On the monthly time frame BTC moves in a textbook Elliot Wave Formation, following its mathematical rules up to now perfectly:
1. Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
- Wave 2 is 50% of wave 1
2. Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2
- Wave 3 is EXACTLY 261.8% (2.618) of wave 1 with the wick of Nov 21
3. Wave 4 is 14.6%, 23.6%, or...
S&P looks like it is about to form a double bottom on the daily at the weekly 200MA (purple line). Downtrend on the RSI is broken and its moving average is turning into support.
No financial advice.
It tested the support line of its falling wedge on the weekly time frame, bounced from it exactly and is now trying a breakout. That's what happend. Who cares about macroeconomics if you have technical analysis?
No financial advice!
Despite the boring price action on the weekend, BTC had a good weekly close. Breakout above multi-month weekly RSI downtrend done, breakout above falling wedge in progress. Weekly chart looks bullish. Now it's for the stock markets to bounce.
No financial advice!
A lot of similarities to the price action at the bottom of 2018 on the weekly BTC chart. Most interesting imho: Weekly RSI tries the break out at almost the exact same level!
No financial advice!
Curve broken, retested, rejected.
Falling wedge in a falling wedge held by the 2017 ATH (green line).
RSI about to have a break out above its muti-month downtrend.
No financial advice!
I see a lot of people looking at 2008 and pointing out similarities to these days but if you want to compare the current price action of the S&P500 to a prior crash scenario, I personally think, it is better to look at 2001 because this was the last time the S&P500 lost its weekly 200MA after it had provided support for several years like it is doing it these days...
