Every bounce this year is met with outcries about how this is THE dip we should buy before BTC enters it's next huge bull run with all time highs. Somehow I don't feel we've reached the bottom. Though this bounce has so far provided an increase of approximately 1k, yet again it's a softer bounce than the last. It certianly means we're getting closer to the bottom, though I suspect the bottom is yet to come.
My Elliot Wave count suggests the current retrace is a B wave, with C and in fact the Y of the current 7 wave correction to follow. I'd be interested in seeing any alternative wave counts you may have. My target for wave C lies within the regin of 4500 to 5200.
I've indicated an inverse head and shoulders pattern that is currently playing out. This suggests a current target of 7829, which is a level I'll be observing closely. If this level breaks it suggests a potential run to the 9k regions. If it reverses, I'd expect wave C to begin, giving us 5 waves down to that wave C target region.
Needless to say I'm bearish until proven otherwise, but I'd like to know how you see it. Happy trading.
Thanks for this. I totally agree. but from where we are nw which is 7.3k range and before we have to reach the 7.8k do we have any resistances in the middle? so far im seeing us losing momentum and not rallying anymore to reach the 7.8 level
kingretep
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@AsmaHassan, I see the key resistance level at the moment to be around 7460 which BTC has been attempting but not yet succeeded in breaking. If it does, I don't see much other resistance until 7800. However, I also wouldn't be surprised if there are not enough buyers to get us there.
Ronnie_Dong
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I like your chart,and I have followed you. I hope you can Follow Me at the same time.
Mycomorel35
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I have the same exact count. With the same targets.
Mycomorel35
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@Mycomorel35, Nothing else makes sense at this point
kingretep
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@Mycomorel35, good to know you see it the same way
SilverStar_Trading
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You'll know when the next bull run has started because there WILL be a significant hammer
kingretep
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@SilverStar84, Yes I think that hammer could take us as low as 3k levels, as dramatic as that sounds.
SilverStar_Trading
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@kingretep, I dont think that sounds dramatic at all. I have been expecting that hammer to take us to $3500-$4500 for a few weeks now. Ide say your pretty accurate with your prediction of 3k
SilverStar_Trading
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Were already showing major overbought on 4hr and 6 hr