Last week i updated my Youtube channel with a pattern in the volume i had been noticing inside Bitcoin. This post will be a list of ideas regarding current price of Bitcoin and some primary/secondary counts to watch out for. Let's get right into this!
By analyzing the volume in Bitcoin it looks as if we have come to the crossroads of this bear market. Does this mean weve bottomed? Not quite. however, the volume indicates sentiment could be changing. The retrace from 20k was sharp and brutal which is why we needed so much time to consolidate. Ill get into my wave counts with a further list of ideas but for now its important to analyze other aspects.
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On the Log Scale we are coming very close to the trend line. One final sell off and we could hit Market Capitulation
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The road to $100,000 seems more and more likely with another parabolic push
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Primary Count goes as followed... We finished our 1,3,5 impulse up which completed the ABC of the previous correction down. Prices are currently wrapping up the 3 wave down before we go for our final push marked by the 5 wave. Below I labeled my ladder for where i will be casting my bids for the coming move back down. Overall im short term bearish until we finish the last leg down, which im hoping should be enough to capitulate the rest of the market.
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Here is what im watching for my secondary count. With the 1,3,5 impulse up and the ABC back down we just completed the first wave in the new Elliott Wave Market Cycle. Wave 2 hasnt retraced 100% of wave one which means this count is still valid. If we retrace any lower it will invalidate this scenario and my primary count will be final. However, a strong break on the upside and out of descending resistance of the falling wedge would indicate a reversal on the upside.
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XBT Wave Count is reminding me of the last time Bitcoin fell through support and made a lower low into the 5 wave. The only major difference is there was more volume with the recent move up compared to the last. Strong push coming on the downside?
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Possible rounded bottom inside Bitcoin. We have to hold support where we currently sit. If the ETF news doesn't cause BTC to panic this is something that could play out.
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Bearish perspective moving forward. If we break the neckline indicated by the light blue line this H&S could take us to $4,400
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Bitcoin is breaking out of this range. Here is some key resistance levels to watch for as we push upwards
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Rejection off the second resistance level. Strong selling shows sentiment could be bearish
I just watched yr video on u tube and its very clear and precise. yr a hidden gem my friend. thank you for the clarity in yr charts. it really helps noobs
UnknownUnicorn846565
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@Paisleyred, Thank you sir, I greatly appreciate your support :)