Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
________
Elliot Wave
My Technical Analysis (TA) last June 4, 2021 failed. I did not see the whole chart as whole. But still, there is some valid points on the last TA especially on Weekly and Monthly Timeframe. Please see at related ideas.
In this recent wave count in the chart, I consider two scenarios in the short term but still bullish in the long term.
Scenario # 1 (Most likely) is that price still above $ 29,300.00 and 1-year trend line support. In Scenario # 1, Wave 4 is potentially completed and price has potentially bottomed. As you see in the chart, price respected the 1-Year trend line and bounced to monthly support which means the trend line is relevant and potentially big institutions are buying at $ 30,000.00 to $ 35,000.00 to prevent price from falling. It bounce three times on that 1-Year trend line support. If it’s really Scenario # 1, then Wave 5 target is at $ 198,587.86 to $ 331,863.33.
Scenario # 2 (In case something bad happens) price breaks two supports I mentioned in Scenario # 1. In Scenario # 2, Wave 4 is not yet completed and price is not yet bottomed. Breaking the 1-year trend line might be bearish but as long as the low of Wave 4 did not reach the 2019 ATH at $ 13,880.00 (My Top of Wave 1). The Elliot Wave structure still valid.
Monthly
Weekly
Daily
4 HR & 1 HR
________
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
________
Elliot Wave
My Technical Analysis (TA) last June 4, 2021 failed. I did not see the whole chart as whole. But still, there is some valid points on the last TA especially on Weekly and Monthly Timeframe. Please see at related ideas.
In this recent wave count in the chart, I consider two scenarios in the short term but still bullish in the long term.
Scenario # 1 (Most likely) is that price still above $ 29,300.00 and 1-year trend line support. In Scenario # 1, Wave 4 is potentially completed and price has potentially bottomed. As you see in the chart, price respected the 1-Year trend line and bounced to monthly support which means the trend line is relevant and potentially big institutions are buying at $ 30,000.00 to $ 35,000.00 to prevent price from falling. It bounce three times on that 1-Year trend line support. If it’s really Scenario # 1, then Wave 5 target is at $ 198,587.86 to $ 331,863.33.
Scenario # 2 (In case something bad happens) price breaks two supports I mentioned in Scenario # 1. In Scenario # 2, Wave 4 is not yet completed and price is not yet bottomed. Breaking the 1-year trend line might be bearish but as long as the low of Wave 4 did not reach the 2019 ATH at $ 13,880.00 (My Top of Wave 1). The Elliot Wave structure still valid.
Monthly
Weekly
Daily
4 HR & 1 HR
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Comment:
I got stop out on my long position on BTC at $ 34,500.00 and change to short position at $ 34,050.00. Hopefully covering the losses on previous position on this pair.
Daily
4HR
Daily
4HR
June 4, 2021
April 24, 2021