Hey everyone. It's been a while since I've last published, although I have been actively charting. I assumed we would create a traingle pattern and then have a wave E breakdown in my "internal" updates. I wish I would have published that idea, because it came pretty close to my target. I did pass that onto a few close friends and published charts on a great Telegram Group I'm in (Chart-Attack Crypto~Chat).
Anyhow, my last published idea had a target of 77xx ... we got pretty close to that. Here's the idea:
You'll see on this chart, drawn in a blue line the triangle created, and then a wave E breakdown to a log trend support line ... it went below that and now is testing it as resistance.
So where to now? Up, down, sideways?
Here's my thoughts ... I think, if we are to assume the current low of 77xx is like the 31xx bottom we had last year ... then look at how that bull rally started. Lots of sideways, accumulation ... then up.
I wouldn't be surprised if we have a hard time cracking that log trend line now, and then the bears attempt to bring BTC down to and crack 77xx again, but fail. And then some more sideways in the 8000's. I see, towards the end of November, my gann boxes showing a major time fibo ... so does that mean we will take off sometime end of Nov? If it does, look at my chart. That elliptical resistance curve (pink) ... could that be the point we reach ... it says forget about 20k (although I think there might be a pause there) ... we could go much higher!
IF I'm wrong here ... in my mind it could spell disaster ... Imagine 20k to 3.1k is WAVE A, 3.1k to 13.7k is WAVE B .... and now we are making WAVE C ... which could take us to 1k or 2k.
I'm not sure if you realize, but that is basically what is in front of us right now. I don't think BTC has anywhere else to hide. Either we break the ATH, or we are going very low in my opinion. Nothing in-between.
At the moment, given this has corrected EXACTLY as I plotted months ago, I'm seeing this as a very normal correction, and we are still in a bull cycle. We haven't even corrected 0.618 yet (at around 7200). So I'm siding with the BULLS!
For educational purposes only. Do not use for investment, trading or financial decision making.
Anyhow, my last published idea had a target of 77xx ... we got pretty close to that. Here's the idea:
You'll see on this chart, drawn in a blue line the triangle created, and then a wave E breakdown to a log trend support line ... it went below that and now is testing it as resistance.
So where to now? Up, down, sideways?
Here's my thoughts ... I think, if we are to assume the current low of 77xx is like the 31xx bottom we had last year ... then look at how that bull rally started. Lots of sideways, accumulation ... then up.
I wouldn't be surprised if we have a hard time cracking that log trend line now, and then the bears attempt to bring BTC down to and crack 77xx again, but fail. And then some more sideways in the 8000's. I see, towards the end of November, my gann boxes showing a major time fibo ... so does that mean we will take off sometime end of Nov? If it does, look at my chart. That elliptical resistance curve (pink) ... could that be the point we reach ... it says forget about 20k (although I think there might be a pause there) ... we could go much higher!
IF I'm wrong here ... in my mind it could spell disaster ... Imagine 20k to 3.1k is WAVE A, 3.1k to 13.7k is WAVE B .... and now we are making WAVE C ... which could take us to 1k or 2k.
I'm not sure if you realize, but that is basically what is in front of us right now. I don't think BTC has anywhere else to hide. Either we break the ATH, or we are going very low in my opinion. Nothing in-between.
At the moment, given this has corrected EXACTLY as I plotted months ago, I'm seeing this as a very normal correction, and we are still in a bull cycle. We haven't even corrected 0.618 yet (at around 7200). So I'm siding with the BULLS!
For educational purposes only. Do not use for investment, trading or financial decision making.
