From our perspective, this weekly closure does not mean a positive direction. But thanks to the fact that we have identified the Elliot waves we can recognize that in the weekly chart, the next movement that could be triggered is wave 2, within the minor symmetric triangle created by one of the bearish Gann angles and the high trend line. that has been respected since 2017.
Now it is clear for us to create a possible W as a geometric pattern, but with the following possibilities: after correction, the market can follow Elliot’s pattern 1,2,3,4,5 as a case in point; but for the negative case, if the next bullish wave number 3 fails to break the down trend line at the exact point of $9212 and with the 61% interception of the Fibonacci retraction line, consequently wave pattern 1,2,3,4,5 would be invalidated, giving rise to the WXYXZ pattern, within the greater symmetrical triangle created between the main low trend line and the primary high trend line.
The price so far remains at approximately $6803, above 71% of the Fibonacci retraction line. We identify this last line with the price of approximately $6564 as intermediate support, a strong primary resistance created by the EMAs (9,100), another resistance created by the EMAs (21,50); and as a secondary support the EMA200 at the point of $ 5900.
Recall that the largest support is limited by the EMA300 at $4357 and the few of us see that the MACD and the RSI are losing strength. Personal opinion suggests that the market will really be bullish after halving and when crossing most of the resistances we have named.
Now it is clear for us to create a possible W as a geometric pattern, but with the following possibilities: after correction, the market can follow Elliot’s pattern 1,2,3,4,5 as a case in point; but for the negative case, if the next bullish wave number 3 fails to break the down trend line at the exact point of $9212 and with the 61% interception of the Fibonacci retraction line, consequently wave pattern 1,2,3,4,5 would be invalidated, giving rise to the WXYXZ pattern, within the greater symmetrical triangle created between the main low trend line and the primary high trend line.
The price so far remains at approximately $6803, above 71% of the Fibonacci retraction line. We identify this last line with the price of approximately $6564 as intermediate support, a strong primary resistance created by the EMAs (9,100), another resistance created by the EMAs (21,50); and as a secondary support the EMA200 at the point of $ 5900.
Recall that the largest support is limited by the EMA300 at $4357 and the few of us see that the MACD and the RSI are losing strength. Personal opinion suggests that the market will really be bullish after halving and when crossing most of the resistances we have named.
