BTC is progressing LONG after breakout of structure and continuation of wave count + pattern as per my last analysis here:
At this point in time of analysis, I see 2 possible paths. First path is a continuous LONG continuing the previous Elliott wave count. The Second path, includes a Bullish Gartley Harmonic pattern which includes a SHORT to the $2,430 Range before a LONG upwards and continuing to the $6,000 mark. 'TDI' shows continued upward trend as well as railroad tracks x2 off the Water EMA, which suggests continued bullish trend at this point in time. Mayo and Blueberry EMAs are below price-action (On the Daily) which also suggests Bullish trend at this point in time. If however, the Harmonic pattern is confirmed, we can expect a bounce off the Mayo or Blueberry (On the Daily Chart), for the continued upwards trend move. Additionally, there seems to be a possibility of a head and shoulders pattern that could be forming, which would also confirm the harmonic pattern.
In my opinion, this pair is still LONG, however if you want to purchase BitCoin, the best time would be IF the harmonic pattern is confirmed, before a strong push upwards.
---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
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If we look at the Exchanges, they have some constant ASKS for BTC. Pushing uptrend... On this timezone, at this morning on oriental countries, maybe the path RED is more likely?
fineregex
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@monguilhot, expect markets to be fake and sell popular cryptocurrencies. You can always buy back. Selling would even be worth it if you were buying again at $4800 or something for great unforseeable reason (patiently in 3 month or in 3 years) sbecause otherwise we can wait for $2200 or less
UnknownUnicorn661419
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@monguilhot, It is possible for both paths... Harmonics are also highly probable at around 70% probability, so we have to be patient and wait for the price action to develop so that we can have a clearer forecast.
Crypto is great because the market NEVER closes, its open 24/7, never stops, not even over the weekend like Forex. However I don't agree with 'fake markets', unless that is referring to trash offerings, but in terms of 'manipulation' its pretty obvious that ALL markets are manipulated, Especially Forex, so Cryptocurrencies won't be the exception, however at this point in time cryptocurrencies are much less manipulated than any other stock/currency. The biggest problem, in my opinion, are the amateur 'emotional' traders, they are the ones that are building the roller coaster with crazy dips.
If we look at structure, we can see that between flip zones and other specific areas, price action is always most probable to return to a particular price at some point in time, but what is showing now is a high probability that price action will most likely drop to the $2,400 area (give or take), before it starts its Impulse wave upwards. Time will tell.
monguilhot
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@PietroCasoar, Really appreciate your answer. I Agree with you about the market manipulation. Compared with other assets like OIL and etc... Its a kids playground. Im new in Crypto but with some experience with stocks. To be honest, I prefer the high volaty of cryptos, high risk, high gains. And about "amateur" moviments, i think thats gonna be the lifetime of cryptos. This is the reason of blockchain, any one can enter in the free market 24/7. Lets wait the next moviments... Thanks again, have a great week.