Broke .618 of the last bearish structure, must be bull market now.
If this were a double combo correction (WXY), then we've had:
Inside 0W, we had an ABC correction, where the A was another ABC and the C was an impulsive 12345.
Inside WX, we had a truncated 5th wave in an impulsive 12345. --> we're currently notably less bullish than then.
Now, are we in a bull or bear market? A bull market inside a bear market?
In other words, is the drop from 11.7k to 6.5k the A of ABC inside XY, or is it the ABC in its totality? Both are possible.
We know that we've had an impulsive 12345 at its end at the moment. A drop from here will be just as the drop from 2014 (from 200D SMA).
We could easily break some supports & do an impulsive 12345 down to 2.5k.
I still think this is likely because we've had an ABC down from 11.7 to 6.5 but no impulsive wave.
Also, I can't believe 100% gains in two weeks among some notable useless tokens if it were the bottom.
In the end, however, the whales have the final words.
If this were a double combo correction (WXY), then we've had:
- 0W to 6k
- WX to 11.7k
Inside 0W, we had an ABC correction, where the A was another ABC and the C was an impulsive 12345.
Inside WX, we had a truncated 5th wave in an impulsive 12345. --> we're currently notably less bullish than then.
Now, are we in a bull or bear market? A bull market inside a bear market?
In other words, is the drop from 11.7k to 6.5k the A of ABC inside XY, or is it the ABC in its totality? Both are possible.
We know that we've had an impulsive 12345 at its end at the moment. A drop from here will be just as the drop from 2014 (from 200D SMA).
We could easily break some supports & do an impulsive 12345 down to 2.5k.
I still think this is likely because we've had an ABC down from 11.7 to 6.5 but no impulsive wave.
Also, I can't believe 100% gains in two weeks among some notable useless tokens if it were the bottom.
In the end, however, the whales have the final words.
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the 50D MA level is very interesting:
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two bitcoin scenarios:
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closeup of the bullish scenario
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closeup of the bearish
slightly different from the earlier post because we have not a short-term reversal that helps us measure better (originally was measured with prior price movements)
slightly different from the earlier post because we have not a short-term reversal that helps us measure better (originally was measured with prior price movements)
Comment:
the second one should say scenario 2
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oho, looks like the bullish scenario?!
unless it's more bearish than I thought?
H&S is avoided. don't know about the power of the double top (obviously not as powerful as a valid H&S)
unless it's more bearish than I thought?
H&S is avoided. don't know about the power of the double top (obviously not as powerful as a valid H&S)
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ABC or 12345?
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looks like it's extremely bearish
2.5k seems likely now
already reached below the channel (bounced back)
2.5k seems likely now
already reached below the channel (bounced back)
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price broke down 8.4k support
could touch the next level (7.8k)
could touch the next level (7.8k)
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actually, right at 50D MA now
need to wait for another breakdown to short, target 7.8k, then 50W MA
need to wait for another breakdown to short, target 7.8k, then 50W MA
Comment:
possible rising wedge
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suddenly the "top" posts here are bearish
need to brace to possible bull trap
need to brace to possible bull trap
(temp oversold)