Another chart for
BTCUSDT
!
We've seen some steady growth since the last major dip for
BTCUSDT
.
I know when I am defeated but let's just say I did not expect this 2 weeks ago when I made my previous analysis.
It seems that I have failed to see the wave forming into a bigger elliott wave, and what we were seeing from my last post was the tip of wave 1.
We are in what is seemingly a wave 5 that followed a very long and dragged on wave 3, OR we are possibly riding a very huge correction wave B.
To critically analyze where we may be headed I decided to scroll in and find any bullish or bearish signals and voila, a perfect gartley pattern appears, forming a textbook scenario bearish gartley.
We can see that the recent movement peaked out at ~$11255 which just happens to lie just under the 38.2% retracement to the ATH value of
BTCUSDT
.
Everything else on top of the recent movement which just can't seem to go above this level is just way too many short term bearish signals that I cannot ignore.
Given how extended and the relatively small slope Wave 3 gave us, it may be throwing us into a confused bullish mindset. At times like this it's important to focus on the raw chart data and see what small micromovement is brewing inside to support a much bigger trend. I expect this confused bullishness to drag on until we hit the next major support which now sits at around $11400 at this pace.
If a reversal still hasn't happened then, be sure to watch out for one at this area.
Some may say I'm missing out but I'd rather miss the bus and take a taxi later than ride the wrong bus.
BTCUSDT
! We've seen some steady growth since the last major dip for
BTCUSDT
. I know when I am defeated but let's just say I did not expect this 2 weeks ago when I made my previous analysis.
It seems that I have failed to see the wave forming into a bigger elliott wave, and what we were seeing from my last post was the tip of wave 1.
We are in what is seemingly a wave 5 that followed a very long and dragged on wave 3, OR we are possibly riding a very huge correction wave B.
To critically analyze where we may be headed I decided to scroll in and find any bullish or bearish signals and voila, a perfect gartley pattern appears, forming a textbook scenario bearish gartley.
We can see that the recent movement peaked out at ~$11255 which just happens to lie just under the 38.2% retracement to the ATH value of
BTCUSDT
. Everything else on top of the recent movement which just can't seem to go above this level is just way too many short term bearish signals that I cannot ignore.
Given how extended and the relatively small slope Wave 3 gave us, it may be throwing us into a confused bullish mindset. At times like this it's important to focus on the raw chart data and see what small micromovement is brewing inside to support a much bigger trend. I expect this confused bullishness to drag on until we hit the next major support which now sits at around $11400 at this pace.
If a reversal still hasn't happened then, be sure to watch out for one at this area.
Some may say I'm missing out but I'd rather miss the bus and take a taxi later than ride the wrong bus.
imgur.com/a/aSiSS