Hello everyone, I wanted to provide an update on our Elliott count.
I need to summarize why it's an 'ending diagonal' by going back to the beginning of the story. Normally, what Erenus and I were expecting was for the price to continue with momentum after completing the Blue 3-4. However, the image gradually turned negative due to both the loss of price momentum and scammy price movements. We have been in a rising trend for a long time, but we can't speak of a clear trend. In fact, these structures are like the final push wave seen at the end of the fifth wave, containing distribution within.
According to this scenario, the area that we can call 'Bitcoin Positive' is above $47,300 (HTC POC). Otherwise, the price of Bitcoin is in the negative zone. 'Setup Activation Point' - It will give us a clear picture technically because it coincides with the VPFR. The movement of the price at the 'Key Level' will show us whether a possible bullish scenario will materialize or not
I need to summarize why it's an 'ending diagonal' by going back to the beginning of the story. Normally, what Erenus and I were expecting was for the price to continue with momentum after completing the Blue 3-4. However, the image gradually turned negative due to both the loss of price momentum and scammy price movements. We have been in a rising trend for a long time, but we can't speak of a clear trend. In fact, these structures are like the final push wave seen at the end of the fifth wave, containing distribution within.
According to this scenario, the area that we can call 'Bitcoin Positive' is above $47,300 (HTC POC). Otherwise, the price of Bitcoin is in the negative zone. 'Setup Activation Point' - It will give us a clear picture technically because it coincides with the VPFR. The movement of the price at the 'Key Level' will show us whether a possible bullish scenario will materialize or not