BTC in Testing Phase for Moon Launch; T minus (-) 5300
Greetings Earthlings,
Who is ready for a trip on BTC to the moon? Well, get ready because we are almost ready. BTC is currently undergoing test flights in preparation for lift off.
Today is a review of BTC's price action on the daily chart while looking for areas of confluence for where BTC is going next.
1) The current price action is only a test flight. The recent bounce from the low near 6K is and will continue to test the downtrend outlined in purple dating back to the all time high from DEC 2017. 6K marked the end of the first Elliot Wave (EW) Impulse downward. The first bounce (C) off the downward trend marked the end of the Elliott Wave (A-B-C) Correction and started a new EW Impulse.
2) Please take a look at my previous post on BTC's price action in DEC 2013. The 2013 All Time High to the same pattern structurally ad fundamentally. It followed the same pattern while also conducting a downward Impulse, followed by an ABC correction and then a second downward impulse followed by another correction that created in the form of a bullish triangle and subsequently up to new All Time Highs. Fully expect this pattern to hold suit in the current price action.
3) How do we know: Confluence.
(a) The end of the correction wave was the first of recent test of the downward trend.
(b) The Second Wave of the EW Impulse was the second recent testing
(c) The first and second wave have created a bearish flag that is indicative of a breakout downward prompted by the downward trend line and the 50 EMA
(-) A breakout above the downward trend line will invalidate the idea
(d) Measuring (yellow dotted line) the degree of the bear flag suggest that the price action has a full retracement potential to 5330ish fibonacci (on Binance). However this could be interrupted by support from the upward trend thus ending wave 3 and starting Wave 4.
(e) Because Wave 2 was a sharp retracement, by guideline, Wave 4 will be a sideways / zig-zag retracement, likely retesting the downward trend for a third and final time. This subsequently push the price down (dotted red line) and will create another Bear Flag that will enable the bears to reach BTCs full downward potential to the 5330ish Fib. (test flight complete)
(-) A breakout above the downward trend line will invalidate the idea
(f) From here on the Daily chart, expect another A-B-C correction (the building of the launch pad) in the form of a bullish flag/wedge that breaks out and breaks above the downward trend. This Flag/Wedge will become BTC laughing pad to new all time highs
Happy Trading and Meet you at the launch pad.
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Who is ready for a trip on BTC to the moon? Well, get ready because we are almost ready. BTC is currently undergoing test flights in preparation for lift off.
Today is a review of BTC's price action on the daily chart while looking for areas of confluence for where BTC is going next.
1) The current price action is only a test flight. The recent bounce from the low near 6K is and will continue to test the downtrend outlined in purple dating back to the all time high from DEC 2017. 6K marked the end of the first Elliot Wave (EW) Impulse downward. The first bounce (C) off the downward trend marked the end of the Elliott Wave (A-B-C) Correction and started a new EW Impulse.
2) Please take a look at my previous post on BTC's price action in DEC 2013. The 2013 All Time High to the same pattern structurally ad fundamentally. It followed the same pattern while also conducting a downward Impulse, followed by an ABC correction and then a second downward impulse followed by another correction that created in the form of a bullish triangle and subsequently up to new All Time Highs. Fully expect this pattern to hold suit in the current price action.
3) How do we know: Confluence.
(a) The end of the correction wave was the first of recent test of the downward trend.
(b) The Second Wave of the EW Impulse was the second recent testing
(c) The first and second wave have created a bearish flag that is indicative of a breakout downward prompted by the downward trend line and the 50 EMA
(-) A breakout above the downward trend line will invalidate the idea
(d) Measuring (yellow dotted line) the degree of the bear flag suggest that the price action has a full retracement potential to 5330ish fibonacci (on Binance). However this could be interrupted by support from the upward trend thus ending wave 3 and starting Wave 4.
(e) Because Wave 2 was a sharp retracement, by guideline, Wave 4 will be a sideways / zig-zag retracement, likely retesting the downward trend for a third and final time. This subsequently push the price down (dotted red line) and will create another Bear Flag that will enable the bears to reach BTCs full downward potential to the 5330ish Fib. (test flight complete)
(-) A breakout above the downward trend line will invalidate the idea
(f) From here on the Daily chart, expect another A-B-C correction (the building of the launch pad) in the form of a bullish flag/wedge that breaks out and breaks above the downward trend. This Flag/Wedge will become BTC laughing pad to new all time highs
Happy Trading and Meet you at the launch pad.
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
