BTC - Needs to explain what has happened to this move to 5800 - where did it go ? Its an incomplete move to 5800 which will be covered at a later date. BTC will move up but you betcha BTC will come down and complete the move later.
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if BTC drops to 6447 , we've been expecting this move for a while now, so its great. The destination is still 7200 .
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BTC- As long as BTC stays above 6300 the destination is sill up towards the 7200 area
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BTC - coming down
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The 4 hour candle is showing downward movement but the daily candle is showing upward movement. So BTC can drop to
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The 4 hour candle is showing downward movement but the daily candle is showing upward movement. So BTC can drop to 6318 and then continues its upward trend . ------------------------------------
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This is one of those times when im glad to be wrong and BTC went up - Yay!
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BTC - This is the incomplete move that BTC skipped to 5800 . Its either there will be a bounce at 5800 and this will be a bear trap or its going to be a sharp drop to the lower 5k area
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Look closely at the current location - BTC has hit the side of the wedge, but there is still a missing drop which ends close to the 5800 area. So BTC will have to bounce at around that area or its a fall down lower. I suspect this is a bear trap as the wedge is ending and there may be only one more week of downtime left.
BTC also shows it can move up higher to the 8k area, So the test now will be to see if BTC can recover at the 5800 area. BTC could also drop to the upper 56xx area to shake out weak hands .
Look closely at the current location - BTC has hit the side of the wedge, but there is still a missing drop which ends close to the 5800 area.
So BTC will have to bounce at around that area or its a fall down lower.
I suspect this is a bear trap as the wedge is ending and there may be only one more week of downtime left.
BTC also shows it can move up higher to the 8k area, So the test now will be to see if BTC can recover at the 5800 area.
it could go to the upper 56xx area to shake out weak hands .
Mycomorel35
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That's and interesting method, what is the strategy called so I might research it myself.
mycotoxin
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@Mycomorel35, not sure what its called . Something I came across by drawing the lines on the graph . They follow a triangular path.
mycotoxin
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@Mycomorel35, Ive seem some folks use a bat shape which is similar except its shaped as a bat .
mycotoxin
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@Mycomorel35, Haha great name , great minds think alike
Jrdelane
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Did it occur to you that sometimes BTC doesn't behave according to EW charting rules? I love it when you guys are looking for that bearish move that suddenly surprises to the upside. I have too much invested to see my portfolio dragged down further to appease you guys. Get on board with the bulls and let's break this thing loose to the upside.
mycotoxin
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@Jrdelane, Haha ive no idea or how EW works ..I hear folks mention it but i have no clue on this method.
But i do know when a value does not add up and there is a move missing here. Thats how to spot bull trap .
BTC will move up but its going to come back down and cover that drop to 5800 . The Bull does not forget.
Its just makes us think it has forgotten. The challenge now is figuring the point at which BTC is going to move back down.
Jrdelane
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@mycotoxin, Thanks for your charts and the explanation. If we go to 7200, you're saying we still have to make the round trip to 5,800, what then, will we be cleared to have a clean bull run?
mycotoxin
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@Jrdelane, Im not sure where the drop will be as BTC shows it can go to 8k after 7200.
BTC did the same thing on April 6th when it skipped 6241 and it took almost 3 months to come back and cover it.
Jrdelane
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@mycotoxin, You know I am learning a lot here, including who to pay attention to. You seem to really have an amazing system. Hey, why do you and Mycomorel35 have similar handles starting with Myco? Coincidence? Glad to know you have conviction and it's working for you.
Look closely at the current location - BTC has hit the side of the wedge, but there is still a missing drop which ends close to the 5800 area.
So BTC will have to bounce at around that area or its a fall down lower.
I suspect this is a bear trap as the wedge is ending and there may be only one more week of downtime left.
BTC also shows it can move up higher to the 8k area, So the test now will be to see if BTC can recover at the 5800 area.
it could go to the upper 56xx area to shake out weak hands .