Correct me if i'm wrong, i'm still learning elliot waves and would like to learn more. So feedback is appreciated.
I believe the abcde correction on btc -1.07% is almost over. If this happens we will probably see it bounce back. The head and shoulder formations shown by the pink lines all point towards the same bottom line. Around 10179,-
This is also where the bullish descending wedge ends. Once it hits the 10000 mark it should climb back up and continue with an impulse wave. If it breaks below the 10000 line than i believe it will drop to its next support around 8000.
Please correct me if i'm making big mistakes here, i'm not a pro.
Very clear analysis. Ive always wondered how e elliot waves reverse bear markets. Can they do that or do they need an abc correction?
Thanks!
Bittimmer
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Usually a falling wedge is a bullish sign predicting the end of a bear market.. With stocks this can take up several months but since cyrpto is traded 24/7 these timeframes are not the same.
What we should see is the macd climbing back up and once it breaks the upper resistance we should see a lot of volume. When these 3 signs are visible, (breaking resistance, macd going up, big increase in volume) Than that would be the perfect time to buy. If volume doesn't confirm the breakout it could still go down
jquach
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I don't think D can go back above like A in your chart so that's no a wave. What I "see" is we're at wave 4 right now and wave 5 may touch down to 7-8k level soon
Bittimmer
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@jquach, Thanks for your feedback, i think you might be correct. However if we don't take the wicks into play a is above d
Thanks!