Hello! Here is my latest research on the price action. Found very close situation on the Bitcoin during late December 2020, you can see it on left screen. On the right screen we see current price action prior major breakout.
This comparison I marked in 3 stages, where
In stage 1 we are watching for tricky correction in Descending Triangle with 5-zig-zag pattern (Elliott waves ABCDE)
Prior breakout from Stage 1 we can see Moving Averages Crossover and price start Impulse wave up.
In stage 2 we are watching for mostly bearish Wedge, price sloping up and selling pressure decreased so eventually price breakout to upside, crossing Level of resistance of Fibonacci 1.618 at $29885 on 02 January 2021.
Stage 3 is mainly impulsive wave 3 and 5 making sharp moves up and down and up again. In stage 3 you can see wave 4 retraced to level of resistance at 1.618 fib $29885 to retest the breakout.
This time seems like we are in the middle of Stage 2, almost finished Wedge compression. Looking forward breakout from resistance of 1.618 fib at $49724 and impulse leg up to $62100+ as stage3, and there I will expect major pullback to $49k.
Thanks for your attention, stay safe and use risk management.
Best regards
Artem Shevelev
This comparison I marked in 3 stages, where
- Stage 1 — Descending Triangle ABCDE
- Stage 2 — Wedge Compression
- Stage 3 — Breakout Impulse
In stage 1 we are watching for tricky correction in Descending Triangle with 5-zig-zag pattern (Elliott waves ABCDE)
Prior breakout from Stage 1 we can see Moving Averages Crossover and price start Impulse wave up.
In stage 2 we are watching for mostly bearish Wedge, price sloping up and selling pressure decreased so eventually price breakout to upside, crossing Level of resistance of Fibonacci 1.618 at $29885 on 02 January 2021.
Stage 3 is mainly impulsive wave 3 and 5 making sharp moves up and down and up again. In stage 3 you can see wave 4 retraced to level of resistance at 1.618 fib $29885 to retest the breakout.
This time seems like we are in the middle of Stage 2, almost finished Wedge compression. Looking forward breakout from resistance of 1.618 fib at $49724 and impulse leg up to $62100+ as stage3, and there I will expect major pullback to $49k.
Thanks for your attention, stay safe and use risk management.
Best regards
Artem Shevelev
Trade active
Today Bitcoin trading above 51300, breakout from the wedge is complete.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.