Now THIS is the news you've been waiting for.... BTC is enjoying the FOURplay... come on we all know that is actually the best part :)
So if we look at the daily chart... we see Elliott still bouncing around... he's hard to pin down as he's so indecisive. I have given him a line he cannot cross.... THE WHITE LINE.... let me take you back to your childhood and the lines were like lava, and you couldn't cross them, well for Elliott is he crosses the white line... he will miss out going down on BTC...
BTC has NO 5th WAVE!!!!!!!!!!!!!!!!!! so Elliott really needs to get his act together and stop bouncing around and make the decision we've all been waiting for....
WILL ELLIOTT TAKE BTC TO 5th BASE???
And if Elliott follows my directions.... after a maximum top of $8700 (with a possible wick) he will be bouncing his way down to BTC's bottom ;)
THE TECHNICAL STUFF We are currently in the 4th wave of a 5 wave pattern - down, this pattern is invalidated with clear strong movement above $8,700.00 My lower low target is $4,544.00 I am still BEAR BIASED until this is proven wrong.
Safe and happy trading!
REMEMBER ALWAYS USE PROTECTION (minimise your risk, use a stop loss.) ALWAYS!!!!!!!!!!!!!!!!!!!
LNE.
DISCLAIMER:
The Legal stuff - I'm not financial adviser. Just a few quick thoughts - remember you sit at your computer, you push the buttons...
PS make sure you give me a like.... :) <3
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On the 45min chart the waves appear to overlap.... this is okay on the daily as they are only wicks... in leveraged markets the rule is the waves can cross... by a wick.
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Just being clear my primary target is $8,381 but it is very possible to reach $8,700 while the bears are on a brief vacation.
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around 5% of the time the .238 fibonacchi acts as a support level.... it is possible this is one of those times.... there is an ABCDE bull flag pattern which 'should' break up...
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I think we still have the 5th wave of the larger pattern yellow 3rd wave to complete (currently in wave 4 of 3) then a small retrace not dropping below the red trend line but possible deeper retrace also and up for 5th wave to complete $8749.00 ish
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3 scenarios for retrace....
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I have adjusted targets just now after counting waves... NEW TARGETS
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And there we go in the 5th.... I second guessed how strong the bulls were.... should have stuck to previous chart options :) If we pass $8750 I'm running with the Bulls
The last triangle broke the other way it was expected to move due to the manipulated short squeeze - and it was definitely an exchange tether pump (circulating tether dropped just before, and went back to previous level at the moment of the pump) because they new the exact positions everyone was in, and what it would take to trigger a chain reaction. I have the same diagram as your latest triangle. It might be a surprise and go the opposite way everyone is expecting. Or are they making everyone start to second guess and doubt themselves
LisaNEdwards
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@Cryptopile, So down like mine says? I'm confused? Can you please explain?
Cryptopile
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@lne, All I was saying is the contracting triangle normally will continue the trend - ie upwards. One would expect the latest triangle to break upwards. The last contracting triangle was just before the massive green dildo which should have continued the downward trend, but didn't. It is possible since the analysis would assume an upward break, it might just break down. I am sitting on the fence at the moment, too much four play makes it a bit fishy for me to dive in. :D
LisaNEdwards
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@Cryptopile, yeah I was sitting on the fence a bit n this one, as wave 4 only retraced to .236 FIB but like just happened it broke up without much retracing - so super bullish right now
xuanhaimmoer
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RobLee56
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@lne , I think the bullish one will play out. It is healthier correction and we have previous resistance there play as a support. Nice call!
@lne, Normal bullish price range of the (a) wave. Ideally, retracement takes some time so that it does not violate the trendline. Would that be too much to ask him(Bitcoin)?
The_Real_AMF
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@lne still patiently waiting to see if all this foreplay will pay off! =] thanks for the chart
LisaNEdwards
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@The_Real_AMF, See that's the thing with Fourplay ;) we never know if it will get to 5th base....