Bitcoin - A 30 minute view of where we may be going...
Chart speaks for itself. If this 5 wave count is correct we should move higher soon. If we significantly exceed the 38 Fib to the downside then this is another ABC correction and prices are going lower. There is a Low risk long play off the 38 fib line IMO
BBS out.
P.S. Those following my posts had this count over 3 hours ago in a previous post so if this works out as drawn don't say it was a last minute call after the fact. If it doesn't work out just ignore this post and act like you never saw it. :0)
BBS out.
P.S. Those following my posts had this count over 3 hours ago in a previous post so if this works out as drawn don't say it was a last minute call after the fact. If it doesn't work out just ignore this post and act like you never saw it. :0)
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Another reason it would be good break North from here is the 4 hour chart and the 50/100 EMAs. If they cross positive that is a good indicator for continued bullish price movement. If they cross to the downside then bearish prices will follow.
I'm still betting on a bullish cross to the upside as this would help with so many other indicators turn more positive as well.
But there is always that possibility we go lower. It is important to keep an eye on these averages as well and the current wave pattern. The will be the deciding factors in what comes next.
Good luck!
I'm still betting on a bullish cross to the upside as this would help with so many other indicators turn more positive as well.
But there is always that possibility we go lower. It is important to keep an eye on these averages as well and the current wave pattern. The will be the deciding factors in what comes next.
Good luck!
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Not a "cross" to the upside but rather NOT crossing to the downside. The two averages need to stay apart and start widening the gap between each other in a positive manner.
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That spring is compressing hard. We should see some sort of break one way or the other soon IMO.
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A 15 minute view:
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A 15 minute view. Usually these type of triangles break out of the flat top.
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A 5 minute view of the triangle break-out and touch-back.
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It looks like we are finally on our way to completing wave 5 of this move.
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I screwed that up, this is what it would look like if Wave 5 is no longer than Wave 1
If this is a head and shoulder pattern we are breaking out of the final price at the end of the move could be much higher.
If this is a head and shoulder pattern we are breaking out of the final price at the end of the move could be much higher.
Comment:
If this is a valid inverted Head and Shoulders pattern the final target price would be towards the top of the channel regardless of the zigs and zags it may take to get there.
Trade closed: target reached
A valid Wave 4 should not retrace into Wave 1 so if you see this you know the 12345 count is wrong.
Just something to keep in mind.