Bitcoin has been on a rampage this weekend, crushing new highs and careening toward the psychological and technical level of 10K. There are strong technical and fundamental reasons why we should expect this strength to continue. First, we have BTC futures to be released on the CME which in the short term is a good thing (more on my long term outlook to follow in a future post), but also because lay-investors are finally getting the memo on cryptocurrencies, and are flocking in droves. In fact, the popular platform Coinbase has more users now than Charles Schwab
Technically, we are solidly in wave 3 of the impulse of a 5-3 Elliott Wave, so anticipate a slight retracement. But both Kovach Momentum Indicators are solidly bullish, and we keep pushing the upper boundary of the Kovach Reversals Indicator, all showing that bull momentum is unwavering.
If you're interested in the Kovach Indicators or my crypto specific indicators, check them out at quantguy.net
That it's not a wave 2, I actually expect a retracement from 50% to 68% from the top of w1 using w1 as a reference to bea real w2, thats not even close..I'm just being technical.. u-u
quantguy
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@dparmijog, I see your point, but from experience, wave 1 will not peak above the apex of the previous 5-3 wave. Wave 3 will push way past it though, hence why I drew it that way. But as you know, these are highly subjective, and we can at least agree that we are early in this impulse wave. Time will tell...