ETHBTC have broken the blue support line but no volume followed. it seems ethereum is ranging and does not care about ressitance. so a conclude that this blue line support is no longer valid. i think ethereum will surprise us rallying to the up side. i drew a support area. may be ethereum will bounce from these levels.
as you may remember i said that i see a flat correction in bitcoin.
there is different scenarios where the 14k top was end of wave 5 or wave 3. in this stage it does not matter.
the only thing that matters we completed a flat correction and now as i have shown you in the chart, started a new impulse wave as wave 1 or A and a 2 or B correction and potentially...
i can see a strong impulse wave for EURUSD this big wave down is more like a corrective wave i will dive into details after publishing this idea. so i have determined EP SL and TP levels. it would be a great trade to make and it would be a long one. so be aware of the rules of the broker you use. some of them wont let you hold position more than a specific period.
In grand supercycle I see wave 1 and 2 and three and i have shown the potential targets for future. it does not matter that these forecasts will play out or not but we can see that we are at wave three and i am goin to dive into details in this idea. by the way this mounthly chart of spx since 1970.
it doesn't matter we are forming a zig zag or a flat or a triangle only thing that i know we are at a corrective wave. this is not a motive wave because it is complicated and has a lot of overlaps.
regardless, may be we are forming a regular flat(A 3-3-5 correction) . after completion of correction i will tell you guys where to put your orders. now we should wait....
I drew a line in red, it is important because it connects the ending point of wave 1 and wave 3 and respectively there is green line parallel to red line but from ending point of wave 2
These lines are drawn professionally and are not simple channeling lines. So draw it for your self it is going to be a significant line in the future.
Back to elliott, i think we...
As you can see in bitcoin dominance chart we are in a potential wave five.
-Wave 2 corrects major area of wave one but it didn't break it's low.
-Wave 3 is longer than wave one so it cant be the smallest wave then if wave 5 wants to be larger than wave 3 this interpretation is still a valid one.
-wave 4 corrects pretty much exactly to fib 38.2 percent level...
I putted some circles around areas that Bitcoin shorts and longs ratio come to a point that make a unbalance force between bulls and bears.
as you know market is the power translation of supply and demand or simply buyer and seller. any other fundamental data is being translated to these two things.
people have two options to buy or to sell! we either!
Looking at BTC market cap we can see that we have reached 200 Billion dollar level and it is exactly the level that we have top out on february 2018. but in price we have some way to go. it is really hard time for shorting bitcoin but i think may be we have topped out in we should see a big big correction or a new bottom below 3100 usd. be cautious.
The reason that i put the target below regular target of a triangle is that not always we meet exact target and i used fib level 23% to make this in a specific order.
Our recent trade was a great one with xrpusdt pair, have fun with this one.
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Making chart complicated is not wisdom it's a way to confusion to pave the way for scam.
Bitcoin compared to us dollar reached a critical level and that is 38.2% level of fib retracement, if bitcoin be able to penetrate this level which is almost 9500 and hold this level, after retest it and then make a higher high, you should buy Bitcoin and wait for 61.8% level.
Buying right now is not recommended.
there is a rising wedge on the chart of BTCUSDT on binance. i used short term price action to simplify the trade (green and red lines) and lower the risk. just trade the breakout of rising wedge by putting a stop-buy order and then place a stop-sell at the stoploss level. if it plays out you will be rewarded 11% if it does not, you will loss less than 3%....
from first hours of this last move up to 8800 i was skeptic. even though i traded this move but i got out of market yesterday by parking on USD. i just thought that this move to 8800 more and more is getting similar to wave 5 on wave principle (elliot wave theory) and now by forming a possible Rising wedge it is going to be a very one actually.
If we see a dump...
looking at the chart of BTCUSDSHORTS ratio Against BTCUSDLONGS we are seeing that it is pretty much where we should long! because 60 percent of people are in short (on bitfinex).
also longs it self are very low compared to 2018 market(i will add that to this idea later).
so looking at this data and using them as indicator was really helpful to me but in this...
BTC has a choppy market, it makes me a little bit skeptic when i am looking at candle stick patterns. but on the other hand it can be used in higher time frames, i think at least!
so in the weekly time frame it seems we have a bearish engulfing candle it does not fully engulf the previous bullish candle but it covers it pretty good. with that in mind; considering...