Weekly MACD appears to be following an ascending wedge pattern. What does it mean?
The daily RSI is showing the same pattern, and you can see the lines I drew in the RSI indicator but since it is for the daily chart it is not showing properly.
There seems to be a clear Elliott 5 subwave path to $7450. It could be part of a larger wave to $8400
The recent run down from $8400 down to $5850 did not go below the earlier low of $5750, which seems to imply the possibility that from $5750 to $8400 was a wave 1, from $8400 to $5850 was a wave 2, and now we are on a wave 3.
If you zoom out, the current wave...
So it's difficult to perfectly identify the end of this subwave C that we're on, but as the sub-subwaves form, the target becomes clearer.
I incorrectly identified the start of sub-subwave 4 (of subwave C), but it looks like we have started sub-subwave 4. That predicts an end of subwave C at around $7250 which is where the price bounced on July 21st.
Some thoughts on the btc wave count. Subwave 4 did not retrace as low as I thought. I thought maybe $7750 but it retraced no lower than $7800. The fact that it did the big green candle confirms the Elliott wave count IMO, because it is impulsive.
I am being conservative with the end point of Wave 3. I am basing it off previous highs, but not sure whether they...
Check out the ABC Wave I drew 10 hours ago. BTC price hitting it exactly. Looks like BTC will correct to $7700ish, then quite probably the bull run to 5 digits.
Here's what the wave looked like this morning:
Everyone's been waiting for this correction, and here it is. Based on the current wave structure, I've drawn a possible path. If it goes below $8100, then it's a good likelihood this path will be correct.
IMO, the 4 HR OBV has been the best indicator of long-term BTC price since $19k. I like the OBV because it combines price with volume, and I like the 4 HR OBV the most because it predicts future behavior better than other time frames IMO.
You'll see the bright blue trend line was active for the longest time until April 27th when it was broken (crossed at the...
People have been saying that it bounces or falls on the 6th of every month. But in April, the price pumped on the 12th, not the 6th.
Check the 1D RSI (yellow circle) on Feb 6th where it dipped below 30. The RSI should dip to the same level on June 12. That may be the day of the big pump. Watch for it.
I think it's a little too suspicious that the the price bounced a few hundred $ above the long term trend line (purple).
I have drawn some medium term trend lines in bright blue, and some short term trend lines in green. I'm thinking that the price will break downwards from the green lines, and follow the blue lines to touch the long-term trend lines.
There's a clearly a fight between the bulls and the bears today.
On the bulls side, we just bounced off the 786 retracement level of yesterday's wave up which means that could be the starting point of a wave 3 upwards. We also have an ascending triangle pattern.
On the bears side, there's a lot of negative volume and selling pressure to push the price below the...