Hello guys,
BItcon's chart is honestly not looking very good at the moment, and I really believed we would bounce last run, but we didn't.
I got one last hope at a bull bounce around the uptrend line, if this one fails, we're going to be in a prolonged bear market for a year, and obviously emotionally we don't want that, but we got to study the chart in a very objective manner.
That being said, My Elliot wave count has predicted this wave 5 drop which was obvious as I noted on my twitter, the RSI on the 45 minute chart is way oversold, indicating that BTC could bounce upwards and start a correction soon.
Fundamentally speaking, I really believe things are becoming better for BTC, but I sincerely hope it does test the uptrend line, so we can get this over with and finally know where we are heading, and for bulls like me to get confirmation that this is a bear market and not just a massive correction.
2 things are in play :
- Double bottom
- Major Trend test
Based on the indicators, I would actually gamble a long position since we are not far from bottom, if things play out the way I hope, and I would put a stop loss below my major green trend line, by 500 dollars of difference in case people capitulated really fast with a massive red wick
BItcon's chart is honestly not looking very good at the moment, and I really believed we would bounce last run, but we didn't.
I got one last hope at a bull bounce around the uptrend line, if this one fails, we're going to be in a prolonged bear market for a year, and obviously emotionally we don't want that, but we got to study the chart in a very objective manner.
That being said, My Elliot wave count has predicted this wave 5 drop which was obvious as I noted on my twitter, the RSI on the 45 minute chart is way oversold, indicating that BTC could bounce upwards and start a correction soon.
Fundamentally speaking, I really believe things are becoming better for BTC, but I sincerely hope it does test the uptrend line, so we can get this over with and finally know where we are heading, and for bulls like me to get confirmation that this is a bear market and not just a massive correction.
2 things are in play :
- Double bottom
- Major Trend test
Based on the indicators, I would actually gamble a long position since we are not far from bottom, if things play out the way I hope, and I would put a stop loss below my major green trend line, by 500 dollars of difference in case people capitulated really fast with a massive red wick
Comment:
7300 is a massive support, around the fib level, the double bottom and the Elliot wave length finish
Comment:
Double Bottom has been eliminated. We're going to my circled target.
Hopefully we hold and bounce from there, if not, then I officially have to abandon my bullish position on btc
Hopefully we hold and bounce from there, if not, then I officially have to abandon my bullish position on btc
Comment:
Target hit. Let's see if it bounces.
Comment:
Bounced, but very weak bounce. Waiting for more confirmation before any conclusion
Comment:
Wow, this is great, the positive scenario is playing out. It broke out of the triangle perfectly. I think it's the reversal. Not sure yet, but I'm optmistic
Comment:
Critical point. We're very close to finding out