BTC/USD(Breakdown)Impulsive Elliott waves onto 5/5Labelled chart
Part of an update on the previous chart that hit it's targets for wave 4.(just had to be posted)
To some extent disappointing that wave 4 did not hit the higher variation(6800 0.382), but nevertheless it's time to start labeling wave 5 and it's variations.
There's typically 2 variations:
1. 1.62x Wave 1(Target 5450+/-)
2. 2.62x Wave 1(Target 4800+/-)
However I cannot dismiss 5000 as a psychological support, which just so it happens to currently sit around the 100 week moving average. As I always say by this point everyone knows whats going on, which makes wave 5's the least trustworthy of all.
Now that's been said, I do expect a pull back after wave 5 is over, possible in the range of 7100/ or at least retesting the bottom of the labelled white triangle.
The big elephant in the room is that, if by any reason the week closes decisively bellow the 100 week moving average, I'm quite literally expecting a blood bath. WE all know how sensitive the crypto market sadly is. Chances of this happening luckily are very,very low!
Please let me know in the comments, if any of the calculations are unclear or how'd I get to them. I'll try to keep this chart updated as much as I can.
-Happy trading folks-
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Disclaimer:
//This is not a buy or sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin , and/or other markets, comment your thoughts, agree or follow for more interesting analysis, much appreciated, thanks!
To some extent disappointing that wave 4 did not hit the higher variation(6800 0.382), but nevertheless it's time to start labeling wave 5 and it's variations.
There's typically 2 variations:
1. 1.62x Wave 1(Target 5450+/-)
2. 2.62x Wave 1(Target 4800+/-)
However I cannot dismiss 5000 as a psychological support, which just so it happens to currently sit around the 100 week moving average. As I always say by this point everyone knows whats going on, which makes wave 5's the least trustworthy of all.
Now that's been said, I do expect a pull back after wave 5 is over, possible in the range of 7100/ or at least retesting the bottom of the labelled white triangle.
The big elephant in the room is that, if by any reason the week closes decisively bellow the 100 week moving average, I'm quite literally expecting a blood bath. WE all know how sensitive the crypto market sadly is. Chances of this happening luckily are very,very low!
Please let me know in the comments, if any of the calculations are unclear or how'd I get to them. I'll try to keep this chart updated as much as I can.
-Happy trading folks-
.
.
.
Disclaimer:
//This is not a buy or sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin , and/or other markets, comment your thoughts, agree or follow for more interesting analysis, much appreciated, thanks!
Comment:
Supplementary chart with Fibonacci.
Supplementary chart with Fibonacci.
Comment:
Good morning folks. Morning update 15/08.
Breath of small fresh air for the bulls. An uptrend was expected as pointed out previously. Crossing R1(6300), gave the bulls enough confidence to run higher. Now this can be interpreted as bitcoin breaking the "falling peaks pattern" as a good bullish sign. However, on the 4hr ichimoku cloud the price can still be technically considered bearish.
To wrap this update up, unless the prices crosses the previous highs, R2(6540), and then R3(6640), I would not consider entering long. Currently this is still to be considered as wave 2/5(I have moved it up on the chart).
Happy trading folks.
Good morning folks. Morning update 15/08.
Breath of small fresh air for the bulls. An uptrend was expected as pointed out previously. Crossing R1(6300), gave the bulls enough confidence to run higher. Now this can be interpreted as bitcoin breaking the "falling peaks pattern" as a good bullish sign. However, on the 4hr ichimoku cloud the price can still be technically considered bearish.
To wrap this update up, unless the prices crosses the previous highs, R2(6540), and then R3(6640), I would not consider entering long. Currently this is still to be considered as wave 2/5(I have moved it up on the chart).
Happy trading folks.
Comment:
R3(6640) proved as a strong resistance. Despite that, there is a possible recount, that has 6800 as wave 4 target (from fibonnaci). Breaking 6800 decisively, would break the impulsive corrective wave structure, and it will be followed by an uptrend. Otherwise, shorts are still good, and I'd be looking to short around 6800.
R3(6640) proved as a strong resistance. Despite that, there is a possible recount, that has 6800 as wave 4 target (from fibonnaci). Breaking 6800 decisively, would break the impulsive corrective wave structure, and it will be followed by an uptrend. Otherwise, shorts are still good, and I'd be looking to short around 6800.
Currently in a "falling peaks" formation.
The red lines show the "good" stop-loss/shorting opportunities. Not the best time to be bullish on bitcoin.