Support this Idea with LIKE if it is Useful.... BITCOIN price is following a parabolic trendline(not accurate), after every impulse price price corrects and find support around the trendline support, and price starts to grow again, I expect the price to make correction towards the support and if price holds above the support, then we might see next impulse in BTC.
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i like it. but i also think there's a chance that this is that first sharp vshape correction to higher highs like we experienced between jan 3rd and 4th. It crashes briefly through the 0.5 FIB level (much the same way this is at the 0.382 fib) before bouncing up to (can't see in your chart) but the .618 perhaps? Like 72.5 ish. And thats when we get range bound and spend 2 weeks hugging the bottom of that line you have for resistance (as support). So range bound between 72.5k and 58k.
But i'm admittedly optomistic. i just don't see it trading anwhere near $42,500 in two weeks...that's where we were 7 weeks ago...
WOULD REALLY LIKE YOUR FEEDBACK ON THE POTENTIAL. BC I DO love the idea and the supporting argument your making.
Stargazer_fx
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@McGorgeous thanks for sharing your thoughts, I am thinking simple i.e as long as price stays above support around 42K I am bullish and if price breaks below support I will look for sell setup after a correction.
KABHI_FOREX_TRADING
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It’s worth a shot..Good Work..
Eldal
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I'm pretty new to Elliott Waves. If the 4th wave even briefly dips below the Wave 1 High, does that completely invalidate? Seems odd to me that if one wick were to flash below peak 1 the impulse would be invalidated?