So far, we 've seen quite stable behavior of Bitcoin, holding above 5000 level very firmly.
Despite several serios pierces, this 5000 trendline held as Bitcoin made HH in double top at 5600 level.
Everything seems fine with Bitcoin for now.
The fact is : WE HAVEN"T SEEN ALTCOIN UPTRENDS what would actually be smart money invested through Bitcoin and vice versa (cashing it over an alt).
I do expect stronger move of altcoins upwards which will be cause further B movement upwards, thefore " triggering" alts and causing an uptrend of entire alt market for at least 30-40%.
Speaking of Bitcoin :
Technicaly bullish.
Stoch RSI along with RSI pretty much bottomed and doesn't sidewalk.
Made several retest on 5000 level and also double topped on 5600 making HL right after, but yet, making retreacement all the way to trendline.
Regardless of retest i am bullish on Bitcoin for now.
Will keep you posted :)
If you liked an idea press like and follow.
Cheers :)))
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Target 1 reached.
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I do expect declination from 6400 $ towards 4700$, not earlier than that.
You have it posted on chart as impulsive point E (5800$ which was reached in 4 days time).
Now comes potential consolidation and 6400$ (i.e. 6380 safe/conservative), then downward momentum which will rip out limbs of those staying long by liquidating them entirely and creating massive volume which should trigger another spike and make lower high from that point (i.e previous higher high (5800), but that comes later.
For now, lowest on btc we could expect is sidewalking several days towards 5400$ level as enabling altcoins to express themselves.
Don't take me wrong, i'm just trying to be precise.
I don't mind getting critics.
Any constructive ideas and critics are welcome.
Regards guys.
Wish you happy earnings.
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Regarding the recent Bitcoin movement i do expect manifest in this form :
Right after broken triangle, went up.
Looks promissing so far and following TA to the letter.
Trade closed: target reached
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6400$ reached and pierce from second attempt.
We could see today 6390$ on Binance, but target was 6400$ :), therefore waiting for this pierce which manifested as predicted.
I'm glad if you earned by following this financial advice, since i never provide disclaimer.
Hi there milanjelic! Really nice chart my friend. If you don't mind me asking, and I'm asking sincerely out of my own ignorance, why are your elliot waves in A, B, C, D, E as opposed to 1,2,3,4,5? Is that just aesthetic preference? Also, if it is just aesthetic preference, is it not textbook that the impulse down on 4 musn't exceed lower than the impulse up of 1? (Your D, or 4, is lower than your A, or 1). Most likely I just don't understand elliot wave enough. Thanks so much for your time if you reply, wishing you all the best man. :)
I dont mind mate, because i solely rally on my own charts and non bias TA's.
I might not be working as per " textbook" but as you can see per results, i'm writing a book of my own.
You know what is must? You must be born naked and die eventually.
Everything else is a free will.
So, those contexts like " musn't exceed" and other things are just phrases for uneducated.
Thanks for the feedback.
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@milanjelic, Thank you for your reply, I appreciate it.
Ok, that's all I was asking (whether your elliot waves are textbook or not). I'm definitely not saying they either 'should' or 'shouldn't' ! Just asking about your usage.
I agree that we are born naked and will eventually die. Though as a philosophical matter I don't believe in free will ;)
When I said "Mustn't exceed", I was merely referencing a textbook definition without implying whether it should or shouldn't be defined that way.
I just purchased an audiobook on elliot wave yesterday, very keen to get into it.