bluemt95

bluemt95 Updated 

The bulls aren't out of the woods yet, and have a lot of work to do to get the momentum going upward. But after a deep retrace almost exactly to the .618 retrace level, we are starting to see the momentum change. The downtrend channel (bracketed in black lines) has been broken with the last 2 4-Hour candles. I've adjusted my ABC waves to reflect the shallow A...

bluemt95

A quick look at the 15 minute chart shows 3 hard hits down at 689X. This combined with the Higher Highs shows the ARABW...Ascending Right Angle Broadening Wedge. We've now hit 3 times on top and 3 times on bottom. Typically the ARABW would indicate a breakout downward. This affirms my last update to my previous post that said that hanging out on this support...

bluemt95 Updated 

So far, my previous ideas on this ABC correction wave have been pretty darn accurate. Now as we near the end of "a" (or) "c", we examine closely what the next move may be. On this 4hr chart, I'm showing a lot of sub-wave counts. At the present moment, it isn't altogether clear whether we are seeing the end of the "a" subwave, or if it might extend a bit further...

bluemt95 Updated 

Bears are making me laugh. Maybe they are bitter because they keep losing their shorts! For those that believe we are still in the bear market, let me ask you 1 question. 1)When was the last time we had 6 green candles in a row on the Daily chart? Good guess! May 31st....of 2017. We were trading at 2100 at the time. Bonus question: What happened next? We...

bluemt95 Updated 

If my wave counts are correct, we are finishing up subwave 3 of the a-correction wave. I've adjusted the target of "a" down further since this wave 3 extended further than I predicted. But either way, this is a good looking correction wave. We should bounce back up to the resistance rectangle 78XX for subwave 4 before hitting the 7250 target of wave "a". Than the...

bluemt95 Updated 

Well that was an awesome breakout of that resistance zone at 7800-7900! It held us down for all the previous 24 hours at least, and without even much of a retrace, bulls took hold and rammed it through. I've adjusted my waves slightly since I was originally expecting a retrace back to the 6900-7000 resistance zone. (I left my original wave lines on the chart for...

bluemt95 Updated 

Confusing price action is confusing! Are whales manipulating BTC 4.30% more than usual? Hmmmm. From my last idea, I had assumed that we had already completed Wave III 1.02% at the high from Friday, 7685. But the retrace this weekend was heavily rebuffed by the bulls, and my 7265 red resistance line from previous support/resistance held firm and didn't allow a...

bluemt95 Updated 

Honest, I saw that bull flag 30 minutes before it broke upward. And I had my orange line drawn before it broke also. So cool. But it doesn't matter if I called it or not, it appears that we are on the verge of the Wave IV retrace back down to 6800 level. I think it could drop a bit further than that but I hope not. It should stay above the top of Wave I or I...

bluemt95 Updated 

Well that 3rd wave went up a bit higher and a lot faster than I expected. The bulls broke hard through the long term downtrend pink line. Now they need some good consolidation and retrace on the 4th wave to garner more support to get ready for the 5th wave. Ideally, the 4th wave retrace will drop back to the 6800-6900 level which should prove to be a good level...

bluemt95 Updated 

My wave counts are telling me we could hit 7200 by Monday. In the short term, we should see a retrace back to near 6450-6500 in the middle of Wave III. I'm glad I increased my position by 40% at 6000! If this current battle to get above 6800 follows through, that is clear confirmation that the bear trend is dead. Have a Great Day!

bluemt95 Updated 

I find the patterns here on the last two rallys eerily similar. Two bumps against the top of the flag, then only a partial retrace down to the red box before it reaches the top for a 3rd time. Then a bounce off the bottom and back and forth before another rally up. What do you think of that? My initial 3rd wave projection appears to be off, and if the 4th...

bluemt95 Updated 

See my previous idea from June 26 for confirmation of this idea. The EW waves have come to fruition, although it took several days longer than I expected. This current wave of Monday morning I hope gets up closer to 6800 over the next 8-12 hours so we can see a nice retracement of the 4th wave without crossing back below the end of the 1st wave. Guessing how...

bluemt95 Updated 

The bullish reaction to the big drop 2 days ago started off great, but then really disappointed as the rally fizzled out really quickly. The volumes are dropping and have been riding near the bottom of the "uptrend" channel for most of the day. Based on my wave counts and the current Elliott Triangle Wave, it seems that we are due to retest the bulls at the 6000...

bluemt95

We are still within the latest uptrend channel, but I'm thinking we are heavily biased to still go down further. 50-50? 60-40? Hmmm. It's possible my correction triangle wave counts are off and this morning's drop is part of the (d) wave, and we are currently in the last (e) wave of the triangle. Then it's anybody's guess as to which way the breakout could...

bluemt95 Updated 

Hey all, so my last idea update mentioned that we'd have several days of bouncing around between 7250 and 7650, where I then expected to lower to the next level of support around 6800-6900. But perhaps we have already hit the bottom at 7040. What do you think? That indecision actually took over a week and it appears that we have begin a reversal with an...

bluemt95 Updated 

Well we blew right through the 8000 level and down through 7800. Obviously wave 2 didn't end at the 61.8% retrace, but only showed a sizeable bounce. Now we are looking at the 78.6% retrace level at 7400. We also have major support at 7250, so the red box at that level provides another great opportunity for a bounce and an end to wave 2. My subwaves were...

bluemt95 Updated 

I've been quiet here the last week or two trying to get a clear idea of where my Elliott Wave counts were off. Since I'm still new, I took to the sidelines to learn and observe. So what I am seeing is that we are on a wave 2 correction of the Bull Market Impulse waves that is hovering right around the 61.8% retrace level of the last high at 8628. I expect the...

bluemt95 Updated 

Since my first post last week, I identified an Elliott Wave count at the very beginning of the 1st impulse wave. Since then, I've had to adjust the 2nd correction wave several times, as this is a much more protracted and deeper correction than expected. You can see that the correction fell out of the uptrend channel, but found several support levels outside of...