Volumes and the oversold RSI are showing the rally is slowing down,just as I predicted in my last idea, we got to 9600 and everything slowed down. Price went up a bit higher than anticipated but the concept remains sound. We need a retracement or consolidation overnight, ideally all the way back to 61.8% Fib level (9423) so we can continue up to the next level of resistance just above $10k. If we get down to 61.8%, I'll place another long position. After that, I'm targeting right at $10k because that's a big round number where many investors probably have ideas to take profits at that point. You can see the EW wave projections. Stay patient as this volatility may yield a lot of rallies and quick-sells as the whales try to control the markets. Overall, the charts are looking very bullish!
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We didn't get the 61.8 retrace as I hoped would happen. But what did happen was a minor 23.6 retrace and and immediate spike up to 9875 last evening. This appears to be the true first impulse, because as it turns out, we did get a 50% retrace of that level and got back to 9550. All of this is looking good and the consolidation, volume, and RSI are showing to be resilient and strong for the bulls. The market is moving quicker than I expected so I have adjusted my EW projections below to capture the true spike from yesterday.
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We are seeing good continuation patterns with bull flag, or ascending triangle, depending on which timeframe you are looking at. We are still on track go up later today.
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Here's my new idea...really same idea with an updated chart. I'm learning as I go...thanks for the help everyone!
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Refreshing my first EW wave post, even though I used the wrong labels, the pattern in my original idea has been holding very true since the 3rd of May. You can see that the trading has followed my EW waves almost exactly. I would expect this retrace to reach down to 9200-9300 before we began the 3rd wave which will finally take us through $10,000.
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The bulls may have just survived the heavy retrace down to the 9200 mark that I mentioned yesterday. As we speak, BTC is heading back up and over 9400. I expect some testing of the 9400 support level and consolidation of support here before the next rally begins.
My original chart seems to be the most accurate forecast so far. This should put us at retesting the 10k level in the next 6-12 hours and if we can finally break through that, on to 10,800-11,000.
Have a Great Day!
My original chart seems to be the most accurate forecast so far. This should put us at retesting the 10k level in the next 6-12 hours and if we can finally break through that, on to 10,800-11,000.
Have a Great Day!