BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Here is the plan
- We have been keeping watch of the potential Inverse H&S which would complete the right shoulder around 6800
- At the completion of that shoulder we will be right around the downtrend line anchored to 20k and 9.9k , This would mark a crucial zone for BTC
- A break above that resistance would make way for the completion of the H&S which reaches a target at roughly 7800
- Next as an elliott wave we count this move as wave 3 with a target at the 1.618 of wave 1 which reaches the same zone as the H&S Target
- Lastly The 7800 area is also a heavy supply zone and can be seen as a high volume node on the VPVR

~Gemini

Comments

I look for short 6450-6550 with close around 6000 and then preparing for longs if it is the case :)
Reply
I disagree with Elliott Count
we have no volume to confirm 1st wave hypothesis
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TAO7 TAO7
To me it is an ABC Zig-Zag upward correction. At the moment of writing we are in the B wave (downward), 4th wave correction (upward) is ending it's 5th wave probbly with an ending diagonal.

What do you think @gemini ?
Reply
@TAO7, it might be corrective but if that's the case we most likely won't be breaking the downtrend line. As far the impulsive count goes, volume does not appear in wave 1. The first wave is viewed by people as a correction of the prevailing downtrend which results in selloff at the high of 1 and a steep retrace in 2. Also in a zig zag B most often corrects to the .382 of A whereas wave 2 most often corrects to the .618 of 1. Overall I think that strategically it is safer to treat this as a correction until proven otherwise by the extension of wave 3 or C, however, the current structure tends to look more like the start of an impulse than a correction which is why I favored that scenario in the analysis.
Reply
Very detailed chart @Gemini!
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