Bitcoin Second Target Hit
Our Great BTC Entry hit its second big long target overnight - lining up perfectly with the -23.6 of the smaller extension long within - giving BTC longs a little more marginal profit over and above the profits realized upon hitting the first target (Bitcoin First Target Hit).
Careful with these targets though! In the stock market the -23.6 target is normally THE target. My studies indicate that the -38.2 if very often hit in crypto, and that the -61.8 is often good with the smaller, thinner crypto markets when in P&D mode. Bitcoin is far from being small and thinly traded and any P&D would have to be powered by huge amounts of money and mass psychology. Indeed, BTC does currently find itself in a parabolic pattern which is a necessary ingredient for such a scenario to occur though, so, while in normal situations I would say that it would be unlikely for the 3rd target to be reached, given the current situation, being abnormal by definition, I would say the odds of that 3rd target being hit are better than normal.
Upper channel resistance is also in play at the -36.2 target, and the technical indicators – as best seen in the volumetric indicators – are exhibiting waning upside strength. Nevertheless, if price can stay above the upper channel boundary and run higher, this could be the beginning of a blow-off top.
Always keep in mind the old saying: markets can stay irrational much longer than you can stay solvent.
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STOPDoes not look that any TA is demonstrating the behavior of BTC nowadays. We have to wait for the 25th...will see what happens
That's the irrational part! 😅
First, I love your old saying haha, so true !
For BTC, It seems is running toward the next resistance line around 6.2K$.
What do you mean about blow-off top ?
Thanks =)
Do not know what will happen but seems like BTc might fall to rise again
Time will say what is gonna happen :)
@cryptographic to summarize with bitcoin and the current world context, we are experiencing things that never seen before in history perhaps. So, we need to be very careful when making a decision with bitcoin trading at the moment. Thanks for sharing this great analysis. Upvoted @gold84
@cryptographic,
"Always keep in mind the old saying: markets can stay irrational much longer than you can stay solvent."
Nice quote dude! Yeah I got the meaning! Let's see what will happen! Great analysis you just shared with us!
Cheers~
great that is thanks for sharing :)
See to be no panic this time before the fork.
"Bitcoin hit its second big long target perfectly" Great news for BTC users. I think dont mind that always rising up. BTC climbing up and down. Further details see analysis graph. BTC once again as it rises. We always careful if not maybe loss our profitable advantages.
I can agree with your suggestions. It is 38.2% if very often hit in crypto, and other 61.8% is often good with the smaller, thinner crypto markets. Thats huge point to less our risk.We`ll try to fair warning to be careful and protect our profits.
We will hope to be Bitcoin is third target hit...
In my way bitcoin 2nd target hit is big point to bitcoin market. You always provide about cryptocurrency market with great examples and nice concepts. My opinion is bitcoin is less risk and profitable margins has. I check past BTC history cleverly. Its seems bitcoin margins always providential highly increase level. But few times less down.
This time you give important suggestion about 32.8% invest very often hit crypto and other percentage invest good with the smaller, thinner crypto. Its my main point my mind. You should try to do your followers best impact. Then we can invest without any doubt and risk.
But always we try to protect our profits.As my suggestion , Without get low risk we cant do investment. Firstly we do the needful for research market trend, forecasts, get advice from big market investors like as @cryptographic. After study some period we can do our best. Also important thing is protect and dont let network scammers to entire our accounts.
Upvoted, Resteemed