Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Link to previous chart:
Link to previous chart:
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Only 10 post a day so this chart will be private.
Zoomed in; blue waves is my predicted movement.
Zoomed in; blue waves is my predicted movement.
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Chart update from the daily to monthly: These are just my predictions and with some knowledge of current events; this is the direction I think BTC will follow.
Currently we just closed above the moving averages for the monthly and we're sitting above it on the bollinger bands, as long as we continue this pattern, we are in an uptrend until the 5th wave target hits.
Currently we just closed above the moving averages for the monthly and we're sitting above it on the bollinger bands, as long as we continue this pattern, we are in an uptrend until the 5th wave target hits.
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We've been in a bull run since march 2020. It might end around 2023 for a year correction. The pullback we've had recently started around november 21' and ended around march 22'; which is healthy considering we've been going up for over a year. After the wave 1 top we might get a year correction before going up for another few more years. Wave 3 is usually the longest wave so we might go up for a few years longer than the first wave.
What goes up, must come down. Nothing will go up forever and the higher we go the bigger and longer the correction becomes. Wave 3 top is where I consider our next bear market. We will enter a downtrend for 3 years or so and what I think will end it will be the announcement of all bus transportation to be electric. Why? Because this will require us to rely less on oil. As we attempt to make the world more green, I think cars will follow suit within the next few years to come. If less money is flowing into the oil market then that money has to go elsewhere. This will bring money back into other markets, in which I think cryptocurrency will be the most sought after.
What goes up, must come down. Nothing will go up forever and the higher we go the bigger and longer the correction becomes. Wave 3 top is where I consider our next bear market. We will enter a downtrend for 3 years or so and what I think will end it will be the announcement of all bus transportation to be electric. Why? Because this will require us to rely less on oil. As we attempt to make the world more green, I think cars will follow suit within the next few years to come. If less money is flowing into the oil market then that money has to go elsewhere. This will bring money back into other markets, in which I think cryptocurrency will be the most sought after.
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So many bullish signals and we've already had a 50%+ retracement from the previous top. I don't see how we are in a bear market at all. A 50% retracement after 1550% run for a year+ is very healthy. Zoom out and you will see that the trend is still going up. As long as we are above the green trendline, we aren't entering a bear market.
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Zoomed out: When these 50+ retracements go underneath the green trend line = bear market.