Preface: It amazes me how many BTC TA's there are on this site that have the chart so zoomed in that you can only see the past week or so. If you're basing your buy/sells on such a short-term TA, you better also be a short-term trader. If you're buying BTC to HODL, then it's really only the bigger picture that matters.
With that said... here's an update to our beautiful BTC! :)
As you can see, Bitcoin is consolidating nicely between the orange lines. It is also working its way down to the 5th/final elliott wave, which should bottom around 7k-6.8k. If you're following us, you'll notice that these indicators are unchanged since our last TA. So yes, we are right on track!!!
We've now added a few other estimating indicators that might help time the market. The first are the four 60-day bar indicators. It seemed like the distance between the last peaks and troughs were about 60 days, and if the timing stays on track, we should see the next bottom of 7k-6.8k around June 5th (although, it may be much earlier. Either way, our buy orders are already in place to capture the next bottom - hopefully!).
After the next low point, we expect BTC to turn bullish again to test the upper orange consolidation line. That will be the BIG deciding factor. If BTC can break out above the consolidation, we will start to see a heavy rally coming (this is represented by the black arrows)! The contrary is also true, if we break out below the consolidation (bottom orange line), it may be time to cut losses before the market crumbles.
Tip: Expert traders will map out their buys and sells before going into a position. Make sure you understand when to buy, when to sell for a profit, and when to cut your loses. For us, it's looking like a great buy at 7k and we'll look to either sell around 8k if BTC doesn't break above the consolidation, or we'll HODL if it does break above the top orange line. For risk management purposes, our stop-loss will be somewhere around 6k. *Note: we already own some BTC and recognize that there is a chance BTC doesn't hit our 7k buy orders before heading back to 8k.
Thanks for reading!!!!!
As always, keeping it simple, your friend, Simply.
Consolidating yes, but for a downward movement.
Notice that the downtrend (Upper angle) is steeper than the uptrend angle. This means continuation to downward trend.
Thanks for your TA.
Notice that the downtrend (Upper angle) is steeper than the uptrend angle. This means continuation to downward trend.
Thanks for your TA.