Bmello

Bmello

Breaking the mid range, It has overstayed it's welcome for the last few weeks.

Bmello

After doing more research of us being over extended. The only way up now is with a sharp 50% correction jagged above and below 40k. It's best to just avoid the meat grinder and just wait for a clear close above 39600. Final move could take us near 46k.

Bmello

We have had three rejections to get above this 9MA this morning. I would like to see them sweep the lows and try to impulse to 45k.

Bmello

Elliot Wave rules. You are expected to retrace into the area of a Fourth wave of one less degree. Triangles can be found in 4th waves. I have a triangle in pink below around 9k. Expect price to land somewhere in the center of the Triangle. Happy 4th of July and hope everyone crushes it.

Bmello

We need a 5 wave down for C. This is going to mercy rally up for 4th wave to around 26k and we come right back down to test support for the fifth. Happy trading.

Bmello

I have coined this structure the vomiting funnel. It's all three waves and a failure to rotate. We could easily label the funnel 3 waves W. and the break out from the Apex X wave leaving us room for three more waves to the down for a Y. No matter what the target ends up being It's a very ugly structure with a very bearish outcome.

Bmello

I have one bullish Elliot Wave count that makes this an expanded B Flat, Which should spike up. The bearish scenario makes this a flag that could extend down into the 18K area. Considering all the failed attempts and never crossing over the trend-line I'm inclined to think the Whales will take advantage of the pending MACD daily bear cross. Get everyone on the...

Bmello

Welcome to the chop that liquidates both sides. This is neither an accurate count or a crystal ball. All I can see here is an upward struggle that should not be pumping through this mountain climb with ease. I'm all for it if it wants to double bottom and fill all the failed rotations it skipped on the dump down. This could just end up a B wave, and we go to 25k...

Bmello

We have one more leg down that should break all previous local support, Then we should attempt to rally on a lower low to as high as 49200 to fill the unfilled space above. From there we continue our decline to as as low as 13k to to find support.

Bmello

What we have had from 69k is failed fifth wave, and from what I'm seeing the buyers didn't want it. What I believe we are in now is a wave 2 reset down. Unfortunately for some we are going to rebuild all over again to as low as 8k VPVR that gauges buyer and seller activity had no volume in the middle. That is because we spent no time building support, We went...

Bmello

There has been no time in Bitcoins history that the disparity between the 200 Weekly MA has been this disconnected from the other averages. There is no ascending trend. We just lost support again. A Head and Shoulders target is not deep enough. We need to triple the range down until we touch a trend-line Happy Holidays.

Bmello

We have now had a solid week above the 29K dump level. Plenty of time if we were going to drop. I want us to come back to 33500-33900 and take our 4th wave back to 48k, from there we should get one more down. If that support holds at 29k we either go sideways or up.

Bmello

Don't buy. The end.

Bmello

I have a strong contender for a really nasty drop, that only a whale could love. Think like a trader, I want to break the range low and then take it back up as high as 52k. There is no juice above that. So stay out after. B down C up

Bmello

We just had a failure B channel. There is no safety in levels above $52, That will complete our B down and we go up for new highs. I will be all over this to hedge myself from Obama Gas prices. We are going much much higher. $77 is the is the next target.

Bmello

From the beginning they could have let it reset at 3k and under, yet the powers that be took it up instead. You can't prevent gravity from natural law. Circuits need to close eventually, If this 42k fails, there is a very strong potential for a C wave down. Nobody would believe it's coming.

Bmello

Renko is leading to me to believe this is a rising wedge. The typical retracement on leading wave is 50% Taking us down to 29k. From there we can start talking about 63k 5th waves and then exit the market.

Bmello

I see us filling the other side. They can only skew the chart for so long. You run out of buyer interest. Good luck and keep in mind this is only one of a dozen ways to eventually break the top. Longer term wait for 6800.