New ATH calls for another TA update! Get ready to get bored!
BTCUSD hit a new ATH $64,829 on CEX yesterday. What a time to be alive. BTCUSD closed at $6,633 on this day last year. If you bought BTC one year ago you would be nearly 10x on your investment... without doing a thing. But our vision is not simple gains. We are building a fairer world for our children. And that is something we can be proud of. Back to TA.
BTCUSD on the daily chart.
Let's start with counting waves. I think we can safely assume that the top of 2019 was wave 1 and the bottom of the March 2020 was wave 2 (white) of a large wave that will probably span this entire cycle. That would put us in the third wave of the cycle, theoretically. The 3rd wave is usually the strongest and is never the weakest.
Looking at the chart, we can postulate a smaller wave 1 (purple) with high in May 2020. We can roughly break down this wave 1 into its component waves. This was followed by a shallow wave 2 with a drawn out sub-wave C.
The following high of Aug 2020 and the retest of 10k and then blast off to 42k would nicely fit into a 123 (green). Retest of 30k would make wave 4, leaving us to play out wave 5... which looks like an interesting one.
You can see my count (light blue). After wave 5 there is the purple zig-zag line. I think we could be forming what is known in EV theory as an extended wave 5.
BTC also seems to be printing an ascending wedge topping out around 78k in May or June this year. If that plays out, ascending wedges generally tend to break out bearish. BTC has defied this probability a few times this cycle alone. The BTC honeybadger is unstoppable when it wants to be. If BTC does drop that would complete our wave 5s (light blue, green and purple), but also completing the larger wave 3 (white).
And wave 3 means wave 4... which is bearish. I've indicated possible levels of support down to 30k by the faint blue lines, prices on the right.
That's it for this chart.
PS. Not financial advice.
BTCUSD hit a new ATH $64,829 on CEX yesterday. What a time to be alive. BTCUSD closed at $6,633 on this day last year. If you bought BTC one year ago you would be nearly 10x on your investment... without doing a thing. But our vision is not simple gains. We are building a fairer world for our children. And that is something we can be proud of. Back to TA.
BTCUSD on the daily chart.
Let's start with counting waves. I think we can safely assume that the top of 2019 was wave 1 and the bottom of the March 2020 was wave 2 (white) of a large wave that will probably span this entire cycle. That would put us in the third wave of the cycle, theoretically. The 3rd wave is usually the strongest and is never the weakest.
Looking at the chart, we can postulate a smaller wave 1 (purple) with high in May 2020. We can roughly break down this wave 1 into its component waves. This was followed by a shallow wave 2 with a drawn out sub-wave C.
The following high of Aug 2020 and the retest of 10k and then blast off to 42k would nicely fit into a 123 (green). Retest of 30k would make wave 4, leaving us to play out wave 5... which looks like an interesting one.
You can see my count (light blue). After wave 5 there is the purple zig-zag line. I think we could be forming what is known in EV theory as an extended wave 5.
BTC also seems to be printing an ascending wedge topping out around 78k in May or June this year. If that plays out, ascending wedges generally tend to break out bearish. BTC has defied this probability a few times this cycle alone. The BTC honeybadger is unstoppable when it wants to be. If BTC does drop that would complete our wave 5s (light blue, green and purple), but also completing the larger wave 3 (white).
And wave 3 means wave 4... which is bearish. I've indicated possible levels of support down to 30k by the faint blue lines, prices on the right.
That's it for this chart.
PS. Not financial advice.