Quote from: exstasie on January 30, 2020, 09:15:51 PM

Our Wave 5 is developing nicely. Quickly recovered wicks like this indicate lots of panic buying and very strong bullish momentum:

https://i.imgur.com/ekdraqK.png

I do want to stress some caution here, though. Like David, I am expecting a pullback off the $10K+ area. I suspect bears will attempt a selloff from below the October 2019 pivot ($10,540 Coinbase or $10,350 Bitstamp) since it's such an important technical level.

https://i.imgur.com/lutU0sF.png

We've already met all minimum expectations for this wave, so it's time to start thinking about profit taking.

Although this wave could further subdivide (like that crazy (v) of 3 that went from $7,667 to $9,188) I am conservatively planning to close longs in the $10K area. This does not mean you should necessarily enter shorts. Wink

Just a profit taking level.

I also wait a pullback in the 10k area. The question is how big do you think will be. I think it could be just a small one and going fast to 10500-10600 or a moderate one to 9k-9,2k or 8,8k at much. There are a fucking lot of buying orders at 9,2 and 9, and in case going lower which I doubt, 8,8k is very strong again.

An strong pullback to like 8k or so seems very unlikely to me.

And for me an strong one would be a good thing because I just receive some money I can invest and could make a better entry. But I don't think I will be able to buy lower than 9075, where I currently have the order ready. In fact I think I should maybe put it higher.