BTS/BTC is potentially showing a Bearish 3-Drives or Bearish Wolfe Wave pattern, although the ratios aren't perfect they are quite close to 1.21 retracement. BTS might potentially go a little higher to make the ratios the same at 1.18 but otherwise I think that it will drop to around 0.00001236 BTC and retest the current bottom of the range it's in.
Left is a zoom in of right.
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BTS mooned. Quick hacked together rough harmonic patterns are no substitute for actual Elliott Wave analysis. Don't be lazy like me :P.
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Maybe this still could work as just a Wolfe Wave. We''ll see if the target price of 1236 sats is reached. Numbering I've added is Wolfe Wave numbering not Elliott Wave.
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I think a major event might happen to centralized exchanges, making the use case for DEXs like BTS strong, causing the major reversal, possibly at 1236 sats, but maybe not yet and instead in a month's time
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Still on track to hit 1236 right now
It might get pushed to a nicer round number of 1250 assuming this bounce slows us enough.
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Slower than I thought, but still heading in the right direction. The slowdown puts the target lower now at 1200.
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How things are currently https://looking...https://www.tradingview.com/x/AsBZD2Ev/
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That worked well, updated targets are... 900 and 2050
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Interestingly the Wolfe wave i used for the first targets extends to my new target if I draw the arrow following the trend, it also will support an AB=CD, 3-drives, fractal/pattern repetition from a small cycle on the 20th, and will approximatley touch the bottom of the range and base support - feel fairly confident about this.
Now that we have touched it , what is the next target ? Are you as bullish as I am on BTS right now ?
Korastiz
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@TraianIonita, Sorry been away, I'm shorting BTS currently and hoping for something like this to happen. Most likely just the first two drives (AB=CD), but if another happens then it should look like that.
First target is 1204 BTC currently +/- a few sats, then 1460 is AB=CD, 1330 if 3-drives.
Korastiz
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@Korastiz, I'm not overly confident in this, as I jsust did it up quickly, but it's where I'm starting for now..
Korastiz
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Having more of a look, I think BTS is about to drop very quickly to 860 or so... brace yourselves.
Korastiz
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It has done this before in a shorter smaller cycle, and it is near the base of the range, testing base support.
here is the example of the sharp drop
Korastiz
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arrows show similar features, and where we are in that cycle, approximately
NineDragonsVenture
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@TraianIonita, I hope you didn't open that short
Korastiz
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@TraianIonita, nope, I was long and going to open it at 1450... then it blew past that so I just sat tight :)
NineDragonsVenture
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@Korastiz, When should we lock in some profits now ? I smell the 2000-2200 area
Korastiz
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@TraianIonita, I'm still not convinced we won't touch the 1300's again soon, but 2000-3000 sounds more than reasonable in the very near future to me,