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SukRyu-Chart
Jul 22, 2020 6:42 PM

Bitcoin analysis (BTC / USDT : Binance) with Elliott Wave Long

Bitcoin / TetherUSBinance

Description

1. Wave Analysis

Corrective Waves is in process.
Wave A ended at $ 8,833 / 28th, June.
Wave c of B is in process now.


We can expect the target price of wave c via Harmonic Pattern.
- Shark pattern (0.886) : $ 10,200
- Bat pattern : $ 10,190


If wave 5 of wave c will be extended,
the end price can reach $ 10,105.
So, $ 10,105 ~ $ 10,200 are good range for entry price of short position.

※Caution※
Bitcoin <can> reach the price (about $ 10,200)
I don't mean that bitcoin price must reach that price.
So, we can take short position when the price reaches at $ 10,200.
Of course the price can fall down before $ 10,200.
Actually, $ 9,570 is good price to take short position, by 200 MA / Gartley pattern / Retracement of wave b.



2. Ichimoku cloud

Positive cloud was too thick to be penetrated.
Candle couldn't get into cloud, so price will go up for a while.
In a short term, 4 hours chart,
candle breakthrough over cloud.
I don't think that price goes down for 2 or 3 days at least.



3. MA

No special things.



4. Trend line and Channel




5. Switching time

We can calculate trend change day via some rules about corrective wave time.
But the time rule is not that accurate much, so please see this by refer.



6. Expectations
- Can get a long position near $ 9,350 with stoploss at $9,200.
- I think alt coins are crazy soaring these days.
So we can get a nice profits at alts. Specially minor alt coins.
It's more safe than margin trading.
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