BTCUSD Bitstamp Short/Medium Term Bearish. Although the longterm
This chart further outlines my immediate short/medium term bias from another similar chart I put out a week ago.
Short/Medium Term: Bearish
Long Term: Bullish
Mystery: Covid -19 Shudtown Round 2
There is one more wave to complete this Elliot Waves rising wedge breakout. As out lined by the bottom purple trend line this is a VERY strong support held since the week of May 8/2017. However, it was briefly pierced not all to long ago on week of March 13, 2020. The corona virus panic sell off. Wonder what would happen if we hit corona virus shutdown round 2??? $1300 BTC??? Hopefully, we dont have to figure that one out, although it seems more and more likely every day... Anyways, the TD 9 Sequential indicator flashed a sell signal the candle of June,01/2020. Since then it has started retracing within the large rising wedge. The next leg down highlighted by the yellow line completes the 5th wave down in the Elliot Wave Therory. There is also potentially a Inverse Head and Shoulder reversal breakout which potentially could occur between $6217 USD (Fib Retracement of 23%) and $7700 region. The pattern would confirm if a breakout out occurs at $10072 the neckline of the Inverse Head and Shoulder. Something to keep an eye one. Although, at this point I do believe that there will be a full retrace to the $5200 USD range. Something else I find useful is the fact that the consolidation periods are usually much longer that the moonshot. The MACD is also looking like there is a bearish cross impending.
Drop me a like if you found this chart and info helpful! Thanks!
Short/Medium Term: Bearish
Long Term: Bullish
Mystery: Covid -19 Shudtown Round 2
There is one more wave to complete this Elliot Waves rising wedge breakout. As out lined by the bottom purple trend line this is a VERY strong support held since the week of May 8/2017. However, it was briefly pierced not all to long ago on week of March 13, 2020. The corona virus panic sell off. Wonder what would happen if we hit corona virus shutdown round 2??? $1300 BTC??? Hopefully, we dont have to figure that one out, although it seems more and more likely every day... Anyways, the TD 9 Sequential indicator flashed a sell signal the candle of June,01/2020. Since then it has started retracing within the large rising wedge. The next leg down highlighted by the yellow line completes the 5th wave down in the Elliot Wave Therory. There is also potentially a Inverse Head and Shoulder reversal breakout which potentially could occur between $6217 USD (Fib Retracement of 23%) and $7700 region. The pattern would confirm if a breakout out occurs at $10072 the neckline of the Inverse Head and Shoulder. Something to keep an eye one. Although, at this point I do believe that there will be a full retrace to the $5200 USD range. Something else I find useful is the fact that the consolidation periods are usually much longer that the moonshot. The MACD is also looking like there is a bearish cross impending.
Drop me a like if you found this chart and info helpful! Thanks!
Comment:
As well the inverse head and shoulder breakout is highlighted by the red and blue trend line.
Comment:
We also have converging patterens on the ADX VS MACD. Although, this pattern SOMETIMES marks the beginning of a new uptrend. MORE OFTEN than not it is a counter trend rally that produces a partial retracement of the price