BTC broke super important support at 30k and I think this downtrend move is not finished at all. We are seeing very bearish sentiment in past several weeks, however the amount of liquidations isn´t that big and I want to see huge spike in liquidation, for some longer term trend reverse. I think, price of BTC will be moving "sideways" between 10k - 30k in the rest of 2022.
Most of the altcoins are on all time lows, the huge volume is going into those coins and I think, they are forming bottoms right now.
We have very solid divergence on daily RSI on BTC Dominance -> this chart should find top and retest nice support at 1350 (at least).
IMHO very good opportunity to buy altcoins at the moment, though this could be just mid-term...
TRADE #1 ended on stop loss, however we got big rejection from 42k, this is without doubt impulse leg to the downside and we should see follow through and next waves to the downside. I am already in SHORT position, my entry is at 42800$.
Also you can check my new YT video regarding this trade, where you can see my approach to this trade.
I think bitcoin is almost ready to move out of this sideways range and I think, price will move DOWN. In this sideways range, all I can clearly see are 3-wavish moves to the upside, however moves to the downside seems 5-wavish - that´s why I have opened SHORT trade, you can clearly see my stop loss and take profit level, but I may change my TP level.
BTC still looking solid, despite some american stocks took big dive (FB, NFLX), bitcoin is looking very good. We are probably still in some sort of 4th wave, which should result in move up.
More detailed view in my youtube premier video, that I have just uploaded ;)
There is really great risk reward SHORT setup on bitcoin right now. We have clear 5-wave move to the downside and if my EW count is correct, then we should see another 5-wave move to the downside. Invalidation level is at 45900$.
ADA didn´t hold very strong support at 1$ and there is not really any close strong support below 1$, so we might see another fast decline below 0,5$. However, if ADA manage to get above 1,1$, then this could have been just a fake breakdown and we might see quick reversal to the upside. But until we are below that strong trendline and below 1$, things are not...
I personally think, that BTC is currently trending down and price will go down below 29k. We have clear 3-wave move to the upside, which should represent 4th wave and now we should be in the final 5th wave. The only thing that really concerns me is the BEARISH SENTIMENT, which doesn´t support my thesis, that price will be trending down in next weeks. So in LONG...
I have just opened long on bitcoin dominance futures. It looks like ABC flat correction off the top is completed, so altcoins should be underperforming BTC in next days/weeks - altcoins will be dropping much more than BTC, or BTC will be pumping much more than altcoins (well if I am right).
Triangles are typical as a 4-wave correction, the theoretical pivot of the triangle is at 51,5k and if this is indeed a triangle, we might go sideways for the rest of the year, which would probably mean huge altseason, due to the bitcoin stability.
If this is indeed big ABC flat correction, the structure must be: 3-3-5 - we don´t really have 5 waves in this last segment of the chart + there is huge amount of liquidity below 29k, so I think it is very likely, we will eventually go there. Buying below 29k seems to me like no brainer.
GBTC (bitcoin), should find bottom very soon - based on my eliott wave count, the big 4th wave correction will be finished very soon and then we should see final 5th wave in multi year uptrend cycle. The invalidation level is at 17,4. If we hit that invalidation level, well then my EW count was wrong. So in my opinion, we have pretty great opportunity for buying right now.
BTC is currently exactly in low volume area, which acts as a support or resistance, depending whether we are below this zone or above. So right now I see two scenarios:
1) Price will get above 46k and we will be trading sideways above that grey area and uptrend will continue.
2) Price will get below that grey box and we will eventually go back down to 30k - there...
ETH is currently much stronger than bitcoin and the recovery after that bloody and nasty drop was much stronger on ETH than on all other cryptos. I also think, that ETH bounce up in 5-wave fashion, in the leading diagonal, so the correction (WXY) might be done and ETH may be printing new all time highs pretty soon.
Bitcoin is currently below strong resistance box at 52k, price broke uptrend trendline and we have pretty strong downtrend trendline above us -> opening any LONGS don´t make any sense now, but sentiment is pretty bearish, so I don´t see any big move downside either. So the only other option is sideways price action. I think btc will be stuck at 42k - 52k range, at...