Mathematical calculation of Wave 3 based on Elliot wave theory.
This scenario considers Wave 3 to be equal in magnitude to Wave 1.
Remember one of the 3 impulse waves is often longer while the other 2 are equal.
Considering that, this is giving the minimum length of Wave 3 and expecting Wave 5 to be the largest one, but that it may be vice versa.
This is nothing special. No fancy indicators, not complex mathematical computations, no chart patterns, no fractals; - just simple 200 WMA and RSI.
I have my own hatred for being bearish please don't hate me because of it...
My view on #bitcoin non-religiously considering the simple facts.
Short-term we are going to be ranging between 200 DMA and 21 WMA, with strong rejection from 200 DMA sealing the faith of this dead-cat bounce.
From S&D perspective #bitcoin is now completing the rally-base-drop reversal pattern perfectly.
I will be saving all money I can to buy the 200 WMA.
OBV has been the most accurate and easy to read indicator which has cleanly predicted the crash with a text book volume whilst forming the H&S pattern.
Just notice that "left shoulder/high volume", "head/decreasing volume", "right shoulder/even lighter volume" volume print in the chart.
Also least but not last, notice the violation and final brakedown of the bull...
Bitcoin dominance fell to a levels unseen since 2018 bear market and rebounded confirming it as support.
However, currently letting go on local day support as well as breaking out from bearish raising wedge formation.
Short-term this is reflecting well on altcoins but looking at the bigger picture will such low levels of bitcoin dominance be healthy and...
"VOLUME PRECEDES PRICE"
OBV was the most reliable indicator that predicted the 20+ pump and predicted early enough providing close to 80% gains.
The same indicator, OBV, now is in disagreement with current $BTC PA suggesting rather significant bearish divergence.
OBV can be charted same as the price and generally follows S/R levels, bullish/bearish patterns,...
Key elements on this chart are:
- 50D MA
- 200D MA
- 200W MA
- Death Cross
- Golden Cross
Idea is based on the assumption will reject from 200D MA or break above but fail to reclaim 200D MA as support.
The bottom is estimated at a touch of 200W MA end of this year.
This is nested fib retracement for $MATIC providing you double TA with master high/low swing and child high/HL swing for $MATIC over the weekend, calculating the most likely areas where BUY and SELL will occur.
Chart validity short-term projection only for few days only with bullish outlook considering impatient buy orders take place right above the entry of the BUY area.