BTC update 02.09.17

BTC has now entered a very dangerous phase of constant big ups and downs as it approaches wave 5 of III after which there will be a bigger correction (approx 1000- 2000$ from the high)

If you don't understand elliott waves, it is likely that you exit your trades too early now or too late. So it is better to take some profits soon. Yes BTC can go much higher before this wave cycle ends, because of an extending wave 5, but I don't think it will go much higher than 5600$ with this cycle. Here is why:

The 162% extension is a usual target for this wave and offers strong resistance. We will see soon if this target is reached or not and i will keep you updated.

Expect high volume and increasing ups and downs for the coming week or weeks. This is the time where most traders loose money because of greed and emotions. Don't let your emotions get in your way and make rational decisions only.

Let's take a closer look at the chart.

If you compare this with the chart above, you can see that the green wave 4 has already started to play out, so I expect new all time highs by tuesday evening.

If you think this to be useful information:

DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

Tell me what you think...

Have a nice day :-)