Hey everyone Mfibbs here with my first published analysis. I figured I'd share my knowledge with you all instead of sitting on the sidelines. I am neutral on this market right now as my bearish bias is being questioned right now on BTC.
I know there are traders who don't use elliot wave theory and actually hate it. So I ask you kindly to turn the other way or listen carefully, it's your choice!
As you can see here, this is a bullish scenario. The question everyone is asking is have we hit bottom? With all the bullish sentiment in the market right now most traders would say yes. However, traders with a bearish bias don't seem to
want to let go of the fact that we haven't. I won't mention names, but I've heard $1300, $2500, Hyperwave, double bottom. Some say we have to double bottom like we did in 2015. I will have further analysis on those ideas, but for now hear is my bullish analysis.
Here is what you need to know. If we finished our elliot wave cycle at the Y wave , which was a completion of an ABC after a failed X wave , which is technically a failed wave 1. You see this has happened many times with bitcoin and could be happening right now again. Did we just finish wave 1? Or was our little bull rally just another X wave and we will be followed with more pain ahead with another ABC to the downside? This chart says it all, if the .618 holds which falls directly at our trend support then I am a firm believer that our wave 3 to the upside lies in our future. What we have to watch for is a fake out, as BTC loves real deep wave 2's, retracing to the .786 even which would just about break our support. Either way, a retrace is coming, and I'm talking a nice one. We have been dying to cross on the weekly stochs for weeks now. The last time we were this over bought on the weekly stochtastics was back in
Nov-Dec when btc was $19,500. Now, just because we retrace down to support doesn't mean btc is doomed. We need it to retrace for further upside.
My bearish scenario is coming soon, along with the chart that no one is paying attention to. Stay tooned and thanks for watching! My apologies, if this idea was sloppy. Like I said, this was my first post.