This is continuation from my short post yesterday about Bitcoin: https://evancarthey.com/high-will-bitcoin-btc-go/.
Here is the screen-shot from yesterday:
The magenta lines are timing periods. A lot of times a 2 legged move will have very similar time periods for each move. This has the potential to be one of those times so if a move is to be made it needs to happen soon because the 2nd move is already longer than the 1st. This is a reason I wouldn’t buy right now.
Price has skyrocketed away from the Andrew Pitchfork lines. It will eventually retrace back to them.
The current 50 back retracement is at 4157. If price hits that w/o making a new high which is currently around 7300 then the current uptrend is over and it is time to look for another move.
Price could continue to go up, if it does then the next major resistance level is around $10,313. Price is through the last level of resistance at $6,558 but that doesn’t mean it couldn’t be pulled back down.
If you are going to get into Bitcoin then I would wait. My friend from the article I linked in the previous post lays out some good reasons why. Also from a personal note I have friends who have purchased Bitcoin but they have no idea what it is or what it does. They said they had other friends telling them to get in because it only goes up. That is how you know the top is near.
-Dilly Dilly
