Here we see a little possibility, something maybe nobody is even thinking or seeing. BTC finsihed the weekly ABC with a possible Flat correction, Wave C needs momentum divergence and the RSI shows our divergence.
Presumably what is wave 2 bounced of the .786 fib. If this is wave 3 I expect us to slowly break some resistances up if we are starting wave 3, at around 9k People will join the bandwagon and anyone looking for a pullback is going to miss the boat.
In terms of sentiment Elliot Wave principles make sense, fundamentally in terms of news it still doesn't and we'd need to go way lower. But Bitcoin moves really fast and that's what's tricky you can't apply fundamental principles for something that was thought up based on a market that moves over years/decades and apply that to a market that moves in mere days/weeks.
So see this as an educational tip, look very well at the chart and hold no biases, the candlesticks don't and you neither should you. BTC clearly does have a momentum divergence on the weekly followed by a big wave up and a sharp correction down fitting the criteria of the wave 1-2 in terms of technicals and sentiment.
I do hold bias, I personally think that my bias prevents me from seeing this chart for what it is and that likely BTC just finished wave 2.
P.S. The idea 5 waves up and ABC are just for show, these are not accurate targets.
Presumably what is wave 2 bounced of the .786 fib. If this is wave 3 I expect us to slowly break some resistances up if we are starting wave 3, at around 9k People will join the bandwagon and anyone looking for a pullback is going to miss the boat.
In terms of sentiment Elliot Wave principles make sense, fundamentally in terms of news it still doesn't and we'd need to go way lower. But Bitcoin moves really fast and that's what's tricky you can't apply fundamental principles for something that was thought up based on a market that moves over years/decades and apply that to a market that moves in mere days/weeks.
So see this as an educational tip, look very well at the chart and hold no biases, the candlesticks don't and you neither should you. BTC clearly does have a momentum divergence on the weekly followed by a big wave up and a sharp correction down fitting the criteria of the wave 1-2 in terms of technicals and sentiment.
I do hold bias, I personally think that my bias prevents me from seeing this chart for what it is and that likely BTC just finished wave 2.
P.S. The idea 5 waves up and ABC are just for show, these are not accurate targets.