Bitcoin Futures

turned bullish on Bitcoin down around 6-7K and off it went….

the past couple weeks have been interesting as it’s been hovering around the 50-60K mark.

I’m still bullish.

as for – right now – I see another leg up to make a newer high and then a BIG 4th wave correction and then another big run higher – 100K+ not out of the question.

closed my entire position at 57k ish and now am just going to WAIT and do nothing and watch my thesis shown in the chart below work out what’s going to happen next.

Elliott Wave, as I have OFTEN said, is AWESOME – when it works. it’s hard, no doubt, but learning the corrections is key.

using the guideline of alternation, looks like a zig-zag for wave two so I’ll be expecting (not a sure thing at all – it’s a guideline) for a flat or a triangle perhaps but either way, I’m going to hold …

also, note, we have some big time volatility here … so as long as the coming correction does not go below the big blue 1 then we might conceivably correct 70% and STILL BE BULLISH.

also the BIG 3 is projected to end around 68K. it doesn’t need to get up there – at all. but that target puts a very nice 3 drive to a top in play …

for now, WAIT, and let the patterns be our guide.

Update to BITCOIN (NYSE Index Bitcoin Index)

if you do a search you’ll find some interesting charts on the ‘parabolic’ rise of the BITCOIN Index.  PARABOLIC RISES ALWAYS END LIKE THIS …period.

what’s important to realize is we are balancing the energy of euphoria (a sell signal) w/ depression/capitulation (a buy signal) … so what’s important now. note the triangle is broke down from (it’s supposed to do that) and now we have some projections via percent change and some trendlines (LOG- which are key) and the vaunted .786 retracement.  why not give that  BUY shot … I’m going to be looking at that …