@view_trade, Correction to my answer, just wait for correction waves to form. 2 possibilites : 3400 (flat correction) or 2500 (zig zag correction). Will get to know depending on how current upmove plays out.
view_trade
⋅
@aditya Singh, Thank you for the updates! I will keep an eye out!
NANA01
⋅
Why do you think it will Short?
Aditya_Singh1
⋅
@NANA01, All technical indicators are showing so. Ofcourse market need to follow cycles and It will rise up again big time but some correction is needed to get in buyers
NANA01
⋅
@aditya Singh, Thank you for your good work as well as response and my apologies as I am not as technical (at least yet :)). Just trying to understand, wasn't the 4484 high to the 3821 low retraction enough (and fairly close to the 3700 odd support line you've shown)? Also, there seems to be a very solid support in the 3900-4K band so xbt being able to break that support line is seemingly becoming a daunting task now. This in addition to all the support from the Japan (cointelegraph.com/news/japan-might-be-driving-factor-for-recent-bitcoin-price-rally-reasons-trends) seems to be dictating a bullish influence. Sorry, I am not trying to contradict but have a positive discussion here. I have seen a lot of people posting good technical analysis on why Bitcoin is going to correct itself but am confused due to the reasons mentioned above. Your thoughts?
NANA01
⋅
@aditya Singh, To also add, the resent interest from a multitude of institutional investors also seems to be adding to the support.
Aditya_Singh1
⋅
@NANA01, of course, no need to so apologetic in message :)
a. Since inception till date it has completed 5 elliot waves already. If it had retrace to 3700 then correction would have ended but instead it went high again extending wave (ii) of A.
Correction wave A usually touches 2nd wave of wave 5
5 waves took 5 years, a correction of few hours is very short
b. It is also a typical parabola pattern. Text says to short the day it moves left to parabola which it did on daily chart
c. Monthly RSI is phenomenally overbrought @94 d. All indicators are showing divergences - Bollinger bands, MACD, Alligator oscillator.
I think its best to stay out and watch. Technical analysis just reads trends may be it might form next pattern in 1-2 days. For now, a great fall is on cards in the coming 2 weeks. For reference check ether charts when it fell. Bitcoin top is similar now.