More than 12 hours ago the BTC price had moved slightly above the ascending wedge in my chart, so I was waiting to see if it would drop back into the wedge (which it did briefly but barely so). Yet now it has rocketed above the wedge, so I think we may safely conclude that the bottom is most likely behind us already.

So that is good news the SLINGSHOT crash already occurred. We’re in the SLINGSHOT part of it now apparently.

Armstrong’s GMW was confused and giving the wrong indicator. My analysis with breaking out above the declining wedge last week (which was bullish) and then ascending wedge as a guide post for whether we’d could fall back to bearish seems to have been a better form of analysis to follow afaics. It would be shocking if we crash anew from this doubly confirmed breakout (up out of the descending wedge and the ascending wedge).

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EDIT:

> Damn I hope u are wrong and that your original prediciton of another correction happens...
>
> I sold all my btc a few days ago waiting for this slingshot.

There was no prediction. The word “possible” is in italics in the first sentence of the blog. The word is repeated. I also replied to @wekkel and stated that I only had a 70 – 80% odds that we would crash lower. And as I updated that, I made it clear it was dependent on a contagion of “risk off” depending on what the DJIA would do. As the DJIA bounced higher, I made it clear that the outcome depended on whether we would break out above or below the ascending wedge. That meant to observe and not do any rash decision until it had broken down out of the wedge, which it never did do.

Hey you need to understand that TA is a process of probabilities and adjusting the probabilities as you move forward. We only sold enough to account for our cash flow needs for a few months in case of a crash. I always advised that HODL is the best policy for the long-term.

Why would you sell all of your BTC into a rising price that had not yet broken down? The odds were in your favor to wait it out and have a chance at selling at a higher price before it broke down out of the wedge. I think you shouldn’t be a trader. You should HODL and never look at the price. Store your BTC in a cold wallet and forget about them for 5 years.

> All my decisions are my own. Are u sure you arent giving up on a deep retractment a bit early?

Well it is possible but I wouldn’t sit there and let it run away from me with nothing. I would repurchase a little bit and continuing purchasing every so often to average back in. And accept what ever price you get.

I would not rush. Never rush. We may get a dip mid-week. It may come back down to test the top of the ascending wedge. But make a plan for repurchase timing and stick with it.

My best suggestion is try to trade less. And try not to ever trade all of your crypto. Only really sell for when you need to buy something else. As of right now, I suggest you buy some on the next dip this week even if it is not low  as you want. So at least you are not totally out of the market in case it skyrockets. And if it dips more then buy more. If it starts running away to the upside, then buy every dip on the way up.

[**_In the face of uncertainty, buy options_**](http://esr.ibiblio.org/?p=7863#more-7863)

What I see now is there is a dip back into the proposed ascending wedge, but given the price broke out significantly above the wedge, that likely voids that pattern and instead I have proposed a bullish ascending channel as drawn below.

<center>[![](https://i.imgur.com/CG9ojv4.png)
click to zoom](https://i.imgur.com/CG9ojv4.png)</center>