If we are in wave 5 then the downward channel commencing with a symmetrical triangle is a viable play, the pattern measured move has a confluence with the 1.618 wave 5 extension at around $60. A final ave 5 of 5 could result in a move to $35 which aligns with yearly S2.
I expect more action at the end of week as RSI and shorts are cooling off.
KRAKEN ETHUSD
Wave 3 finish at $89.80, sharp bounce to $145.10 gives us our wave 4 price.
Measured move takes us down to $34.50, confluence with yearly S2.
Crystal ball shows a possible 3 nested descending triangles on a downtrend to grind out to the final yearly S2 & Wave 5 targets
Shorts are high so i'm wary of a squeeze to the upside.
Looking for a short squeeze over the weekend to kick start XBT uptrend and wave 4 on alts. Lots of fear in the market, shorts piling in after a huge plunge. I closed my shorts on BTC at $4700.
When Shorts/Longs are overbought on the RSI at the top of that channel we typically have a rally to the upside in price.
Following on from my BCH analysis from several weeks ago an update on XBT in the same vein.
Bitcoin likes to retrace to 85.4 fib, if we assume December 2018 at $3120 (Kraken) was the low and June 2019 $13875 was the high then we can expect a retrace to $4700.
If strength comes into the market we may see a low around the 70.7 fib at $6270, creating a lower low...
The always bullish Crypto community believe we are starting a wave 3 to the moon, however, zoom out to the weekly with Fib Pivots and you can see the possibility we are simply going to consolidate at the bottom of the bear market at least until the end of the year and probably well into next before we have a breakout. There has not been enough sideways boredom to...
