Hello dear followers,
Bitcoin is getting the blow off top everyone has been waiting for. If this continues and follows the same proportions as in the last bull market, we can expect a 40% drop. Also the price usually comes down to the 20 week MA. I have extrapolated this moving average in the chart. I expect a ABC correction, first down to the bottom of the...
As predicted in the preview idea, BTC topped around 12700.
The next move, in my opinion, will determine whether Bitcoin is headed towards major correction or not.
On the bigger time frame it looks to me that an ABC correction is developing.
All in the charts. That's how I simply see things :) It may take longer though, of course.
Best thing you can do is either HODL or add to your position. July will show a lot of volality but eventually Bitcoin is skyrocketing soon to $20k and beyond.
I'm personally shorting the market from $12.5k - but I wouldn't recommend shorting if you don't know what you're...
Chart says it best. Got an A-B-C in progress. Very clear downtrend, A-leg in defined channel, high volume in selling, small volume buying.
Definite 5-wave Elliott impulse forming in the reactionary B wave. Fifth and final wave should push to the 0.786 Fibo at 2905. Then enter C.
This ABC is in turn part of a larger zig-zag correction in progress since Jan...
I'm under the impression that Gold will correct to approx. $1254.
I've got a 'Magic Fibo' target, an Elliot Wave ABC corrective wave target, and low volume nodes on the volume profile.
We've just broken below, and retested some pretty heavy intraday support, and with that my algo triggered for a sell on the 15m candles. Really liking this entry.
AUDJPY looks to be a completed Elliott Impulse Wave during this trend of multiple higher highs & higher lows.
As of now, I'll be anticipating for a breach of the former higher low & a retest of the grey highlighted box before entering a short, targeting the .50 - .618 Fibonacci region.
I am testing out this theory using Elliot Wave Theory, ABC corrections and a 15-day cycle with BTCUSD on Bitfinex.
If it holds true, then watch this space further. If not, then don't worry, it was just a theory!
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MACD is already making an interesting move suggesting a reversal, but it looks like we're going down a bit more until the RSI indicates a safer margin to jump in.