1 week looks strong
Why this could be right:
All of the information in this chart
Could be a bigger with handle just beginning
Not shown in chart:
1 week potential bear div (oversold)
potential bear div on 3d (oversold)
potential bear div on 3d histogram
3d stock about to cross
While I’m extremely overall, we could be at a similar time period/equivalent of April 2013
Everyone and their mother is and expecting a bubble here
approved but “buy the rumor sell the news” (It’s not as if the will start trading next week anyway)
Potential PBOC FUD
Potential BU FUD
Need to rekt 300k new coinbase customers—most of whom have probably already bought in (welcome to bitcoin! lol. It’s a rite of passage)
If correct, then the question becomes: Is this a running flat or expanding. A running flat will fail to breach the a wave down while expanding will go further, look for 5 waves down for completion.
Trade Active: 1197
Stop Loss: $1230
(tight stop, may look to sell again later if I get stopped out and the price fails to maintain above the pink )
It looks like this should reverse soon if this count is indeed correct :
3d closes tn, and 1w in a few days. If we make new highs again and spend any lasting amount of time in the 1300's then this should likely make it up to 1400, maybe higher and this could really be the start of a bubble and then this overall count seems to look questionable. Which is cool to, glad to take another small loss if bitcoin is going to the moon of moons, but will believe it when I see it, great risk reward. Gluck.
Keeps hope alive through out most of next ween then the downtrend resumes toward the end or early the following week.
The price still seems to be at a pivotal point though, which could swing either way, but to me this info is suggesting down. A nice move should come soon, 2h bbands are tightttt. Alternatively if this were to break up, and break 1260 yet again, with some volume, that would be bullish, but I won't hold my breath.
Another thing to consider is we got some pretty bullish news yesterday with the collapse of a large number of BU nodes and they have become some what of a laughing stock, thus it seems unlikely we will be getting a hard fork any time soon. Which, if markets were rational, should have been caused a big explosion in price, yet the price kind of yawned.
So still can go either way, but looking bearish at the moment.
The price broke down. Chart is looking great. Will provided an updated look at the 1d after closing.
That was a real ugly 1d candle that seems to confirm my bearish view. Providing this updated view for context. Interesting how the MACD topped at the same level of previous tops, and RSI looks similar as well. This price action now makes the 3d and 1w (barring some breathtaking rally over the next few days) look like we are in for a nice bear trend within this bull market. Could take weeks, could take months. I would like to see 5 waves down on the 1d chart as per my EW count. Gluck.
I have to hope that sanity prevails, and this does not actually happen, if it does, get ready for $400-$500 bitcoin, could flash as low as $250-$300, who knows. There is one thing any market does not like and that is uncertainty.
We are in the midst of a legit coup attempt on bitcoin.