In my last update, I talked about the importance of reclaiming 23k
I forgot to mention that we were at an interesting support (sorry), but if you looked at my chart you could see the level that I had marked out at 22,379.5
We held that level beautifully, reclaimed 23k with a strong move up, came back down to test the fib golden pocket, and we are now hovering...
In my last update, I talked about how we didn't want BTC to lose 23k
We chopped around that level before moving lower today
Now, I'm just looking at 3 regions:
- If we reclaim 23k, good sign of strength, 26k becomes likely
- If we can't reclaim 23k, keep an eye on 21.1-21.5k, but I'm more interested in the area between the daily at 19.3k and the new monthly at...
BTC has now tried to push twice above the range high at 24.2k but failed
This would be considered bearish of course, however BTC has been consolidating below the highs pretty nicely, even after rejecting them twice.
To me this is a bullish sign, showing that it wants to go higher, and I'm still interested in the 28-29k area
As always, this can change anytime,...
Yesterday I posted 2 ideas:
One where I gave all the levels
The 2nd where I acknowledged a potential rejection
In that 2nd idea, I said we would need to lose 22.5k for a confirmed sign of weakness.
We ended up pushing to the upper daily at 23.4k, before going back and retesting the lower daily at 22.5k perfectly to then pump and break above 24k
Now, of course...
Quick move happened after the update I just posted
We have SFP the swing high at 23k for a nice rejection, a short opportunity in my opinion.
If we lose the daily at 22.5k, it would confirm weakness on BTC
Other levels haven't changed from last post
Good luck traders
Remember not to break your rules
In my last update I told you guys about my interest of the fib golden pocket area (20.4-20.7k), and expected a move down to that level if we lost 21.8k
We ended up losing 21.8k and moving down to our area of interest, for a nice bounce of 7% until now
To the upside now, for resistance levels we have:
- 22.2k (now) : fib golden pocket, anchored vwap uper band,...
BTC is at the VAH of the range and is providing a small bounce for now
If we lose 21.8k I am personally interested in 20.4-20.7k as we have a lot of confluence in that area
If we lose this 20.6k area BTC would look pretty weak, and new lows can be expected
For now, if we can manage to hold 21.8k and reclaim the daily at 23.4k it would be a good sign of...
BTC is running into its last area of resistance (23.5-24.5k) and is just consolidating at the moment
If we start breaking above this level, we could get quick moves to 28-29k as the drop from 32k to 22k ish was very quick, as you can see there is not a lot of market structure going on in that area. So the move back up can happen as fast as it did down.
This update is going to be a bit different than usual, but still a very important one.
In the last few weeks, I have shared with you guys my primary Elliott wave count (last one is linked below) where I believed we were coming to the end of the correction.
As I shared with you guys, after the bottom at 17.5k on the 18th of June, I expected a bounce in a wave 4...
Very quick update:
BTC ended up pushing above the highs @22.5k with a failed auction
The rejection has been very strong until now so this being an important high is probable
Here, again I'm looking at the 20.5-20.8k area
If we lose it I would honestly expect a break of the lows at 17.5k
If we move back up first target is 23.5-24k, which if we break we can...
In my last update I gave you the support level at 19.2k
We ended getting a beautiful failed auction below the daily with lots of people shorting because of the CPI news which gave us a nice bounce until now
I also said that reclaiming 20.5k would be a nice sign of strength, giving us good chances of breaking the daily at 22.5k
However, before this can happen, we...
In my last update, I talked about getting a bounce in a wave 4 then one more drop for a wave 5 according to my EW count.
It looks like this could be what is unfolding right now, we pushed up to the daily at 22.5k before rejecting it (potential high for wave 4) and we are now moving down in a wave 5.
We are at our last zone of support right now :
- Daily at...
In my last update, I showed you my preferred EW count and explained why I wanted to see one last drop in a wave 5.
We ended up dropping as expected, with a pretty strong move to the downside
Some support levels (22.7-23.5k) didn't provide much support, and BTC continued its move to the downside.
Going back to the EW count, this move down happened in 3 waves in...
In my 2 last updates we talked about the long setups that were given to us from the drop to 25k, but also about the possibility of one more possible drop.
Here I'm showing you my preferred LTF EW count, where I believe that we are now in a wave 4 before one last drop for a wave 5.
For the longs that we took (if you took one) from the drop, here is a good area to...
Wave 5 (EW count linked below) looks like it was done in 3 waves rather than 5 (as you can see on my chart)
I could be wrong of course, and we have already bottomed, but it is likely that we get one last move down.
As I said yesterday initiating a long is not a bad idea in my opinion, but be aware of a possible drop.
Area I'm looking for is the same as it was...
As mentioned in my previous updates, I was eyeing the 22-25k area.
BTC has hit this area (different levels on different exchanges and pairs) some went down to 24k some stopped at 25k
Now, the market is really going crazy, everyone is shorting
As you guys know, when everyone is shorting, the likelihood of a bottom (or at least a nice bounce) is high
In my last update I talked about how I don't expect the weekly at 31.7k to hold.
We lost it, back tested it as resistance, and continued our move down.
Now we are at our next support level (27.7k) which I also don't expect to hold on the medium term at least
Just like I mentioned last time we could get a bounce before moving lower.
My eyes are still on the...
In my last update I gave you the first resistance that BTC was at (the weekly and daily at 42-43k)
We ended up rejecting this level for a nice move down of 20%
Now, BTC doesn't really have any big support close to it
The next one is the weekly at 31.7k which would represent another 8% drop
I don't really expect it to hold over the longer term because of the...