I've changed my Elliot wave count and this one makes the most sense to me now after this correction is looming out. I think this is the proper wave 5 to analyze. As we near the end of wave 4, I am long BTC for one more wave upwards at target price of $18,982. After that I think we are poised for the correction to lower to the fib levels shown to the right.
Target Range:
$18,417 - $19,080
Entry:
$16,080 - $16,622
Stop Loss:
$15,563
RR: 4.63
If it hits exact targets:
Chance to Gain: 17.39%
Chance to Lose: 3.76%
Target Range:
$18,417 - $19,080
Entry:
$16,080 - $16,622
Stop Loss:
$15,563
RR: 4.63
If it hits exact targets:
Chance to Gain: 17.39%
Chance to Lose: 3.76%
Comment:
Some SERIOUS buy walls at $16,250 and $16,200. This thing is NOT going lower. It's in a descending triangle/wedge. Should be taking off any minute now.
Trade active:
Still within height of the Descending Triangle. When it booms, we will surely know.
Comment:
Sell Wall is lifted!! Please be careful.
Comment:
*Buy Wall I mean
Comment:
Buy Wall has been moved to $15,618 This is critical to the support of Bitcoin's price.
Comment:
Sorry to keep updating, but this is very unexpected. Which is why I always say Bitcoin is unpredictable. Whoever is moving this buy wall around is trying to save the daylight out of Bitcoin. The Buy wall is sitting at $15,500 and that is right around the .618 retrace area from the wave 3. I would not be surprised if it reaches that level, But I would be extremely careful with trying to catch a falling knife here. As soon as you think you've got it down, everything goes south. That's crypto unfortunately. Just be aware and look for signs of reversal.
Trade active
Trade closed: stop reached:
I'd like to apologize for the incorrect analysis. I do not think you should sell your off of this trade, because it will return upwards. But it does appear that this analysis is wrong, and we are entering a different scenario. I will update a new scenario later on today after I take my exam, but this appears to be a Wave 2 correction of intermediate waves up to the Big Kahoona.
Comment:
For now I am expecting a target of .618 at about $15,000. Between then and now would be a good entry zone. Expect a possible dead cat bounce (double bottom) after this sell-off ends.