fib-projection held from the prior run in Bitcoin.

If we draw our original Fib from April 15, 2013, to the high in November 25, 2013, we see that the fib projection of $3,000 is where the market experienced a pull-back.

In effect, the meaning of this is that no top in bitcoin formed, we just had a standard bull market pull back to retest the very top fibonacci level. It did not cross 50% retracement into a bear market consolidation. This is the mega-top bullish trend scenario. It is the absolute absurd path higher for bitcoin I outlined in my video, and absurdities can happen in crypto world!

Guys, the next major projection level of resistance is $4,120. The next resistance level is $4,800. This is parabolic price run world if I have ever seen it. What I am looking for is steady gains on a weekly basis. I do not want to see a bunch of choppy side-ways action at $3k. Now that we broke it, I want to see a brief retest of 3k for Bitcoin. Then we need to be chugging higher.

If we see some kind of market confusion now that bitcoin has broken above $3k, look-out, possible bull trap. That said, the break looks strong to me. Double tops, usually the 2nd top is lower than the prior top, and volume exhausts at the end. This 2nd "top" kept creeping higher and just when we thought it would collapse, solid buys came in to bring it to new highs.

When a market goes parabolic, it leaves many in unbelief. The reason is, it should not go higher but it does. The thing is, I have no problem making money with the markets going higher. I much prefer the bull market scenario too because shorting BTC is impossible on exchanges. Far easier to make the money in a market up-trend.

This is not so much investing as it is a trend trade. The market is so hot at this point that if it goes to that 4k threshold, it should feed down into the other cryptos, and every time this thing hits any resistance with a pull-back, we stand the chance of the mega 50%+ crash.

The higher this sucker soars the further it can fall. At the tippy-tippy top expect nothing less than $750 price swings within weekly time frames, especially if it wants to blast to $5k.