As per my previous analysis here, BTC is moving within a well defined triangle pattern on the 1 day chart. The market refused an early breakout yesterday and you can see how it happened by analyzing the 4h chart above.
Current setup and likely outcome
BTC completed an Elliott Wave impulse sequence (12345) uniting the edges of the larger timeframe...
BTC seems to be drawing a flag and a symmetrical triangle on the 1 day chart.
The flag (light blue channel) displays 3 touch points so far:
- the low on Dec 9th
- the all time high on Dec 17th
- the low on Dec 22nd
The top edge of the flag also acts as the top edge of the triangle (blue line). The bottom edge of the triangle is the support line confirmed by...
BTC seems to have closed wave 4 of the EW structure it began on November 12th. I am now expecting it to move within the channel marked in purple. That already gives us vague indication of where wave 5 could unravel.
So where will it stop? No one knows, but it's very unlikely to exceed 26k because that would break a clear EW count (wave 3 would be the...
ETH pushing it's way into new ATH, but can it reach the psychological $1000 barrier before a noteworthy correction?
Growth channel is quite steep and I think we're close to end of major 3rd wave (dark red) which aligns to 5th wave minor EW set (blue).
Profit targets: My main target will be $880. Will keep part of my position open in case it goes past...
Major EW pattern marked in dark red. We are now in 3rd wave.
Minor EW pattern marked in blue - 5th wave right now. When it ends it will end the 3rd wave of the dark red one as well.
Also note the ascending channel (two purple parallel lines).
- The one from December 8th low suggests $2600 (1.618 extension).
- The lesser one points towards $2400...