Bitcoin is now showing the shape of the flag pattern
The flag pattern is likely to fall further as it has fallen
The log chart shows that the expected point overlaps with 200sma
The strongest resistance at the moment is around 38000
I ont think we are done yet. There was no real capitulation and general volume is low. Despite this I think we will bottom till end of may and aftr few months of accummulation we will have final leg up till the beginning of the nxt year.
In the two previous bear markets it took about one year from the all time high to reach the bottom. Bitcoin is due for a big bounce, and I think it will be rejected around the 200 day moving average. It will likely range and the volatility will probably decrease until capitulation in Q3 or Q4. The 200 week moving average is an obvious target, but it could also...
A very basic and simple - yet very telling - monthly log chart with a superimposed S-curve alongside simple trendlines of support and resistance seems to indicate Bitcoin may be preparing to retrace to the $3,500 range before we see anymore blue skies. Stay alert, set your stops and make sure you're taking profits when you can! Don't forget to pay yourself! Happy...
I am buying here
And have a bet, 'BTC wont go below may 9-10 low'
Hopefully we dont want BTC to breach 5D 200 white SMA. When it breaches there's usually -40% move.
But I am long from here.
3 2 1... and we wait.
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Well, bitcoin is still in the process of consolidating the flat running pattern, according to Elliott's long-term analysis.
The last wave pattern is 3 waves that will most likely be returned as a harmonic pattern. Especially in the weekly macd, we also see divergence.
However, this last wave can drop something like 50% with a lower probability than the first wave...
BTC hit falling wedge upper trendline, volume looking pretty terrible, not expecting it to breakout today.
Longer TF target of the bottom support/1.272.
RSI has hit previous resistance with both green candles followed by a large red candle
Completed 5 impulse waves and now seemingly an ABC correction to 0.5 fib with another touch of 0.382 at support.
Volume diminishing on recent decline and MACD coiling up to turn bullish.
ABC correction did have A and B wave on same wick, don't know how I feel about that.
Would be safer to wait for retest of yellow support as 0.382 doesn't seem too strong.