Thanks for viewing,
This chart is almost 100% based on Elliot Wave count, but interestingly on the daily time-frame, there is also significant bullish RSI divergence as well as a strong MACD moving average cross-over (while both a still below the zero line) indicating a potential bullish change.
In my view, 5 waves down have completed since the start of the drop in November. The low of $3135 is a wave (B) low that slightly exceeds the wave (5) low. The reason I see the recent move down as a corrective rather than a new impulse wave down is primarily based on how accurately it met the 1:1 extension (if we were in an impulse move down the 2nd down wave normally greatly exceeds the 1st wave down) and it matches my EW count.
alternate view:
We have just finished sub-wave (iv) of wave 5 down, meaning there may be a small move down still (after a minor correction upwards). If this current correction is repelled by the wave (i) dashed line this view may apply. Then the target would be $3000.
Volume is starting to pick up slightly.
As in my previous post on the end of the BTC drop, I won't be going long on BTC but will be instead going long on XRP and ADA. I narrowed it down for the sake of simplicity from ETH, ADA, LTC, XLM, XRP. All of these are currently at very depressed prices. XPR because it will likely see the most volume of the altcoins and also has a large scale wave 1 and 2 set-up and ADA because it has recently had some good news, is extremely cheap, and will likely do a nice bounce once BTC increases (2 to 3 times the BTC percentage increase) ADA bounced +22% in wave A, and wave C should be bigger than that.
Protect those funds and enjoy. I expect that - at least in the short-term - that the recent bearishness is over, and possibly also represents the end of the bear market. Let's hope (if you aren't short that is).
This chart is almost 100% based on Elliot Wave count, but interestingly on the daily time-frame, there is also significant bullish RSI divergence as well as a strong MACD moving average cross-over (while both a still below the zero line) indicating a potential bullish change.
In my view, 5 waves down have completed since the start of the drop in November. The low of $3135 is a wave (B) low that slightly exceeds the wave (5) low. The reason I see the recent move down as a corrective rather than a new impulse wave down is primarily based on how accurately it met the 1:1 extension (if we were in an impulse move down the 2nd down wave normally greatly exceeds the 1st wave down) and it matches my EW count.
alternate view:
We have just finished sub-wave (iv) of wave 5 down, meaning there may be a small move down still (after a minor correction upwards). If this current correction is repelled by the wave (i) dashed line this view may apply. Then the target would be $3000.
Volume is starting to pick up slightly.
As in my previous post on the end of the BTC drop, I won't be going long on BTC but will be instead going long on XRP and ADA. I narrowed it down for the sake of simplicity from ETH, ADA, LTC, XLM, XRP. All of these are currently at very depressed prices. XPR because it will likely see the most volume of the altcoins and also has a large scale wave 1 and 2 set-up and ADA because it has recently had some good news, is extremely cheap, and will likely do a nice bounce once BTC increases (2 to 3 times the BTC percentage increase) ADA bounced +22% in wave A, and wave C should be bigger than that.
Protect those funds and enjoy. I expect that - at least in the short-term - that the recent bearishness is over, and possibly also represents the end of the bear market. Let's hope (if you aren't short that is).
Comment:
Apologies, the (a), (b), (c), should have been a 5 wave impulse move for wave C up... anyway... otherwise valid. If we gt as much as 42% upwards the present move (that is about to finish) will need to retrace and end up being wave 1 of 5 up.
Comment:
Yeah I called the BTC bottom (provisionally :))