After analyzing the chart, I came to the conclusion that the trend of the uptrend in BTCUSD will continue to move towards the renewal of the historical maximum, as well as consolidation higher with subsequent growth.
There are 3 trend lines on the chart:
1. The purple trendline is a mirrored trendline of both support and resistance, giving us insight into the boundaries of important historical BTC price movements.
2. The yellow trend line is the global trend of the corrective movement of the BTC price after the historical high with the current resistance formation.
3. The orange trend line gives us an understanding of the impulse of the corrective movement, and most importantly, with an un-updated LOW, it is powerful trend support in our situation.
The idea of creating this forecast arose from the movements of the chart from cycle to cycle, each cycle has a certain initial and final action. If we look at the chart, we will see vertical lines - these are the stages of cyclicality, which gives us an understanding of the beginning of the movement, as well as its completion with extinction at the end of the cycle.
My vision is that at this stage of the market it is cycle 4, which does not lend itself to the analysis of horizontal support and resistance levels, but, as we see on the chart, there is an Elliott wave analysis, which gives us an understanding of the further movement of BTC.
The upward trend of BTC will show its dynamics after January 2021. According to the current forecast, we can see in this period the formation of a new historical maximum, as well as the price fixation in this range. The example shows the Elliott impulse wave, which reflects my vision of the market.
Z1 is the global momentum level for the general direction of the market. When the price approaches from top to bottom to the level border, we open a long position in LONG.
Z2 is the mid-term level of the impulse of the corrective movement. When the price approaches from top to bottom, it also gives us a signal in LONG.
This forecast proposes to open LONG positions only on corrective movements and focus on the plotted levels.
Closing short-term positions (in the current cycle, yellow and orange trend lines) are used to place STOP orders, as well as the Elliott wave line.
(the graph of the Log mode (Toggle Log Scale), which switches at the bottom right)
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There are 3 trend lines on the chart:
1. The purple trendline is a mirrored trendline of both support and resistance, giving us insight into the boundaries of important historical BTC price movements.
2. The yellow trend line is the global trend of the corrective movement of the BTC price after the historical high with the current resistance formation.
3. The orange trend line gives us an understanding of the impulse of the corrective movement, and most importantly, with an un-updated LOW, it is powerful trend support in our situation.
The idea of creating this forecast arose from the movements of the chart from cycle to cycle, each cycle has a certain initial and final action. If we look at the chart, we will see vertical lines - these are the stages of cyclicality, which gives us an understanding of the beginning of the movement, as well as its completion with extinction at the end of the cycle.
My vision is that at this stage of the market it is cycle 4, which does not lend itself to the analysis of horizontal support and resistance levels, but, as we see on the chart, there is an Elliott wave analysis, which gives us an understanding of the further movement of BTC.
The upward trend of BTC will show its dynamics after January 2021. According to the current forecast, we can see in this period the formation of a new historical maximum, as well as the price fixation in this range. The example shows the Elliott impulse wave, which reflects my vision of the market.
Z1 is the global momentum level for the general direction of the market. When the price approaches from top to bottom to the level border, we open a long position in LONG.
Z2 is the mid-term level of the impulse of the corrective movement. When the price approaches from top to bottom, it also gives us a signal in LONG.
This forecast proposes to open LONG positions only on corrective movements and focus on the plotted levels.
Closing short-term positions (in the current cycle, yellow and orange trend lines) are used to place STOP orders, as well as the Elliott wave line.
(the graph of the Log mode (Toggle Log Scale), which switches at the bottom right)
Like? Comment?