Today I'm going to share with you 'my idea' about Bitcoin in weekly time frame.
As we can see in the chart this crazy move on Bitcoin made every trader skeptical.
Market maker needs volatility before dumping the market and as we can see before the pump the market was moving slowly and we reached the lowest volatility of all time and ofcourse it won't dump before collecting volume and liquidity. Market makers started to promote on their social media that bottom is in which is not correct in my opinion. why? Have you seen a crash without an uptrend?
I don't think wave 5 is too short so I think we are still in a bear market I don't see any bull market from here, it's just normal volatility inside wave 4. and many indicators doesn't show that we reached the bottom yet. Yesterday I checked the weekly EMA because every decent investor will check it out before making any move and I found that 50 EMA has crossed with 200 EMA which is "The Death Cross".
- In my opinion wave 4 has not been ended yet but it's about to end!
- The big Falling Wedge has not broken yet.
- We are still in a correction and I think this is 'Running Flat Correction' inside wave 4 where prices tends to bounce from support and resistance.
#Running Flat Correction:
Wave B terminates beyond the start of wave A. Wave C terminates before the end of wave A.
- Wave B = 123.6% of wave A - Wave C = 61.8% - 100% of wave A
I consider this time wave C will end near 21,500 - 22,000 and there I'm gonna short the market based on my strategy.
Let me know in the comment down below do you think bull market has started? and why?
Non of this you can use as financial advice! always do your trade based on your analysis and strategy.
Elders like Clem Chambers are of the same opinion as you and did not buy, but by accepting the theory of time repetition, the market should fall again on the first day of the year, because the market is managed by American exchanges, it is possible that people are deceived and they bought on the 16k, and later they are deceived again. If the market falls again with a false news, in any case, there are 3 months left to find out.
Hey bro! Nice to see how you have learned the Elliott wave theory. I really want to see your scenario, but we both made a huge mistake with this pump , it breaks the downtrend structure. Of course here we can have the complex correction, but it’s absolutely untradable P.S I am really glad that you have started to post your ideas, keep it up 👍
aboLsis
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@SkyrexTrading thanks! let's see what will happen next for sure the next move no one will expect it 😂
aboLsis
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@SkyrexTrading and yes unfortunately the complex correction is the hardest to predict.
SwallowPremium
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It can give us a good profit once the trade activates!!!
aboLsis
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@SwallowPremium, yes. but we need to be careful about it! We might be wrong who knows