Traders, welcome to our new second video idea here in trading view. I will again cover BTCUSD because I think it's in important structure that shows market now in wave C decline that can be headed down to 8k like we mentioned in our past updates.
Please give me a feedback on video analysis, to make sure if you want more of them in the future or no.
I hope you will enjoy the video!
Grega
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BTCUSD fell down to our 261.8% Fib extension target where price slowed down after five subwaves in wave three. Notice that after that small cylce market slowed down which is waht we call a corrective pause in a downtrend. Its very sideways move for now, so can be a triangle in fourth wave here which means new low can follow soon.
If upper red trendline of this triangle is broken then rally will be in three subwaves with resistance at 12k.
Bottom line: trend is down, and it's expected to fall through 10k as long it's below 13100
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So, if you checked our previous video, then you can see updated analysis in which we talked about resistance of wave 4 and we can see now that we are near the resistance zone of wave 4, from where we expect a new decline into wave 5 of (C) towards 7750 or maybe even 7000 level.
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Big recovery on BTC, but 4th waves are the most complex, so we strongly suggest to be very careful here with long positions. Currently BTC trading around our projected resistance zone with three waves up, so it still could be wave 4 correction. But if goes higher above 13400 invalidation level, then we may adjust the view.
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welcome back everyone. A lot of you asked for an update so here it is:
we have seen move up towards 13 k recently, but noticed that recovery is clearly in three waves, also retraced by a recent break beneath the channel support. This looks like a temporary bounced, therefore, it would be too soon to turn bullish. I still think new lows will be seen.
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Thank you for the analysis. very well explained and clear!
the correction will be mainly over when it tests the 8K level? Shall we expect price to rally afterwards?
Twitchfingerz
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Sweet. I drew this chart about 4 days ago and compared to yours mine is the same prediction except for the prediction for the end of the correction. I am pretty happy with that considering I only started studying elliott wave a week ago :)
Quick question: what indicators do you look for to see if the correction has stopped? Of course there are many but what would be your main ones?
ew-forecast
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@Twitchfingerz, not bad, but subwaves in C are labeled in the wrong way IMO. wave three is small and wave IV moves into wave two territory.
matevz.peterec
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@ew-forecast, Hi guys, but how do you see the last two falling waves after the IV label from picture above? Are these B and C waves, or i and iii. If the last falling wave is iii, can we expect the third (iv and v)? Im interested in short selling the "last deadly wave V.", if it exsists...
Twitchfingerz
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@ew-forecast, thanks dude. I keep forgetting about the 3rd wave rule. P.S. you get in at a good price? I bought back in at 9200. Almost right on the .618 fib!
Btw do you have a youtube channel? You are using other methods that I would also like to learn.
the correction will be mainly over when it tests the 8K level? Shall we expect price to rally afterwards?