BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
This is just an update to the current move that we've been in, I wasn't sure about this being a diagonal but seeing how the channel held in this recent drop i'm thinking that it might have been the case after all

The other chart where i'm discussing the RSI divergence is also suggesting this type of move so either this is confirmation bias on my part or we have two separate types of analysis telling us that this is what's happening

Overall I wanted to supplement my previous analysis with Elliott waves because waves are amazing <3. Beyond that I also drew a new channel anchored on 2,4 and drawn to the width of 3, this helps us find targets for 5

Also, take a look at how we hit that .618 mark to the dot, it's pretty great.
Comment: Forgot to mention that this would be a contracting diagonal, so wave 5 should have a smaller overall price move than 3
Comment: Here is the adjustment after this new drop, the pink line is where this count invalidates. I also updated the channel to reflect this new move
Comment: this bullish divergence is rediculous
Comment: we had 2 tests of out invalidation far it is holding but its not likely that it can continue to hold if tested repeatedly
Comment: our*
sorry mate. my stop order at 8296 didnt fill and now i am holding a bag. are you saying 8000 psychological was the bottom before last wave up and then correction? i am shit at elliot waves. thanks. and isnt this a bearish divergence? rsi falling price rising?
+1 Reply
NotGemini mr-cryptopia
@mr-cryptopia hey sorry to hear that, i updated my chart to show where it becomes invalid which was around 7907 what i'm expecting though is another move up potentially making a higher high by a small amount and then a continued drop down from there
thats a bearish divergence
NotGemini mr-cryptopia
@mr-cryptopia, bearish divergence always occurs from the highs in price, while bullish divergence occurs from the lows. if you'd like i can link you a chart for reference on spotting divergence.
NotGemini NotGemini
@NotGemini and when i say highs in price, that coincides with highs in rsi ie. (RSI makes a higher high, but price makes a lower high.) <----- that would be bearish divergence
Oh, YesGemini. Always working hard. Thank you for your precise charts. Always will trust in you!
@alfante, lol what can I say I'm right like 2% of the time basically a prodigy ;)
Wave 4 retraced into Wave 1?
NotGemini hexelbyte
@hexelbyte Yeah so there are impulse wave and diagonal waves, both are made up of 5 wave moves, but diagonal waves are much less aggressive the rule for these waves is that for cannot go below the bottom of 2. However, wave 4 CAN retrace into 1 in a diagonal
NotGemini NotGemini
@NotGemini, Four*
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