Euphoric July 4th from BITCOIN(WAVE 3- 2.62 Extension IN PLAY)
* Stocks have been on fire the last week since the FED communicated their dovish-ness. Certainly that market confidence is spilling into bitcoin. The correlation between equities and bitcoin has been quite impressive since the bottoms (around 3k). More and more corporate portfolios include bitcoin.
For now this looks extremely bullish(Wave 3).What could change the sentiment?
A)Q2 Earnings Season (around the middle of July)
B)Bad News on Trade talks with China.
* Parabolic movements usually do not end up well. However, if it closes above 11k, it might be looking for a 2.62 extension and a potential target of 13.1k. It all depends on how long this sentiment goes on.
-Something to watch out on:
Sentiment indicator for crypto Fear & Greed- 84(Extreme Greed)
{Credit alternative.me/crypto/fear-and-greed-index/}
A sudden change of momentum can be expected at any moment.
2 Other potential indicators are the price action of Ether and the crypto market cap.
1. The next potential resistance for the market can can be in the range of 400-460 Billion(currently at 332 B's).
2. When it comes to Ether; The most likely extreme profit collection zone would be around 350-360. If there's a change in momentum in Ether after a drop- that confidence loss might spillover into Bitcoin.
We will see how it all turns out during the earnings season.
>>If you liked this idea give it a thumbs up! Every follow is much appreciated!>>
Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
For now this looks extremely bullish(Wave 3).What could change the sentiment?
A)Q2 Earnings Season (around the middle of July)
B)Bad News on Trade talks with China.
* Parabolic movements usually do not end up well. However, if it closes above 11k, it might be looking for a 2.62 extension and a potential target of 13.1k. It all depends on how long this sentiment goes on.
-Something to watch out on:
Sentiment indicator for crypto Fear & Greed- 84(Extreme Greed)
{Credit alternative.me/crypto/fear-and-greed-index/}
A sudden change of momentum can be expected at any moment.
2 Other potential indicators are the price action of Ether and the crypto market cap.
1. The next potential resistance for the market can can be in the range of 400-460 Billion(currently at 332 B's).
2. When it comes to Ether; The most likely extreme profit collection zone would be around 350-360. If there's a change in momentum in Ether after a drop- that confidence loss might spillover into Bitcoin.
We will see how it all turns out during the earnings season.
>>If you liked this idea give it a thumbs up! Every follow is much appreciated!>>
Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
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Chart of the Total Crypto market cap.
Interestingly it shows that the overall market is still neutral, however turning bullish based on the ichimoku weekly cloud.
The potential target around 400 Billions is market as the blue rectangle.
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The Ether reference.
350-360 Would be the most likely target. I wouldn't be surprised if it breaks it.
-Step_Ahead_ofthemarket folks ->>>> Follow up.
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1. 0.5(11.5k)
2. 0.62(13.4k)
The next major resistance zones.
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Latest update.
1.62x Extension(10.9k) Looks more and more likely. It is simply taking too long for it to breakout above 11k and close on the daily.
More updates incoming>>>@ Step_ahead_ofthemarket
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Another home run. 14k was a bit too greedy, I was expecting a top-off at 13.5k, but all good at the end.
Next up July 4th wave 5 top-off, before most likely consolidating during earnings season around mid July.
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For anyone wonder why it dumped at 14k. Here is the reason was 13.5-14k was crucial. It's near the end of the month, so a new higher close on the monthly(ever- around 13.8k) would have been extremely bullish, but greedy at the same time.
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