pump here is not a coincidence, just look at those fib time zones
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Hey guys, going up nicely but bearish harmonic pattern forming here so soon we might get some retrace. Maybe after we reach the top of descending broadening wedge but pattern is close to be completed so look out there
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Don't follow the green line I drew. It was valid but this formation (descending broadening wedge) can has more waves down before going up. As we just form a bearish anti alternate shark harmonic pattern we will drop soon and this drop can bring us even lower then earlier, to 5700 area so be aware of that. Green route is more likely still imo
play smart here
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three possibilities here
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price managed to get some higher high here means it was not the shark harmonic. Due to the price action it looks like an anti cypher now.
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Here is current situation when we zoom in
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This is bearish crab ending wave formation
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ok guys this crab is done and its falling here already look at the 4hr rejection
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channel break and TD-sequential printing bearish "1"
we bounced from top on 4hr RSI channel but as long as the line trends inside it it can remain bullish (can be in retrace mode for now). To reverse this bullish wave bears have to break RSI bottom line of this channel
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alternative count if we won't break 4hr cloud resistance then we may face this
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alternative count if we won't break 4hr cloud resistance then we may face this
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We can also build bigger flag here as a harmonic pattern
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starting slow rape on 4hr cloud. Retrace to 7k is more likely now
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4hr cloud giving resistance again. Thought we could get some little higher at least. Ichimoku cloud behaviour is suspiciously pretty similar to the previous ones..
4hr channel looks dying
Heavy bombarding coming soon most likely
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Bitcoin bulls showing their stubbornness and bouncing the price. They have to push the price higher and form new bullish daily candle to reverse the bears late work. RSI channel was dying but if bulls hold it up here they could form a bigger parallel channel with another wave up from here.
We are under the 4h cloud which isnt good, if this is a flag it can just elongate here
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Triangle has been broken to the upside. We had a nice bear trap below triangle bottom before break which was a perfect trap for too greedy bears.
We are retesting broken levels now to see what support is present there right now. If there is enough we should make a bounce to around 7k (1.618 fib level). Shape of the formation is similar to rising wedge which could be bearish pattern at the end
4hr RSI channel is solid and price trending inside its borders is bullish. As long as it stays inside we will not see any bigger selloffs.
Shorts positions are still crazy high. They will start cascade closing at some point which will create a nice bounce but the time of this event is uncertain at this point.
Still have to look out for a possible H&S right shoulder forming here
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Retest of support after breakout failed but we still trend inside RSI channel. Might bounce again. Forming lower high could show us weakness signal before the bigger drop
Sitting on the edge of the wedge I drew earlier today
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going for purple fib (1.618)
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Target hit
Also filled nicely my RSI channel on 4hr
1day cloud hit
Shorts are dying so maybe we could fly higher to 2.618 but we are hitting resistance at the moment
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there is more upside potential as Elliot suggests but dip from 7100-7200 levels to around 6800 levels might come first as a possible 4th wave. Target for 5th wave would be aroudn 7500-7700 imo
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something like this
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We might be in this consolidation rectangle zone
also
Shorts trying to bounce
If we won't break 7100 level soon we will likely fall here to around 6800 levels again
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Bulls getting rejected from this new monthly pivot so it can drop but uptrend we are in but to break this trend for real bears have to break 6800 support first
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Seems bulls made this fifth impulsive wave earlier than I thought. Here is my EW count
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III wave complete or almost complete
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here is rising wedge too so one more bounce wouldnt surprise me
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My channel has been broken so bulls last chance is to bounce around 6600 level. If it goes below it Elliot Waves will be invalidated as 4th wave cannot go below 1st
If it holds then we could be in larger channel but for now daily candle is rekt so better wait and see where it wanna go
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Well it didnt worked. Rekt city possible return
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Long term stay bear until this monthly chart flip to bull again
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inverted daily chart is very interesting when you compare it to similar one we saw in the past
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We're in a triangle city at the moment. Defending 5800-6200 zone is crucial for thinking about starting some decent movement to the upside and even then we have to climb above 6800 and form support above it. Breaking down through ~6k zone might open the gates to 4-5k or even lower
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6k zone has been defended after a nice fakeout (judas swing) Don't know who will win this consolidation zone but here is a bullish option. If bulls break that orange trendline and make a higher high above blue horizontal fib line we could see something like this
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possible continuation
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not a triangle but still missing 5th wave
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Channeling
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Carefull guys, shit looks like a crab
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Looks promising to take 8,5k or 10k but need to get above 7k for confirmation
@DeadSerious, oh, thank you. so potentially (again, i'm new to harmonics) it could turn to bullish 5-0 pattern after falling from around 7000 to around 6100
Snow0110
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Thanks for your posts and updates very much appreciated
DeadSerious
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@Snow0110, np, we remain bullish to around 7k as long as we won't break 6250