As usual, I have no idea what I'm doing and still learning the mechanics.
So I've just learnt about Elliott Triple Combo waves which has renewed my long term bearish tendencies. I strongly believe that we still have to finish waves X and Z for the correction to be completed. (BTC loves complex corrections from what I've seen retrospectively).
To support this, I've highlighted two areas I believe to be fractals. It's areas we've also seen bullish divergence on the RSI. I'm expecting us to hit the top of the channel around $8,500 (like the prior swing) and then down again to around $5,500 to complete the correction.
I would really appreciate feedback supporting or against my analysis.
So I've just learnt about Elliott Triple Combo waves which has renewed my long term bearish tendencies. I strongly believe that we still have to finish waves X and Z for the correction to be completed. (BTC loves complex corrections from what I've seen retrospectively).
To support this, I've highlighted two areas I believe to be fractals. It's areas we've also seen bullish divergence on the RSI. I'm expecting us to hit the top of the channel around $8,500 (like the prior swing) and then down again to around $5,500 to complete the correction.
I would really appreciate feedback supporting or against my analysis.
Comment:
Additionally, the completion of the correction might bring us down to the 0.786 Fibronacci level provided that what I have here makes sense.