I have done a lot of iterations of this same post, just because the chart seems to be so simple that it is confusing me that more people are not talking about it. There are a lot of youtubers and some of them have given scant attention to the 50w. The occasional post on TV does as well. Often it gets mentioned in a barrage of TA. But this is one of the biggest signals we could be working with, we slipped the 50w. I have posted this on XBTEUR, BTCUSD, and now BLX. Hopefully if you don't follow all the bitcoin tickers you will see at least one iteration of this post.
First, I know why the bulls are excited, especially those that look at short term trends. I get it. We have broken out above the long term resistance line, We are above the ichimoku clouds on both the traditional and the crypto settings. We are above the EMA ribbon (Madrid's take on it shown).
The big problem is the 50W SMA. Given what you see here you might be optimistic that we mount the SMA again and use it as a platform to go to the moon. If you are slightly less bearish than I am then you would expect a refection on the daily chart at the flats of the ichi-clouds or the base of the EMA ribbon.
The weekly chart in the main post should show clearly why I don't think that will happen
The similarities should be clear. Parabolic move terminates and we get an ABC Correction. We dip below the a fib extension of 1, meaning we go deeper than the A wave (this fib extension is corrected for the log chart) and we spend a lot of time in accumulation within the 1 and .786 fib extensions of A. I moved the trendline to make that accumulation clear, but the height of the trendline measure points of the fib extension are 0, A, And B of the Elliot wave correction. Once that accumulation is complete we go to the moon.
If we consider the orange fib extension and compare it to the Purple, we still have not found our bottom We are still developing the 500W SMA, which is roughly where i think we will be landing. If we lance through I will be doing buy stops to catch the price on the way back up to the 500. I have the 490W SMA as a rough approximation, by the time we get down there it should be a full 500W with a couple of weeks of visibility.
There is still the chance Wave C could go lower than a x1 extension of this wave A. Those fib extensions have us going to either $1,000 or $150. If the 500W fails that is where I would think we would end up. We literally don't have the moving averages to find moving average support below the 500, which still needs to develop.
First, I know why the bulls are excited, especially those that look at short term trends. I get it. We have broken out above the long term resistance line, We are above the ichimoku clouds on both the traditional and the crypto settings. We are above the EMA ribbon (Madrid's take on it shown).
The big problem is the 50W SMA. Given what you see here you might be optimistic that we mount the SMA again and use it as a platform to go to the moon. If you are slightly less bearish than I am then you would expect a refection on the daily chart at the flats of the ichi-clouds or the base of the EMA ribbon.
The similarities should be clear. Parabolic move terminates and we get an ABC Correction. We dip below the a fib extension of 1, meaning we go deeper than the A wave (this fib extension is corrected for the log chart) and we spend a lot of time in accumulation within the 1 and .786 fib extensions of A. I moved the trendline to make that accumulation clear, but the height of the trendline measure points of the fib extension are 0, A, And B of the Elliot wave correction. Once that accumulation is complete we go to the moon.
If we consider the orange fib extension and compare it to the Purple, we still have not found our bottom We are still developing the 500W SMA, which is roughly where i think we will be landing. If we lance through I will be doing buy stops to catch the price on the way back up to the 500. I have the 490W SMA as a rough approximation, by the time we get down there it should be a full 500W with a couple of weeks of visibility.
There is still the chance Wave C could go lower than a x1 extension of this wave A. Those fib extensions have us going to either $1,000 or $150. If the 500W fails that is where I would think we would end up. We literally don't have the moving averages to find moving average support below the 500, which still needs to develop.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
