After a final inspection after the market played out overnight it does appear to finally be in position for a a bull run. The 10/18 impulse wave ended on the 4th wave and started a diagonal triangle formation. The 4th wave overlapped into the 1st wave thus ending the initial 10/18 impulse wave and a beginning of the of the diagonal triangle formation. The support from the 1st wave to (D) 4th wave of the diagonal triangle formation has held. Still in the point of control area of the volume profile with RSI still oversold. We will soon hopefully have a breakout from the wedge to finally have a last bull run to complete the (E) 5th wave of the diagonal triangle formation.
@RiversAndMountains, Hello thx for the comment, I find Laguerre to be somewhat more accurate in my opinion than just regular RSI or stochastic RSI but that is just personal preference. It really depends on the operator honestly...
Black_Swan-
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@RiversAndMountains, Currently the support has been broken but I honestly don't see it going any lower than 5480 then a pivot to bull land,
RiversAndMountains
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@Alabaster111, I feel like it's more of a stop hunt and there's too many people short in order for the price to actually crater. That being said, that pattern on where it should have bounced to 5800 or 5800+ just ended up being a bear flag with a pattern breakdown.
I can also see whales knocking it down to 5250-5350 before a breakout.
Black_Swan-
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@RiversAndMountains, With the fork and the amount of weirdness with it here lately that may very well be true. If it breaks 5480 I can see that.
Black_Swan-
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@RiversAndMountains, After adjusting the support to 5480 and the (D) 4th wave of the diagonal triangle formation to the same it seems to be holding. I personally am long till a break of 5480 :)
RiversAndMountains
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@Alabaster111, This is the nature of risk:reward, isn't it? It looks so bear flaggy, but support is never completely insane at the lowest point unless the dump is really violent.
I do believe when enough shorts and inventory have been piled up, Bitcoin is ready to go and this isn't the end yet.
Black_Swan-
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@RiversAndMountains, "This is the nature of risk:reward, isn't it?" OMG so true, lol...
Black_Swan-
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@RiversAndMountains, We are close to 5480 it is extremely interesting to be at the chart atm. Kinda like chart porn.... LoL...
Black_Swan-
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@RiversAndMountains, I just posted a re-adjusted idea check it out when you can. :)