Last chance for Bitcoin to pump before the Big Crash.
This is an update on the previous Bitcoin analysis with more details. Please have a look at previous one before reading this.
first of all, I would like to say this is not the only valid Elliot wave pattern. I just analyzed the Primary Zigzag pattern on this. and I am going to explain in which conditions we will have bullish or bearish movement. if you like to see the other two patterns please comment below
Currently, we need to find out that primary B has been over at 48k and going to 25k or it will continue to 52k and then 64k as an expanding Diagonal (as wave A of upward correction)!⚠️
Based on wave counts both scenarios are still valid but according to the rules of the expanding diagonal pattern - wave 4 must be bigger than wave 2 and wave 4 cannot pass the end of wave 2 - if the price break the 34322$ diagonal pattern will be invalid. Also, we are near a big resistance level (34900). if these two breaks. it means Wave B has been over and currently we are on bearish wave C ( first target 26k - last target 12K) and we can short it in the next opportunity.
On other hand, if we want to Long from here, we need to see an impulsive bullish movement in a lower timeframe. Please attention that the 5th of diagonal can be both Zigzag and Impulse. The first wave of both patterns should be impulsive.
🔵I am giving more probability to bullish movement. My personal opinion is LONG. What we have learned from the Market is to buy at the bottom and sell on top.
Currently, we are at the bottom and the invalidation level is so close to the entering level. which means better to open a Long position instead of Short.
It remains to be seen whether Bitcoin will be able to maintain the 34K level.
All wave levels are marked on the chart. Recommended keeping an eye on it...
⚠️ This Analysis will be updated. Please follow and any questions you have, I am here to help.
first of all, I would like to say this is not the only valid Elliot wave pattern. I just analyzed the Primary Zigzag pattern on this. and I am going to explain in which conditions we will have bullish or bearish movement. if you like to see the other two patterns please comment below
Currently, we need to find out that primary B has been over at 48k and going to 25k or it will continue to 52k and then 64k as an expanding Diagonal (as wave A of upward correction)!⚠️
Based on wave counts both scenarios are still valid but according to the rules of the expanding diagonal pattern - wave 4 must be bigger than wave 2 and wave 4 cannot pass the end of wave 2 - if the price break the 34322$ diagonal pattern will be invalid. Also, we are near a big resistance level (34900). if these two breaks. it means Wave B has been over and currently we are on bearish wave C ( first target 26k - last target 12K) and we can short it in the next opportunity.
On other hand, if we want to Long from here, we need to see an impulsive bullish movement in a lower timeframe. Please attention that the 5th of diagonal can be both Zigzag and Impulse. The first wave of both patterns should be impulsive.
🔵I am giving more probability to bullish movement. My personal opinion is LONG. What we have learned from the Market is to buy at the bottom and sell on top.
Currently, we are at the bottom and the invalidation level is so close to the entering level. which means better to open a Long position instead of Short.
It remains to be seen whether Bitcoin will be able to maintain the 34K level.
All wave levels are marked on the chart. Recommended keeping an eye on it...
⚠️ This Analysis will be updated. Please follow and any questions you have, I am here to help.
Trade active:
my Long order has been triggered
Trade active:
Diagonal pattern has been invalidated. As I mentioned above two more Elliot patterns are available for this Primary B. One in Triangle, One is Flat.
It's too early to talk about the Triangle pattern as it consists of 5 corrective waves but currently only 2 waves are available.
So, at the moment Flat pattern is more probable
We have 3 Flat patterns
Regular flat
Expanding flat (most common)
Running flat (most rare)
I have shared a simple fast analysis, in case you have a long position same as me, you can use it to manage your Long position and close it with a profit or add more margin at the specified level based on my analysis
It's too early to talk about the Triangle pattern as it consists of 5 corrective waves but currently only 2 waves are available.
So, at the moment Flat pattern is more probable
We have 3 Flat patterns
Regular flat
Expanding flat (most common)
Running flat (most rare)
I have shared a simple fast analysis, in case you have a long position same as me, you can use it to manage your Long position and close it with a profit or add more margin at the specified level based on my analysis
Comment:
I will share more details about Flat patten in the next post on Bitcoin chart asap
