When Will The Bull Train Stop?

I've been surprised by the strength and vitality of this recent bull run for Bitcoin. Also very interesting how the ETF news has confirmed the prediction/analysis I posted 26 days ago that you can find here:

https://steemit.com/bitcoin/@benkalashnikov/bitcoin-mid-term-view-bullish

Winner vs Loser Mentality

A month ago, I anticipated an impulse up to the $7,800 area. I'm glad that we're over $8,000 and I don't blame anyone for taking some profits here. So where do I think we're going and what's my next move? I've waited for a price drop for the last couple of days and I've learnt by experience that you need to have patience as the market always tests you to the fullest. I've had notions of FOMO making me wanna buy Bitcoin at these levels but I will stick to my plan and strategy and wait for the 5th wave to complete.

It's important to always be critical to your own predictions and analyses and keep revising as more data come in. The worst thing you can do is to make an initial prediction and get stuck with it.

Technical analysis is about flowing with the market and analyzing the waves as they come. You will drown if you don't adjust to what's coming to you. If a big tsunami is nearing, you have to adjust and try to make the best of it. That's the difference between a good trader and a bad one. A good trader will always criticise and question his/her analyses cause the market never stays constant, it always changes just like the water on the ocean.

Also, don't be too hard on yourselves. It's ok to lose out on some profits. I closed my long position on bitcoin from $5,800 to $7,500 thinking it would reverse there. I realized my gains and waited for the price to drop. While Bitcoin kept rising all the way up to $8,400 I could have kicked my self for selling off too early. But NO, I started looking for other trades while I was waiting for the price to come down. Analyze and revise your decisions, then MOVE ON quickly and look for new opportunities.

My friends, know that losers focus on their losses while winners prepare themselves for the next win.

Now enough with the rant...

Short Term View: BULLISH

• Bitcoin has crushed all key resistance levels the past days which makes it difficult to give you a reliable Elliott Wave count.

• This is my primary count and I think we're heading for the last 5th wave within the 5th wave.

• After the 5th wave is completed, we'll see a correction.

• Keep in mind that every time a resistance level is broken, the chance of breaking a new one goes down.

• Next key resistance is $8,500 which previously has been a strong support level.

Targets:

Here are some targets to keep in mind for both end of 5th wave but also correction

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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.