BTCUSD: Big Red Candle - the end of a Midterm 3rd Wave?!
Technicals:
1. Elliot Waves 1st Major Wave (Weekly) : 11 Dec 17 at $19,945
2. 2nd Major Wave : 10 Dec 18 at $3,118
3. 3rd Major Wave's Lag : 17 Dec 18 - 16 Mar 20 (from $3,118 to 4,308)
4. 3rd Major Wave: 16 Mar 20 starting from $4,308 - 15 Feb 21 at $58,324 (1353%)
5. And now "Is this ATH (58,324)":
5.1. The end of 1st Major Wave?
5.2. The start for a Midterm 4th Corrective Wave?
5.3. Also a start for A Major Longer Term 2nd Wave?
6. If so, then it would be a deep plunge before the 3rd Major Wave toward 100 - 130K?
7. Weekly Supports would be $36,699 down to 25,877. If the first is penetrated then the second can be tested.
8. If this correction is going to end in between the abovementioned prices, where would be the 5th one?
9. Weekly Negative Divergence between the price chart & RSI (14) is seen now. When it happens in this timeframe it can be serious.
10. Weekly Negative Harami is seen which can be a plus to the negative divergence mentioned.
Conclusion: Correction in between 50 - 70% does not sound illogical. Also, time correction seems to be possible following 336 Days steady growth. Finally, $58,324 ATH, in my viewpoint, is the end of the 1st Major Wave.
Not a financial advice.
1. Elliot Waves 1st Major Wave (Weekly) : 11 Dec 17 at $19,945
2. 2nd Major Wave : 10 Dec 18 at $3,118
3. 3rd Major Wave's Lag : 17 Dec 18 - 16 Mar 20 (from $3,118 to 4,308)
4. 3rd Major Wave: 16 Mar 20 starting from $4,308 - 15 Feb 21 at $58,324 (1353%)
5. And now "Is this ATH (58,324)":
5.1. The end of 1st Major Wave?
5.2. The start for a Midterm 4th Corrective Wave?
5.3. Also a start for A Major Longer Term 2nd Wave?
6. If so, then it would be a deep plunge before the 3rd Major Wave toward 100 - 130K?
7. Weekly Supports would be $36,699 down to 25,877. If the first is penetrated then the second can be tested.
8. If this correction is going to end in between the abovementioned prices, where would be the 5th one?
9. Weekly Negative Divergence between the price chart & RSI (14) is seen now. When it happens in this timeframe it can be serious.
10. Weekly Negative Harami is seen which can be a plus to the negative divergence mentioned.
Conclusion: Correction in between 50 - 70% does not sound illogical. Also, time correction seems to be possible following 336 Days steady growth. Finally, $58,324 ATH, in my viewpoint, is the end of the 1st Major Wave.
Not a financial advice.