tekewena

BTC possible initial drop after next months halving?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This TA uses the following indicators
i) Andrews Pitchfork ( AP )
ii) Elliot Wave
iii) Projection tool

STRATEGY
Look for interesting intersection points from the two smaller bullish and bearish APs within the larger bearish AP .
Our first interest is the smaller bullish mid-point intersecting the smaller bearish Resistance on 2020-05-18 @ approx price 8200
Our second interest is the smaller bearish Support intersect on larger bearish AP lower intermediate projection on 2020-07-27 @ approx price 1360.
Were this second target to play out, it would confirm the completion of corrective ABC Elliot Wave completing Wave-2 and start of very bullish Wave-3 of Elliot 5-Wave impulse pattern. If we don't meet our second target and BTC doesn't break below the 3122 low then that would indicate we are already in Wave 3.

DISCLAIMER
This strategy is for educational illustrative purposes only and not to be construed as investment advice. Any trades taken based on this information is your own personal decision and responsibility taken at your own risk. The author is neither liable or accountable for any losses or damages incurred.
Comment: Redrawing Andrews PItchfork projections now that BTC +9k. Invalidated if BTC breaks 9450

Comments

Here is my overall view on the situation
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