This analysis is a less straightforward than the ones I've been posted. Basically, BTC is in a corrective phase. Wave A looks good, wave B also good. Wave C, however, needs to see more downside. Wave C in a correction needs to be a five phase impulse wave. There is a rule that the 3rd wave cannot be the shortest wave in the structure. If we tried to count 5...
A symmetrical triangle has formed on the BTC 4 hr chart. A big move is imminent. It may be towards the important 42,000 resistance or the 30,261 support. My last post indicated that BTC is in a correction phase, and it still appears to be so. A break of the 42,000 resistance or the 30,261 support are the most important levels to watch right now.
Here's the idea I'm working off of. BTC is in a correction phase and is about to begin wave C. A textbook correction will take us to just under 20k, and within the range of the IV wave. I doubt the correction will go that deep before BTC resumes an bullish trend, however. This is just an illustration of what could happen as part of a typical correction.
I've been watching the Elliot wave setup for 3 weeks and it's still looking good. Volume is up a little bit on the daily, good news for bulls as there is no sign of a major correction. 40k is well within reach as the 5th continues to extend.
It took BTC 1577 days to reach 19,666 at the end of 2017. Projecting that out, we can see 312k as a reachable target on the log chart. If the current trend continues, 300k+ may be reached by mid-summer, 2021.
The 3rd wave continues as the 5th wave of that higher order 3rd wave unfolds. We've had our small consolidation and a fresh impulse wave has formed. It has taken us over 25k as anticipated but whether it will have enough steam to near 30k before a major correction is still an open question. Holding on to established longs is justified but entering into a...
Here's the current snapshot of the more popular labelling of the 3rd, 4th, and 5th wave on BTC. That labelling sees BTC making a small correction then one final push that will likely take us to 25k. It's clear the 5th wave is not fully formed as it has not completed it's 4th wave correction and it's final push that will be the 5th. In my previous post, I labelled...
Briefly, on the daily chart, we are currently in the 3rd wave of a larger upwards impulse wave that began after the big selloff in mid-March. Labeling the last small rally as a 5th wave doesn't fit the price action. Additionally, BTC remains above the 20 and 50 EMA. As long as the price stays above the 50 day EMA, I don't see a reason to call an end to the rally...
A simple setup to hop on a trend early and go for a ride. I like the look of this moving average crossover strategy using a 14 WMA and a 28 WMA on the 4hr chart with heiken ashi. The last 3 candles are all below both moving averages, I use that as part of the signal to screen out crossovers that are occurring when the the price is oscillating in a range, and the...
Bitcoin marked its first red candle in 8 days the previous day. A small uptrend immediately proceeded but BTC took a big tumble beginning shortly after 8am UTC. The market is taking pause right now, likely in anticipation of 8am NYC. Expecting selling to continue throughout the day.
Bitcoin continues to fall this morning just after it posted its first red candle after 8 consecutive greens and a strong performance last week. I expect this short term trend to continue until resistance is found. My guess is it will be found in the 0.5 - 0.618 retracement range of the 16218-24298 fibo. That will be a good spot to seriously consider exiting...