Hello!
This will be my first official post of many! I have decided to let the world view my analysis as this is an exciting time in our age! LETS GET TO IT!
Overall, we have to evaluate the long term of $BTC, therefore we have to look at the daily and weekly charts. Here is the daily chart which i see a massive head and shoulders pattern that is supported by the downward trendline.
The positive G20 news is exactly what we needed to begin wave 3-4 in the elliot wave which is now being tested at a very strong resistance level. The penetration of this resistance level is very crucial and i believe it will be respected, HOWEVER, the lower time-frames will tell the bigger picture with this. We are seeing a lot of neutral activity at the moment.
The head and shoulders pattern is being complemented by a bat pattern which is generally a continuation pattern and right now we are in a neutral state believe it or not, please see the yellow trend lines. I believe these are more important than drawing from the bottom up at the moment due to the flatness and 5 touches, which is the most valid trendline i can draw at the moment.
I am predicting we reach the 6k-6.5k levels again where the determination of bittercoin's upcoming year will be established.
PS. Yes i am aware of the first EW 1-5 count wave 4 penetrates wave 1, however the railroad patterns are the only penetration i see, which is enough for me to draw these. Nothing is set in stone.
Everyone - Have an excellent day!
This will be my first official post of many! I have decided to let the world view my analysis as this is an exciting time in our age! LETS GET TO IT!
Overall, we have to evaluate the long term of $BTC, therefore we have to look at the daily and weekly charts. Here is the daily chart which i see a massive head and shoulders pattern that is supported by the downward trendline.
The positive G20 news is exactly what we needed to begin wave 3-4 in the elliot wave which is now being tested at a very strong resistance level. The penetration of this resistance level is very crucial and i believe it will be respected, HOWEVER, the lower time-frames will tell the bigger picture with this. We are seeing a lot of neutral activity at the moment.
The head and shoulders pattern is being complemented by a bat pattern which is generally a continuation pattern and right now we are in a neutral state believe it or not, please see the yellow trend lines. I believe these are more important than drawing from the bottom up at the moment due to the flatness and 5 touches, which is the most valid trendline i can draw at the moment.
I am predicting we reach the 6k-6.5k levels again where the determination of bittercoin's upcoming year will be established.
PS. Yes i am aware of the first EW 1-5 count wave 4 penetrates wave 1, however the railroad patterns are the only penetration i see, which is enough for me to draw these. Nothing is set in stone.
Everyone - Have an excellent day!
Comment:
Overall Analysis is still in tact. Testing 9500 region.