In trading, a bull trap is a situation where a trader (beginner) buys an asset believing its price will continue to rise, only to see it fall sharply soon after. If you inspect the SPX chart by yourself, you'll see:
1- lack of increasing volume
2- absence of momentum
3- lack of definite/sufficient trend break
4- retesting of resistance level (Major downward...
I've bumped my head against the monitor for the past 1 1/2 weeks, trying to find a valid, good looking Elliott Wave count for Bitcoin. I'm happy to say that I've established an outlook that's very much fitting, according to historical price action and proper Elliott Wave count. In times past, nobody has believed in the Big Crypto Reset more than I but as of now,...
The last chance to buy ADA under $1.00 will come when price drops near $0.80 for Wave 4 of its first defined impulsive wave!
Based on current logarithmic fib levels, there’s a great chance that primary Wave 5 will reach near the $250 price point in the years ahead.
Still my favorite crypto coin by far.
Perfect stop up at the Fibo. .62 retracement of correction, a Fomonacci high.
This has been a pure technical rally in face of most worrisome bad news in years.
Meme stonks back in action and FOMO drives higher nearly every session.
Would not bet on getting a lot higher but ofc it can always creep up.
Currently in the 2nd Swing (B Wave) of the initial A wave. What sort of flat will we get for Wave 4 of 5/3? I’ve outlined a few potential target ranges; see above.
Bitcoin may be in the process of completing the biggest, most extended Wave 3 in the history of all assets, literally jumping from $3K to $50K+ in one, single, pump! Quite unimaginable actually but it sort of makes sense if you think about it (of course its easy to say this in hindsight, lol). The 4/3 was a massively tricky one to catch, which I surely failed to...
The pump up to $48K still seems to be in range for the Extended Flat correction to be valid. Invalidation level is at $60K but technicals make a route to that level look impossible. Which do you think will come first, $60K or $21K?
Small charts under 1D have been extremely choppy which has made for a ton of liquidations on both sides of the market. I myself included.
Thank heavens for risk management and stop losses.
Zooming out to the 1D chart, we can see a much clear picture and pattern at play.
The previous Leading Diagonal formation which I was expecting to play out, unfortunately...
I usually pay no mind to XRP but since BTC was so terribly slow today, I found myself with a little free time, so here we are.
This is a long term outlook based solely on Elliott Wave theory. After Ripple’s March 2020 swing low near $0.10, the market delivered a Leading Diagonal formation which produced a super deep Wave 2 correction.
Leading Diagonals (not...
Misaligned fib tool on my last call for top at $36.1
$36.3 was truly the top.
Like Al Pacino said, "life's a game of inches".
That's also what 'she' said.
Prepare for the drop and bounce from around the $27K area.
I don't like it when I have to get creative with the chart to find a reason to stay bullish.
To me all of the targets around the 2200 dollar area look like a big magnet for BTC to come down:
- The bottom of the downwards parallel channel
- The bottom of the Shiff Pitchfork wich seems to have strong significance
- The 1:1 extension of the 3000 dollar low to the...
