This fell hard and fast, looks like its waking up again, Got a nice cup and handle setup, which probably continues up . For a wave count , something like this maybe, where there price gets held up by resistance from left on the chart
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it could push a bit higher too since it would be so close to that top line if it made the 5.618 of the 1 wave top
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i mean depending how markets are on a macro level its not out of the question that it doesnt come back deep after that top but makes a new handle at that topline for a much bigger cup and handle pattern, in which case the long term outlook would be really good
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it sort of works, because if you extrapolate the possible incoming 3 x top it takes you right to the 1.618 of the macro 1 wave , so yeh could be a nice one in the longer term
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last call on this one i think, ive got good reason to think btc is gonna do something pretty spectacular to the upside, i think this is gonna pop very soon. could be way better than a 3 x
Could you check on Dot, Ada and Eth through EW analysis?
Spocks-Beard
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@Adilforgood, hey thanks for the comments, so broadly speaking my take on the market right now is that btc will make a parabolic move up, poss on a falling dollar, so all of my ta right now relies on that actually happening, which should take alts along for the ride, obviously if something unexpected happens- like another ftx or some huge macro economic event, then all bets are off, but on a normal day- if there even is such a thing any more, this is what im expecting, if i get a chance ill have a look at the coins you mentioned
Adilforgood
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@Spocks-Beard, Thanks. Per my view, BTC might hit 25K, then go to correction since RSI is indicating that market is overbought right now. And there is a gap on BTC around 20K in futures market.
Spocks-Beard
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@Adilforgood, yeh the rsi is high on the 1 day, plenty of room on the weekly , but i think the important chart is grayscale , rsi was sitting at about 69 on the 1 day last time i looked , im not really a day trader , i just try to play the big swings, but yeh looking at the 1 day rsi youd think - pullback, I just dont know when that comes, or how deep it might be , as long as we get a pullback on the 1 day we can make new highs on bearish divergence, its happened plenty of times in the past , thanks for sharing
@Spocks-Beard, and if the 3 wave only went to the 1.618 - that would be closer to your pullbck target
Adilforgood
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@Spocks-Beard, I see your vision, according to your explanation BTC is within no.5 wave. I agree that in a week time frame there are plenty chances to go higher, but since November correction, I'm looking on week timeframe's RSI with some cautions. When just suddenly BTC started to drop, while on week RSI there are still a room to go upper, but on daily RSI it was overbought.
Spocks-Beard
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@Adilforgood, yeh, i mean it could all fall flat on its arse by tea time, the thing that makes me think we could be in a 5 above anything is the market structure above that 3 wave on the chart, it all looks nice and impulsive up to there, but then above that it gets all choppy and uncertainof itself, which makes me think all of that above there is just corrective shite.