jmnavarro

A little for a bull run

KRAKEN:XBTEUR   XBT / EUR
After the bull run started the october 24, we are in a correction zone waiting for some good news that boots the price to higher levels. Let's take a look to the chart with the help of Ichimoku Cloud and Elliot Wave count to locate the important support-resistant levels and signals.

Now, we are waiting for the bull break out of the falling trend lines for several reasons: We have the Tenkan Sen and Kijun Sen lines at the same level, 7944.4 , making strong support and they are close 3 bull signal of Ichimoku if the price continues it's scaling. When the price reached 12000 aprox. (final of the wave 1) the price retraced till 6600 (61.8 fib. retracement and the exact end of the wave 4 of a little degree like the theory said, (Z) = (4)). This said to me that correction is ended.

We have had 2 bull signals in the Ichimoku Cloud recently (in yellow circles in the chart):
- The price crossed the Kijun Sen (red line in the ichimoku cloud ), october 25: WEAK bull signal because the price was under the kumo.
- The Chikou span line (green line) cross the price, also october 25: WEAK bull signal because the price was under the kumo.

The price, at this moment, pull back when it touched the falling trend line . Normal. BUT, it is inside the kumo in a transition zone between bulls and bears fight. In my personal opinion the price gonna resist above the 8000 and finally the bulls will win breaking up the trend lines and will go to look for the 12000 level because we are in the beginning of a wave 3, the most powerful impulsive wave.

How I said in my first publication the price went to retrace to 7500 , my entry point. I was conservative because we were waiting for the wave 3 and the FOMO made his work.

The principals resistant to break are the falling trend lines and the levels 9400 and 11200 . The principal strong resistant is the 7944.4 level junction between Tenkan Sen and Kijun Sen.

The confirmation of my point of view will come with a clear break up of the trend lines and 3 Ichimoku bull signals (blue circle on the chart):
- The price will break out the Kumo cloud.
- The Tenkan Sen Kijun Sen cross.
- Senkou Span cross ( advanced lines of the Kumo cloud).

Let's wait to see what happens.

P.D: All in this post is my personal opinion and this doesn't mean that I am right. Spend your money at your own risk.
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