Is Wave 3 finally done? How bout now? Where are the bears?Confusing price action is confusing! Are whales manipulating BTC 4.30% more than usual? Hmmmm. From my last idea, I had assumed that we had already completed Wave III 1.02% at the high from Friday, 7685. But the retrace this weekend was heavily rebuffed by the bulls, and my 7265 red resistance line from previous support/resistance held firm and didn't allow a healthy 61.8% retrace down to 6900 like I was expecting. So what does this mean? It's hard to tell. Apparently there are plenty of bulls and optimism that want to continue pushing the price higher. If 7685 was the end of Wave III 1.02% , like I had originally assumed, then the pull back to 7221 only represents 29% retrace. Is that enough? I'm not so sure it is, in order to invite new money and demonstrate confidence for the next wave.
Or, has Wave III 1.02% continued until this morning when the latest bull run pushed us up to 7823? That was my original target for wave 5!
With this idea in my mind, I have adjusted my wave III 1.02% and wave V upward all the way to the next resistance line at 8660 , and also moved my short term yellow retrace squiggles up as well. As you can see, I am still expecting a healthy .50 retrace back to the 6950 level. I think this is an important step to prepare for the last wave as I mentioned above.
Also take note that we have continued to trade well above the pink trend line (from the high in December), and are soon taking on the purple line, which represents the trend from the latest two highs from March 5th and May 5th. Surely if we break this trend line during the 5th Wave, then the bears will finally admit that we hit the bottom at 5780 24 days ago! Stubborn bears...
In the mean time, patience is the key...don't be scared by the retrace, keep laughing at the bears and keep taking their money!
And thanks for the views and likes this weekend...my bears post was my best so far. Remember, I'm an amateur noob with a keen eye for patterns and I learn quick. This is all for education...but I'm making little money. :)
Have a Great Day!
