The mainly trend is bullish. However, if I follow my elliot wave account I'll expect a correction. The correction started the last week with the strong rejection in the red area and should continue this week. This is the idea under my short position. I've opened two shorts:
-The first one with a lot of 0.02,sl 32 pips and tp 64 pips.
-The second one with a lot...
Bad news to Bitcoin. The price could plunges extremely, breaking the last year bottom. The main point is the analysis of the parabolic rides:
The first 6 months of the year we saw a parabolic bull run started on January and ended on June. During that ride, a bear pressure tried to put the price down, generating a spike (the first red arrow) the 15th May (6,400$)....
The last week we saw the pair didn´t have the enough strong to break the 1.10736 resistance so we continue the downtrend.
If we assume this, the impulse counts with 5 waves and we can define the actual moment inside the 5th wave.
Inside the 5th wave, in the 4h chart, we need to complete the space to the 1.1 level. A rejection of this level offers a good entry to...
In this chart we can see the following:
The pair made a double floor so it is considered initiated a new bullish momentum.
We see a lower low (first green arrow).
At the end of 3, the pair shows signs of starting a lateral period between the values 1.29833 and 1.27603.
The scenario is attractive, between the two values there are 200 pips.
To place the...
We can identify a clear and clean levels on this pair. The reasoning is the next:
Accumulation under a resistance. The pair can't break (first red arrow).
Breaking the resistance (first green arrow). This level turns on support (second green arrow).
Double top marked by the 0.618 Fibo in the daily chart.
Breaking the support (second red arrow).
The 1.10736...
Important areas:
1.30539 - Support that is considered relevant when playing the ABC count. The loss of this level invalidates the count.
Summary:
After a bullish period, we see that we are in a complex correction that is forming a rising wedge.
Within this figure, we appreciate already formed C and wait for the touch of D at the top to enter short. This is a...
Important Areas
1.0875 - Support that initiated what is so far a correction. It is given in an area where there were gaps.
1.12361 - First resistance
1.1354 - Second resistance
1.1486 - Third Resistance. If it breaks, we would start talking about a change of trend.
Summary
The resistance of the channel that was traced at the monthly level continues to...
