Elliot Wave Impulse Cycle also took on a ascending broadening wedge pattern and if it breaks the wedge support then according to the pattern it should return back to the start of the pattern.
On the weekly the RSI is VERY oversold.
* Not Financial Advice*
5-3 Elliot Cycle completion completing within a horizontal channel.
Start of Wave 1?
RSI > 50
Entry on a clean break above resistance line. Target the height of channel.
SL zone shown
*Not Financial Advice*
Elliot Impulse Wave followed by an expanded flat correction with fibonacci analysis.
Wave (b) is 1.382 of wave (a) and wave (c) should be 1.618 or 2.618 of wave (a), which would align with the .382 or .618 retracement of wave 0 - 5
In addition, bearish divergence on the RSI with a HH on the price and a LH on the RSI.
We have what seems to be a completed Elliot Wave Cycle.
With 5-3 completed and C of (ABC) correction completing on the .618 fibonacci retracement level of elliott waves 1 ---> 5, we could be seeing wave 3 of a new Elliot Wave Cycle.
Additional Cases For Long:
- inverse h&S formation
- RSI > 50
- Clean break of support turned resistance line
Cases for a long position.
1. Possible Ascending Broadening Wedge Development which needs to complete final impulse wave
2. Development of new support and resistance and a recent bounce off support
3. Strong hidden bullish divergence with a higher low and an RSI lower low
Entry Zone on bounce of support
SL Zone placed slightly below previous low.
Irregular/expanded 3-3-5 flat corrective pattern also looks as it could be impulse wave 2 in a trend reversal, with wave 3 developing upon the completion of C.
Retracement of 1-2 hit the .618 fibonacci level.
Wave C finished on the 123.6% extension of A-B, which is in accordance with the 3-3-5 expanded flat pattern.
(A) - (B) - (C)
Inverse Head & Shoulders...
Elliot Impulse Wave followed by an ABCDE Correction Pattern.
Target Height of Correction Triangle.
Wait for an RSI > 50 and break upwards out of the resistance of the triangle.
Entry Zone shown (E)
Target Zone ~ 136 - 150.
SL below triangle.
*Not financial advice.
An inverse head and shoulders formed, with a right shoulder break of the neckline. Measuring the distance from the head to the neckline, a reasonable target could be found slightly less than this distance applied to the breakout. In addition, long term resistance line can be found to intersect with this potential target zone.
The ADX line looks to be turning...
On the 4 hour chart, Bitcoin looks to have completed an Elliot Wave Cycle. After completion of a corrective ABC pattern at a significant .618 retracement level of the initial impulse wave (1-2-3-4-5), the price broke through a long term S/R trend line. (see red trend line) With the RSI > 50, and significant resistance ahead (see blue rectangle zone of S/R), a 1st...
Hidden bearish divergence with LH and HH on RSI.
Bounce off the .5 retracement.
Looking for extension to 1.0 level of retracement (Target Level) which corresponds to downward resistance and accumulation zone.
*Not Financial Advice*