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RE: Bitcoin (BTC) Evening Update: New Target $20,698...My Analysis Explains in detail!
I'm not a crypto doom and gloomer by any stretch, but with the wave 5 target for BTC being pushed higher and higher, it's fair to say we may be in a 'parabolic period' right now in crypto. Basically, a bubble. EW theory states that BTC should see an ABC correction after wave 5 (if I have learned correctly from Haejin). Depends on the sentiment at the time--how many people have bought the top and are going to lose it all during the correction? Will there be panic from crypto newbies? My best guess is that if it hits 20-22k, expect at least a retracement below 10k, with a potential to go deeper than that.
Prechter has been calling the market top again again and again and has failed
I understand that sound TA must take all new developments into consideration--so I mean no disrespect in asking this question. Was this not an attempt at discerning a top? (As it would even seem evidenced in the title)
https://steemit.com/bitcoin/@haejin/bitcoin-btc-topping-range-usd7-000-to-usd9-000
Indeed we are in some unfamiliar waters these days. I thought I was following along, trying my best to learn from your teachings--in hopes that one day I, too, may be able to help others with intentions to 'do no harm'. However, the market of the past 10 days has me feeling upside down a bit, like I understand nothing. Could I ask you to zoom out and do a bigger picture count on BTC? Or are things moving so fast right now that the lines between 'possible' and 'probable' are a bit too blurred for a big picture to make much sense?
And just as I had pressed post on my previous comment, it appears you were posting a video with a larger view of BTC in tonight's Bitcoin evening update. Your post was an immediate answer to my question. A quantum event? Possibly :) Either way, thank you for that larger view as I think I understand the BTC chart better now. Enjoy the Kimchi!