An interesting week to be trading in the Cryptocurrency space for all those who have been watching as carefully as I have been. Price has been correcting ever since my last analysis which is as predicted. After all, why would a market that's just broke broke a resistance zone keep going after the target I set? It wouldn't. The target was a tactical measure move target and after that it was almost 100% likely to run out of steam. This is not because of "whales" or "market makers"... this is simply technical analysis and completely standardized Elliot impulse wave then correctional wave behavior. I've noticed a lot of people like to blame whales and whatever else for things they don't quite understand yet. Yes, Bitcoin is an unpredictable market, but there is a huge difference between a manipulated move by whales and standard technical behavior. Despite whales evidently being in the market along with market makers, this does not stop BTC from being easily tradable for anyone with 10 BTC or 0.001 BTC in their portfolio whatsoever. Just follow the market, and don't conspire that every move is some sort of trick and you will be fine and safe trading in this market!
Moving on to the analysis at hand, price hit the peak of the move as per my last analysis (See related ideas for more information regarding my previous analysis) and is now correcting nicely down which is exactly as predicted also. What I found interesting today is that price appears to have a lower low in progress. Judging by the shallow move we've had so far, it appears to be legitimate and just adds more ammunition and probability that we are indeed going to the downside for the correction I mentioned.
Bitcoin will now do the following:
1- Correct to the downside off of the lower low, and hit the horizontal resistance as a new support zone between 7930 and 7780, before bouncing to the upside into a new wave.
2- Correct to the downside off of the lower low, and break below the horizontal resistance zone and fails to become new support, extending it's down move to the side-wards support line at 7590 before taking a new buy position.
Bear in mind that due to this move being so extended, I would like to see scenario 1 as I believe this will show the markets are more legitimately bullish than scenario 2 can. If this is the breakout I'm hoping for it should see some precise choppy moves to the upside after some nice corrections that make geometrical and technical sense.
Where do YOU think price is heading? Leave a chart in the comments and share your thoughts with us!
I will continue to update this analysis in realtime if it receives sufficient attention.
Please leave a LIKE and FOLLOW. I'd really appreciate it :-)
Moving on to the analysis at hand, price hit the peak of the move as per my last analysis (See related ideas for more information regarding my previous analysis) and is now correcting nicely down which is exactly as predicted also. What I found interesting today is that price appears to have a lower low in progress. Judging by the shallow move we've had so far, it appears to be legitimate and just adds more ammunition and probability that we are indeed going to the downside for the correction I mentioned.
Bitcoin will now do the following:
1- Correct to the downside off of the lower low, and hit the horizontal resistance as a new support zone between 7930 and 7780, before bouncing to the upside into a new wave.
2- Correct to the downside off of the lower low, and break below the horizontal resistance zone and fails to become new support, extending it's down move to the side-wards support line at 7590 before taking a new buy position.
Bear in mind that due to this move being so extended, I would like to see scenario 1 as I believe this will show the markets are more legitimately bullish than scenario 2 can. If this is the breakout I'm hoping for it should see some precise choppy moves to the upside after some nice corrections that make geometrical and technical sense.
Where do YOU think price is heading? Leave a chart in the comments and share your thoughts with us!
I will continue to update this analysis in realtime if it receives sufficient attention.
Please leave a LIKE and FOLLOW. I'd really appreciate it :-)
Comment:
Market followed prediction exactly as planned! Now this has happened we can watch how price behaves at the support zones outlines on my above analysis!
Comment:
Bitcoin broke down to the horizontal resistance turned support and then broke to the upside, breaking the lower high zone, so this trade went perfectly to plan.
Well done to anyone who followed! You have successfully protected your capital and now know what to do to make a profitable trade for yourselves!
I am glad to be your one stop shop for consistently accurate and profitable Cryptocurrency analysis!
Please leave a like. I really appreciate all your support. :-)
Well done to anyone who followed! You have successfully protected your capital and now know what to do to make a profitable trade for yourselves!
I am glad to be your one stop shop for consistently accurate and profitable Cryptocurrency analysis!
Please leave a like. I really appreciate all your support. :-)
Comment:
Price has remained stubborn above the LH resistance line and appears to be tryng to use it as a new support. If it manages to support we may well have a third wave to the upside from here.
Let's keep an eye on this and monetize from the move!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
Let's keep an eye on this and monetize from the move!
Please leave a LIKE. I'd really appreciate it.
Thank you for your support.
If you take a look at my LH area, I forgot to mention that it does NOT mean it will directly go lower from the lower high. It can easily come up higher before the correction takes place.
The highest I believe price can go before the correction takes place is 8520, which is the previous swing high of the last impulse move.
I do not expect price to go above the swing high for my idea to be validated, so bare that in mind.
Please leave a LIKE. :-)