Despite all those downtrend continuation scenarios that have been published in this account, today we saw a possible uptrend in the chart.
According to the price action perspective, there would be an upward movement due to the falling channel after a downtrend extension.
The entry points are marked on the chart by blue circles.
According to Elliott wave theory the EOW-1 of the previous uptrend impulse (EOW= End of Wave) was tested during the formation of Zigzag correction.
here we see a great consolidation band. I just wait for the break out. and the end of retest could be a great opportunity to buy stmx.
As we all can see, the BTC price try to revive from the previous dip. However, each time it fails to overcome the situation.
according to the chart there was a correction which had started its way from the top (64854 $).
After reaching the 30k, BTC try to consolidate around this price, due to the existence of bears and bulls supply zones. in this regard, a classic...
BINANCE:BTCUSDT As seen the first part pf the zigzag is going to complete around the PRZ zone (24K-28K). In my opinion, the 28K is a great support due to the existence of bulls supply zone.
be careful and check the supply zones in the bellow mentioned post.
According to phenomenal microeconomics perspective, there are significant supply zones which should be taken care of.
>>>> This could be an educational content. So, try to contemplate the chart meticulously. <<<<
In each consolidation band there is battle in between bulls and bears in the market, because we reach the equilibrium point in the supply-demand...
According to this analysis the alternation rule is totally evident in the wave A of the Zigzag. This wave comprises an impulse wave which has a Zigzag structure (sharp correction) in its 2nd wave and a horizontal triangle (sideway correction) in 4th wave.
Do not forget that the main trend in higher timeframe is upward. so do not panic and try to find the...
After the breakout from horizontal triangle the downtrend continue to complete a descending 5 waves impulse structure.
However, an impulse wave (The one started from 20 Jul 2020) could not be corrected by another impulse. Accordingly the impulse wave one which started from 15 Apr 2021 is the first leg of an Zigzag pattern. Do not forget that we are in a large...