Phi-Deltalytics

BTC: Which side are you on?

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
First of all, please support our work by smashing that like button or following! These really help us to reach more traders like you!

Both a bullish count and a bearish Elliot wave count are above. Regardless of which side you are on, we are likely in a 3-wave flat (3-3-5) development, and a correction/downward trend is due soon.

For the bearish scenario, if B rises above 9.9k, the current ABC zigzag structure would be invalidated, and would likely turn to a flat. Since flats generally signal trend continuation, it could potentially mean the 5 waves to the upside has not finished, and we are going to have an extended 5th wave (much higher than the bullish scenario on the right).

Do you agree or disagree? All thoughts and critics are welcomed!

====================================================
🌐 We believe in the power of blockchain data analysis!
====================================================
Comment: The question now becomes: when will the CME gap be filled this time around?
Comment: TA is now as bullish as FA. However, we simply can't shoot up in a straight line. Institutional traders think 11k is overpriced.
πŸ”₯πŸ”₯πŸ”₯
Message for indicator access.
Good luck & let's make $$$ together.
πŸ”₯πŸ”₯πŸ”₯

Comments

We are at the point of a coin flip on the direction. I lean towards your short scenario. BTC is too correlated to the US stock market. If that correlation didn't exist, I would lean to the long side. With the China/US relationship going down hill, on 31 July AAPL reports with the expectation the outlook is grim, the FANG stocks holding up the market, possible shut downs again due the virus, insider selling, bearish divergence on the S&P, initial unemployment claims going up, and most stocks going down, I lean towards a drop in the stock market. BTC will follow.

Now, the FED could jump back in and hold the market up. Also, a new stimulus bill could hold the market up. If the market is held up, BTC could start the run to 20k. I need confirmation before I jump back in. Right now, I'm flipping a coin and waiting for direction.

Great analysis though on the charts.
+9 Reply
@josh2311, thanks for sharing!
Reply
RocketBomb Phi-Deltalytics
@Phi-Deltalytics, Bull side, for sure πŸš€
Reply
@josh2311, I agree BTC is still pretty correlated to SPX, especially for larger moves. For the current directional bias, I'm on the short side as well, even with the 10k attempt in the last few hours. Margin retail sentiment is overly bullish now. The higher this continues before CME opens on Monday, the more likely we'll experience a long squeeze.
+1 Reply
sunnybum Phi-Deltalytics
@Phi-Deltalytics,

"For the bearish scenario, if B rises above 9.9k, the current ABC zigzag structure would be invalidated, and would likely turn to a flat. Since flats generally signal trend continuation, it could potentially mean the 5 waves to the upside has not finished, and we are going to have an extended 5th wave (much higher than the bullish scenario on the right)."

was this a joke then?
+1 Reply
@sunnybum, was a way of differentiating between a zigzag correction or a flat correction. Either way, 9k is likely.
+1 Reply
Serkansimsek Phi-Deltalytics
@Phi-Deltalytics, πŸ‘
+1 Reply
Bannedhammr josh2311
@josh2311, oof
+2 Reply
Pab777 josh2311
@josh2311, Virus is just a headlines.China press agency Xinhua every day updating new cases globally USA is top China zero cases
China is working in full from beginning of Covid
Reply
Pab777 Pab777
@Pab777, More Covid cases more stimulus expectation
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out