Hello Guys after sometime looking at the market i decided to do a in depth review of the current price action that is unfolding. Which in my opinion will determine the course of the market for the next 2-3 months
The main option is a bullish triangle assuming...
hey guys if my other charts wont be realized (wont see a bounce to 11k that is)
then we will be looking at this litecoin descending triangle inside a descending channel
decent right angle here with similar market structure.
if this plays out this will bring the triangle to 5.5k levels confluent with 0.618 fibonnaci
Gann and Elliot says bitcoin isn't done yet
We have reached minimum retracement levels for wave (b) of (C) of this potential triangle
we can expect a 5 wave impulse wave up for wave (c) at anytime !
Let the destruction of the greedy bears BEGIN!
technical complex correction for wave (ii) retracement which liquidated a lot of degenerate gamblers
Should be a good move back to 4 digits during the halvening event
invalidation break below swing low
I know i ve been bearish for a while but
i think its good to be aware of the bullish structure here
as we clearly made 5 impulse wave up from the 2018 low
if i am right i will be expecting this barrier triangle to morph
wave (b) of Y
Bottom target 9k-8.5K will watch it there for signs of reversal
see 2018 fractal current price action has similar wave dynamics
as you can see this has the same deal with the gold top fractal in 2012. market structure and fibonacci measurements align with each other
C O I N C I D E N CE???
this triangle will collapse despite what all the bulls are believing
Just a heads up! this one isnt for all the soy latte crowd
garbage until proven otherwise
rotate into cash for the near term thats...
Check out the nice double bottom lads pretty similar to BTC during 2014 accumulation
Probably baby boomers trying to exit pump this shiny metal to atleast 140-400 before boomers
become extinct in 20 years.
Final Pump before capitulation cuz by 20 years we may have started colonies in space
and resources such as precious metals are unlimited there so there wont be...
elliot wave count!
The weird price action over the long weekend confirms the complication of the correction(WXY)
Still bearish ASF as long as price is contained in this descending channel and no closes over 12k.
Minimum targets for the correction still at 7800-7550
Short orders set in the range of the 0.618 and 0.786 internal retracement of the dump
Stop at 12.2k
If we dont dump quick and go sideways instead theres a significant probability of this descending triangle fractal to play out
A big player(possibly binance) is defending 9k pretty well similar to bitfinex defending 6k last year
Might take a while to consolidate to resume the dumpage sub 8k
Lets put it at this
in mid 2017 the rumors of CME futures drove the price up
However when CME futures were confirmed late 2017
Now in 2019 Bakkt futures rumors drove the price up again
along with Chinese Plus Token Ponzi Scheme Participants
Now here at mid 2019 Bakkt futures now confirmed
Will it be different this time?
Hey guys Just reminding y'all here that Bitcoin is still showing weakness on higher timeframes
Short term i dont think we'll be able to break this descending channel
Price went up too fast with very little consoldiation
In addition to that weekly candles have shown multiple upward wicks which is usually a bearish
Typical correction of wave (ii) normally...