Medium-term direction for BTC from the amateur!
My apologies for taking so long to update, everyone. Took a much needed few days off to refresh my mind so I can give you hopefully the most accurate information on TV.
Since the $8,600 high BTC has been following a very tight descending channel. For now, if my count is anywhere near accurate, (Again, I am an Elliott noobiest of the noob) then I believe we are in the process of an ABC correction. I have looked around a bit and I'm not the only trader believing that is what we are seeing.
IF an ABC is what we are seeing, we should soon expect a bounce if we are to produce a higher low. A higher low would be ideal in this situation as it gives us another CHANCE to break 10k and beyond.
IF we cannot break $10k+ we will fall again much lower than the initial $7,930 or so we wicked from, and I will cover that if/when we get to it.
IF we go super-bear from here and break past my rising trend line, I will post updates to this thread.
The lowest grey box indicates massive support.
We could and should experience a bounce from somewhere inside of it.
The low of this bounce depends on the strength of the bears, which seems weak.
The high of this bounce depends on the strength of the bulls, which seems strong.
Indicated on the chart with blue price tags are areas of interest which could prove to be support/resistance targets.
The RSI is nearing oversold status.
We experienced a bounce in RSI and price from a recent low of about $8,130.
There is some very strong bullish divergence being produced over the past week.
IF we produce another higher low here, I suspect the following impulse waves will be more powerful than the last.
See here:
RSI has been continually printing lower lows:
Price has been continually printing lower highs:
This indicates strong HIDDEN Bullish Divergence, something I have been touching base on for the past month.
MACD is trying to signal a bullish crossover.
See here:
For longer-term MACD, see here:
For a larger perspective of the above idea chart:
I still think this idea is in play:
TLDR
For now, we're technically bear. If we are in ABC, we should be wrapping it up any time now. The RSI and price action are showing strong bull presence. MACD is trying to signal bullish crossover. Longer-term higher low possibly being printed. Short-term, bear. Medium term, bear-bull. Longer term, VERY bull.
PM me for my personal telegram.
It's FREE unlike most on here.
I am an amateur, this is not financial advice, and as always
DO YOUR OWN RESEARCH.
teh Salesman
Since the $8,600 high BTC has been following a very tight descending channel. For now, if my count is anywhere near accurate, (Again, I am an Elliott noobiest of the noob) then I believe we are in the process of an ABC correction. I have looked around a bit and I'm not the only trader believing that is what we are seeing.
IF an ABC is what we are seeing, we should soon expect a bounce if we are to produce a higher low. A higher low would be ideal in this situation as it gives us another CHANCE to break 10k and beyond.
IF we cannot break $10k+ we will fall again much lower than the initial $7,930 or so we wicked from, and I will cover that if/when we get to it.
IF we go super-bear from here and break past my rising trend line, I will post updates to this thread.
The lowest grey box indicates massive support.
We could and should experience a bounce from somewhere inside of it.
The low of this bounce depends on the strength of the bears, which seems weak.
The high of this bounce depends on the strength of the bulls, which seems strong.
Indicated on the chart with blue price tags are areas of interest which could prove to be support/resistance targets.
The RSI is nearing oversold status.
We experienced a bounce in RSI and price from a recent low of about $8,130.
There is some very strong bullish divergence being produced over the past week.
IF we produce another higher low here, I suspect the following impulse waves will be more powerful than the last.
See here:
RSI has been continually printing lower lows:
Price has been continually printing lower highs:
MACD is trying to signal a bullish crossover.
See here:
For longer-term MACD, see here:
For a larger perspective of the above idea chart:
I still think this idea is in play:
TLDR
For now, we're technically bear. If we are in ABC, we should be wrapping it up any time now. The RSI and price action are showing strong bull presence. MACD is trying to signal bullish crossover. Longer-term higher low possibly being printed. Short-term, bear. Medium term, bear-bull. Longer term, VERY bull.
PM me for my personal telegram.
It's FREE unlike most on here.
I am an amateur, this is not financial advice, and as always
DO YOUR OWN RESEARCH.
teh Salesman
Comment:
Well, this one failed pretty hard.
For now, it looks like the support zone is around the $7,620 mark. We could fall to this price range very easily if seller volume picks up momentum.
For now, $8k needs to hold and it needs to hold fast.
If we break $8k, we're visiting likely $7,620 and if that doesn't hold, to $6.8k or worse we go.
MACD is a sell on the 4h.
RSI is trending down but attempting a bounce.
As stated above, I believe my original idea for the bulls may pan out. But at this point in time it's either back up to at least $8,300 or down to $7,620.
Support needs to hold at $8k or this could turn ugly fast.
For now, it looks like the support zone is around the $7,620 mark. We could fall to this price range very easily if seller volume picks up momentum.
For now, $8k needs to hold and it needs to hold fast.
If we break $8k, we're visiting likely $7,620 and if that doesn't hold, to $6.8k or worse we go.
MACD is a sell on the 4h.
RSI is trending down but attempting a bounce.
As stated above, I believe my original idea for the bulls may pan out. But at this point in time it's either back up to at least $8,300 or down to $7,620.
Support needs to hold at $8k or this could turn ugly fast.
Right now we are testing $8k support. This was one hell of a push down. Considering this is the strongest push so far from the bears, I suspect it may be their last.
RSI just hit oversold territory. This price range is looking like a bounce! We'll see.