My first publication on TV, some of you may know me and my privately shared charts, some of you may not, either way thanks for reading.
This correction is looking eerily similar to the one that occured in 2014.
RSI - looking at the level of support on RSI I believe we should have a bounce here similar to the 2014 fractal, this should take us to the top trendline of this downtrend in the 9k area before resuming our journey to the macro bottom trendline at 4k
Stoch RSI - Stoch RSI is making a very similar W bottom shape, further supporting an incoming bounce
CMF - unlike the 2013 correction, the Chaikin Money Flow indicator is racing towards the 0 line, similar to the 2014 correction, if the fractal is adhered to, then the bounce to 9k should result in a hesitation near the 0 area, before finally plunging below for the run to the bottom macro trend line.
Elliot Waves, Rising Wedge - Macro trendlines seem to be painting a massive rising wedge, within this wedge there are 5 macro waves (A-E within the wedge, you could label these 1-5 if you wish, and you could start wave A in August 2013, with the 2012-2013 action making 1-5 waves with an ABC correction, but for this macro outlook I have left them out, as we end up with the same result at this point anyway).
With regards to the B wave being a long complex bleed of a correction lasting almost 2 years, whilst this current wave D is set to complete most likely sometime this summer and is making a fairly simple zig zag pattern, this is in accordance to the Elliot Wave rule of alternation.
Where does this leave us? I believe once we reach the bottom macro trend line at around 4k, we will have one more euphoric bull run within the wedge to make the E wave (or 5th wave), to meet the upper macro trend line one more time, one would have to watch the charts to see exactly where along the trend line it touches, but for now I could see this ending somewhere between 70 and 80k around 3/4 along the wedge, (controversial opinion incoming) at which point the bitcoin bubble may finally well and truly pop, we can run off with our gains and wait for the dust to clear to pick up the projects that survive and have real long term potential (the ones that arent shitcoins), think picking up stocks like AMZN in 2002 after the dot com bubble.
This correction is looking eerily similar to the one that occured in 2014.
RSI - looking at the level of support on RSI I believe we should have a bounce here similar to the 2014 fractal, this should take us to the top trendline of this downtrend in the 9k area before resuming our journey to the macro bottom trendline at 4k
Stoch RSI - Stoch RSI is making a very similar W bottom shape, further supporting an incoming bounce
CMF - unlike the 2013 correction, the Chaikin Money Flow indicator is racing towards the 0 line, similar to the 2014 correction, if the fractal is adhered to, then the bounce to 9k should result in a hesitation near the 0 area, before finally plunging below for the run to the bottom macro trend line.
Elliot Waves, Rising Wedge - Macro trendlines seem to be painting a massive rising wedge, within this wedge there are 5 macro waves (A-E within the wedge, you could label these 1-5 if you wish, and you could start wave A in August 2013, with the 2012-2013 action making 1-5 waves with an ABC correction, but for this macro outlook I have left them out, as we end up with the same result at this point anyway).
With regards to the B wave being a long complex bleed of a correction lasting almost 2 years, whilst this current wave D is set to complete most likely sometime this summer and is making a fairly simple zig zag pattern, this is in accordance to the Elliot Wave rule of alternation.
Where does this leave us? I believe once we reach the bottom macro trend line at around 4k, we will have one more euphoric bull run within the wedge to make the E wave (or 5th wave), to meet the upper macro trend line one more time, one would have to watch the charts to see exactly where along the trend line it touches, but for now I could see this ending somewhere between 70 and 80k around 3/4 along the wedge, (controversial opinion incoming) at which point the bitcoin bubble may finally well and truly pop, we can run off with our gains and wait for the dust to clear to pick up the projects that survive and have real long term potential (the ones that arent shitcoins), think picking up stocks like AMZN in 2002 after the dot com bubble.
price action possibility;