Bitcoin Breaks Back Into Falling Wedge, Zero's in on Elliot Wave
If anyone tells you they know what Bitcoin is going to do here, they're lying to you.
I do not like that BTC broke back into its Falling Wedge, but it is still respecting the bottom of the Wyckoff Trading Range by not breaking back into the purple area.
In a previous post, I noted I was watching for both of these events. The first has happened, so we watch for the second now.
I remain bullish in the short-term, though, as we see additional confluence in the Elliot Wave in its final leg.
To confirm, I'm looking for BTC to climb back up above the wedge today or tomorrow, likely re-re-test it again, and if it succeeds, create the last upward leg of the Elliot Wave. If this ends up not playing out and BTC closes a candle within the purple, then we start to look at a possible Redistribution instead of an Accumulation. We're not there yet, but we consider it as we implement Risk Management.
We all want BTC to start going up. but the people that make money are the ones that look at the current situation as objectively as possible. Every bullish scenario has a bearish counterpart. We need to know what that is and prepare for it no matter how unlikely. this price action is boring, but it's building to something, and there's money to be made - whichever direction it ends up going.
Resources
Hope everyone is getting ready for a great 4th of July weekend here in the states. Be safe.
******
I'm starting out my Twitter account for Crypto. If you want "bottom line" content that doesn't spin you in technical circles or tries to sell you something, follow me if you'd be so kind, and share your thoughts. We're all learning, let's make money together .
I do not like that BTC broke back into its Falling Wedge, but it is still respecting the bottom of the Wyckoff Trading Range by not breaking back into the purple area.
In a previous post, I noted I was watching for both of these events. The first has happened, so we watch for the second now.
I remain bullish in the short-term, though, as we see additional confluence in the Elliot Wave in its final leg.
To confirm, I'm looking for BTC to climb back up above the wedge today or tomorrow, likely re-re-test it again, and if it succeeds, create the last upward leg of the Elliot Wave. If this ends up not playing out and BTC closes a candle within the purple, then we start to look at a possible Redistribution instead of an Accumulation. We're not there yet, but we consider it as we implement Risk Management.
We all want BTC to start going up. but the people that make money are the ones that look at the current situation as objectively as possible. Every bullish scenario has a bearish counterpart. We need to know what that is and prepare for it no matter how unlikely. this price action is boring, but it's building to something, and there's money to be made - whichever direction it ends up going.
Resources
- Elliot Wave Theory - www.investopedia.com...lliottwavetheory.asp
- Wyckoff Redistribution - stockcharts.com/arti...n-the-evil-twin.html
Hope everyone is getting ready for a great 4th of July weekend here in the states. Be safe.
******
I'm starting out my Twitter account for Crypto. If you want "bottom line" content that doesn't spin you in technical circles or tries to sell you something, follow me if you'd be so kind, and share your thoughts. We're all learning, let's make money together .
Comment:
Great catch by sdowless in the comments. That does not qualify as an Elliot Wave. So we don't have that confluence here. So we wait for BTC to break back above the Wedge.
