Running through my prior analysis I like to always double check on those implications just in case something I was looking for prior has came about.
In this case my analysis posted on June 29th for TradingView mentioned the possibility of being in a primary W4. We look for both price and time to validate a particular structure we are studying in this case a primary 4.
Well we happened to have just made a terminating structure (WXY) right in the appropriate time frame we look for
the (hot) spot portrayed in the initial post can be seen as orange vertical box for wave 4. Matching up the structures you can see we not only finished a correction in the appropriate time but also have made a 5 wave rise from that point as well. This very aspect leaves the doors open for two very logical but also different scenarios. The bearish 1-5 C wave as mentioned in the previous post OR this BULLISH 1-5 Primary Wave 5
(alt season anyone?)
With the overwhelming majority of contracts long on margin trying to piece the psychological aspects together can be... well.. challenging. It is very seldom (if at all) do the big players let the little players get paid.
Taking an approach backed on Elliott I think we piece it together, as the 5th and final wave is where "dumb money" gets in to fill liquidity so the big players can cash out. I just found it hard to believe that they will allow SO many on board. Then again BTFX/BTMX only account for a fraction of the total trader/investors long. So maybe just maybe we get an #altseason and MAYBE just maybe dumb money has a chance to make some money if they can understand the concepts of the 5th wave or distribution phase.
I mean Forbes just called for $BTC to hit 20k by December (find the article below). You know how well it bodes when the big name analyst/news agencies forecast a particular ticker. I say BTC finds a top somewhere in the realm of 15-16k And WILL not close over 15k on any time frame higher than a D1.