My analysis has been wrong, so I'm not sure this will be correct either. Yes, we had a lower low as I predicted, but we have not gotten any kind of correction upward. Rather, we've had a triangle formation in BTC and BCH which seems to indicate a wave 4 and subsequently, we may need another lower low to a proposed wave 5. This would line up with the head and shoulders target to the 740 area, the downward triangle target, as well as the .886 fib.
However, I would advise caution as the sell off from BTC can become quite steep if we break the low of 5900. The entire crypto market could sell off quickly if that happens. If that is the case, be wary of bear traps as so many traders are expecting us to zoom down to 3k for BTC. The crowd is rarely correct and I doubt that will happen quickly without a prolonged fight and many bear traps.
Regarding the bear traps - any massive spike downward could ultimately lead to a brilliant short squeeze. I expect shorts to spike much higher if we breach 5900 on BTC. It's very easy for big money to come in and buy the panic and kill those shorts. As always, Good Luck and be cautious!
However, I would advise caution as the sell off from BTC can become quite steep if we break the low of 5900. The entire crypto market could sell off quickly if that happens. If that is the case, be wary of bear traps as so many traders are expecting us to zoom down to 3k for BTC. The crowd is rarely correct and I doubt that will happen quickly without a prolonged fight and many bear traps.
Regarding the bear traps - any massive spike downward could ultimately lead to a brilliant short squeeze. I expect shorts to spike much higher if we breach 5900 on BTC. It's very easy for big money to come in and buy the panic and kill those shorts. As always, Good Luck and be cautious!
Comment:
Comment:
Wedge broke down, still expecting target of 762-720 area. After that, we should see a strong bounce, but I would take profits on it. We're far away from a sustained bull market IMO.
Comment:
BTC wave 3 of 5 was dramatic and extended - which means wave 5 should be in one of these targets. I'm expecting quite a spike lower if 5900 breaks and then a V shaped recovery which should create a huge short squeeze.
This is not the time to sell!
BTC wave 3 of 5 was dramatic and extended - which means wave 5 should be in one of these targets. I'm expecting quite a spike lower if 5900 breaks and then a V shaped recovery which should create a huge short squeeze.
This is not the time to sell!
Comment:
BCH targets. Note the RSI, we are due for a large bounce
BCH targets. Note the RSI, we are due for a large bounce
Comment:
Bounce today most likely with the divergence shown. I don't expect it to get much past $800 before falling, be cautious.
Bounce today most likely with the divergence shown. I don't expect it to get much past $800 before falling, be cautious.
Comment:
If Triangle breaks down, I'm expecting a test of $600, maybe lower. BTC will go into panic mode if 5900 is broken with volume, so the whole market could go into freefall.
If Triangle breaks down, I'm expecting a test of $600, maybe lower. BTC will go into panic mode if 5900 is broken with volume, so the whole market could go into freefall.
Comment:
UP!
UP!
Comment:
Nasty fakeout. Target is 600 area
Nasty fakeout. Target is 600 area
Comment:
Bear Flag target is also 600 area, probably with a wick down to 575-550 if it gets very intense. I expect a strong bounce from there...
Bear Flag target is also 600 area, probably with a wick down to 575-550 if it gets very intense. I expect a strong bounce from there...
Comment:
Was out shopping this morning when we reversed - ah! Oh well - that's the game we play. Going to try and catch the retrace at 720-725 area, leaving some additional cash in case we get to 711....keeping stops close in case this is another fakeout, but I think we may see the beginning of a reversal to 900 or so.
Was out shopping this morning when we reversed - ah! Oh well - that's the game we play. Going to try and catch the retrace at 720-725 area, leaving some additional cash in case we get to 711....keeping stops close in case this is another fakeout, but I think we may see the beginning of a reversal to 900 or so.
Comment:
feels like a bull flag - will buy if it breaks up. Target would be 875-900 area. Good Luck
Comment:
Seems like a retrace to .618 area. I expect we reach about 825 if this plays out. After that, it's possible more downside.
Comment:
.786 area is holding. Hoping for a bounce, maybe more if BTC cooperates. We still have bullish divergence on the Daily time frame for BTC, so I'm expecting a surprise move sooner rather than later.
.786 area is holding. Hoping for a bounce, maybe more if BTC cooperates. We still have bullish divergence on the Daily time frame for BTC, so I'm expecting a surprise move sooner rather than later.
Comment:
Possible reversal today, please use stops as the move will probably be quite decisive
Possible reversal today, please use stops as the move will probably be quite decisive
Comment:
Sold down to the main trendline and holding on BCH. Would not be surprised if we reverse while everyone is waiting for 5k BTC.
Comment:
when everyone is saying BTC is going to tank, look the other way. The bullish divergence was there for days. No surprise we had a move similar to early April.
Comment:
Probable continuation today without much pullback. Yesterday's' break and holding above the trendline was significant.
Probable continuation today without much pullback. Yesterday's' break and holding above the trendline was significant.
Comment:
Nice breakout from bullflag. Target is 860 area for now
Comment:
Comment:
Nice moves these last few days, but now I feel we will sell of to complete this larger Wave 3. BTC not clearing 6800 for the 4th(!) time is another sign that we will go lower. I expect lots of selling tomorrow. This is my count and projected target area. Be careful in this bear market!
Comment:
Comment:
Updated count. $500 next target area
Updated count. $500 next target area
Comment:
BCH/BTC shows a clear bullish divergence at the major trendline. It wouldn't surprise me if we rally from these levels against BTC.
Detail of descending triangle pattern