GoteGuru

GoteGuru Updated 

Now we can identify an almost classic 3-3-5 correction here, which is a continuation pattern. The market (surprisingly) willing to obey Elliot's law and falling. There could be 3 turning points ahead: 1) The 1st (and most probable) one is almost reached. Here we can see a strong resistance and the .236 of the current bearish swing. The bold green line shows the...

GoteGuru Updated 

It seems 5th wave is forming just now at the 4h timeframe. The (e) wave might be shorter than usual as more and more trader recognizes the pattern. RSI supports price reversal, pullback to 1500 is very probable to test MA100 + minor support. Proceeding a zigzag correction the C wave might cross MA100 extension (which is usual at major btc corrections). This case...

GoteGuru Updated 

ABC correction in previous analysis is not valid any more. BTC is consolidating at 6500, it might be ABC flat or (more probably) WXY combo . Now it pretty much has the power to break through the 7000-ish resistance area and make new highs. Of course, it *might* fail to break the resistance, which would give us the standard ABC correction and downtrend, but it is...

GoteGuru

Price is oscillating around .382 level forming an Elliot ABC flat correction. Unless the price is able to break through previous support around 6500 the downtrend should continue. The next support is around trend line + .618 level around 4800-5000. There is a chance that the correction transforms into a WXY if the price retraces from 5600. The result remains the...

GoteGuru

Possible ending diagonal might be forming now. If it completes (watch for RSI divergence at the last wave) correction is possible: The depth of the correction probably will end in previous (lower level wave 4). If that breaks there is a support at ~3890. If that breaks wave 4 will be converted to wave C and downtrend will continue (see linked TA). Reasoning: It's...

GoteGuru

This might be a sideways (flat) 3-3-5 correction wave of higher level correction. Theoretically Wave C should land somewhere between 3200 and 4000. I think it will be around the major support level of 3625. After reaching C, we must look for signs of retrace, which would convert the ABC correction wave to bearish impulse wave (targeting a lower point around...