Imminent approach to $8400-$8470 is coming for bitcoin.
After that, it will enter a critical area of huge proportions.
Basically it can go anywhere from there. Personally, I WILL stay as far away from that area as I can.
There are three major scenarios at play here:
S1) GREEN ELLIOT WAVE
It will reach 8470$ and bounce back up 'thus confirming the GREEN EllliotWave
Must barely touch critical area no. 2)
S1.1) OR it HITS $8600 area and bounces dwon again,'thus forming scenario S3)
S2) YELLOW ELLIOT WAVE
HUGE Second EW to be made. Can start anywhere in critical area no. 2.
S3) RED ELLIOT WAVE
This might just be another ABCDE correction, which is forming a descending triangle.
Higher bounceback area might produce a ascending triangle, but it would be too messy to chart.
Also might start in critical area no. 2)
S4) ALL ELliot WAVES FAIL. (highly unlikely scenario).
And we are returning to $7300
S5) Not everything fails and yellow EW bounces back at $7800 to make a nice 3rd WAVE.
(but I doubt this one as much at S4 )
Critical Area No. 1 is where the fun starts. Either will stay in triangle trend, or it will break to form Elliot Wave.
Make sure to follow me here, for more updates on this chart.
After that, it will enter a critical area of huge proportions.
Basically it can go anywhere from there. Personally, I WILL stay as far away from that area as I can.
There are three major scenarios at play here:
S1) GREEN ELLIOT WAVE
It will reach 8470$ and bounce back up 'thus confirming the GREEN EllliotWave
Must barely touch critical area no. 2)
S1.1) OR it HITS $8600 area and bounces dwon again,'thus forming scenario S3)
S2) YELLOW ELLIOT WAVE
HUGE Second EW to be made. Can start anywhere in critical area no. 2.
S3) RED ELLIOT WAVE
This might just be another ABCDE correction, which is forming a descending triangle.
Higher bounceback area might produce a ascending triangle, but it would be too messy to chart.
Also might start in critical area no. 2)
S4) ALL ELliot WAVES FAIL. (highly unlikely scenario).
And we are returning to $7300
S5) Not everything fails and yellow EW bounces back at $7800 to make a nice 3rd WAVE.
(but I doubt this one as much at S4 )
Critical Area No. 1 is where the fun starts. Either will stay in triangle trend, or it will break to form Elliot Wave.
Make sure to follow me here, for more updates on this chart.
Trade active:
DON'T GET FOOLED.
The fact that is follows the green line, does NOT mean it will *surely* pass the next critical area.
WE MIGHT BE IN RED SCENARIO.
The fact that is follows the green line, does NOT mean it will *surely* pass the next critical area.
WE MIGHT BE IN RED SCENARIO.