SimonMercier

BTCUSD : Bulls leading 18/10/08

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi guys,

Just a summary of my anterior BTCUSD post. I explain deeper the arguments behind this bullish projection. Many updates make it harder to follow sometimes :



If we break 6.8k or so (daily MA100)we definitely going bullish toward 7.4k (got other higher targets but want to have a step-by-step analysis).

I share again what i belive to be a triangle pattern with bullish outcomes (you will find it in my last post too) :




The only things that thickle me is the low energy histogram but on the other hand the sustained positive histogram candles provide a bullish argument over a bearish scenario
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Oct 09
Trade active: I use coinbase chart here. I prefer the symmetric of the structure. For a bullish outcome we have most likely a last little leg down to go. Support most hold :
Oct 09
Trade active: I will monitor closely this pattern.

A of E reached :

Oct 09
Trade closed: target reached: seems like B of E is reached :



going toward C
Oct 09
Comment: Dont forget to look at the triangle lower support made of A, C & E. The daily MACD on coinbase chart is not yet on green bullish zone. The melody is we bounce at E and 1D MACD favors bulls (MACD centerline bullish crossover) or A-C-E lower support is broken and MACD favors bearish (MACD bearish signal crossover) :



I looked at the subwave of C and it seems impulsive subwaves 1-5 like it should be for this C of ABC of E. (Elliot rule for C is 'its made of 5 subwave')
Oct 10
Trade active: Exciting time ahead. This is why i believe it is a bullish triangle pattern. The micro count fit very good :

Oct 10
Trade closed: target reached: THIS IS IT NOW LETS WATCH :
Oct 10
Trade closed: target reached: PATTERN IS COMPLETED NOW LETS SEE IF SUPPORT HOLD :

Oct 10
Comment: Time to use other indicator to see if things correlate. 4H RSI correlate in position. WE ar enow sitting at the support. We might have an hidden wave 5 that will reach lower 4h RSI
:


Live update tonight !
Oct 10
Comment: Hidden 5 is here :



It must recover near this level at this point !
Oct 10
Trade closed: target reached: Cya in 1 hour for an another live update. Will let some time pass

For now

ABCDE completed : yes

Each letter of the ABCDE has an ABC pattern completed : yes

ABC of E completed : yes

Does C have 5 impulsives waves completed : yes

Support : the zone is holding

Do we have a recovery as expected : no/not yet

_____

It is 1;54 AM the 10th of october, we finished the pattern. Will update at 3 am with more data.
Oct 10
Trade closed: target reached: Finally i can count the wave 5 :



Bullish pattern officially ended

Recovery as expected : yes
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End of the post
Oct 10
Comment: Bullish pattern officially ended = we can expect from this higher target as the original post propose.
Oct 10
Comment: Looking good. If you were awake last night we had the occasion to buy the bottom. Already recovered 100$ in few hours. Need more time to discern the pattern on the next move, but i already got the target zone so the pattern will just add more precision.

As for now, bullish triangle completed yesterday at 2 AM with beautiful a 2 lvl 1-5 waves of C (C wave must be made of 5 IMPULSIVES waves !) of ABC of E (each letters must be link by ABC!) of ABCDE (HL & LH). ABCDE triangle rules respected.

I wont let emotions blur my vision. For now i suggest we adopt patience and lets meet us next post.

Give this post a like if it helped you.
Oct 10
Trade active: I wont start a new post for this structure but we could have an ABC giving us double bottom :

Again check the support the rest and the count are just extra :

Oct 10
Comment: well dont even the time to post that wave 5 is in. Might have the double bottom ABC that confirm the ABCDE is strong and the most probable scenario. Again just check support :

Oct 10
Comment: houston support is broken. stop loss triggered
Oct 10
Comment: Might scenario B was the bearish one with 5.8-6k zone. trying to get the maximum of this dip as my stop loss triggered when the support broke at 6450
Oct 10
Comment: Here :
Oct 15
Trade closed: target reached: hey old post but was too early. report to newer poast
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