Bitcoin continues to show strength here as many sit on the sidelines waiting for a pullback or the perfect setup. So why we patiently watch our trade play out, many others are still naysayer and when they jump in, well that's our time to exit stage right!
Not a lot to update as Bitcoin attempts to take out the 100k level. The question remains, how much more gas is in the tank before we get the next corrective cycle?
History shows that wave 5's are generally a very strong impulse move at the later stages of a rally. Going back to 2020-21 that final move was a 125%+- move from wave 4. The prior wave 5 minor in this current cycle's wave 3 was a 90% move.
So absolutely there is some room to run here and though my initial target is 130k I would not discount a move to potentially 150-170. From the naysayers you will here "It's too high can't buy the highs" which is about the stupidest thing to say. Of course there are the moon boys who will be calling for 250k but not getting tooo much hype yet.
As for the naysayers, often they will talk technicals and a lot of BS, but then not want to buy into a high. Why is that? I have no idea. Was NVDA too high at 100 after a 10 bagger? Was TSLA too high at 250? I don't get it?
In order for an equity to make a new high, it has to take out the old one. IF an equity is continuing to make high after high, well why wouldn't you buy that? I am not so sure this next corrective wave is going to be the typical 70-80% pullback, but can't discount it because history repeats.
However I am not sitting on the sidelines waiting. We are in and letting our trade play out.
If you are not in this move because of a trader's advice, well you may want to find a new trader to follow. This was a no brainer, even Jim Cramer was bull at 100k. Why? Because it simple, equities making new highs tend to make new highs. Don't be afraid to buy into a high if your equity is strong, after all Scared Money Don't Make Money!!
Not going to fill your head with a lot of BS technical jargon, Bitcoin is bull, the chart is Bull, you should be Bull! Your stop keeps your losses at bay, not staying out of the market. Sure you don't lose money watching Bitcoin rally, but you ain't making it either!
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