Thou shall not pass 500DMA! We appear to be done with 5 waves (yellow) from the lows with 335% hike, this is impressive. But I believe we are in an ABC correction now where A (white 1-5 sub-waves) and B (green ABC) are done. The green boxes are hopeful targets to get support for the C wave (red 1-5 subwaves) This structure becomes invalid if price goes above...
Bulls (Optimistic MidTerm): The recent uptrend marks the completion of 5 waves (yellow). This can be considered as the completion of 3rd wave (white) since the bottom in Dec '18. With that assumption, price is correcting as part of 4th wave and then there will be a move to new highs with targets between 500-600+ The 3 boxes represent the areas of support where...
We appear to be in the final 5th sub-wave (white) of the 5th wave (blue), its uncertain where the 5th wave ends or if its already ended. So be cautious longing the top of the 5th wave, retailers usually FOMO here The Risk:Reward is not good. I would rather wait for a pull back and consider this as a no trade zone. This chart assumes that bottom is in in Dec 15...
Elliott Waves are derived from human psychology of Greed/Fear. Take care when U trade/long 5th waves, most retail traders tend to FOMO here because they missed the initial waves Note that 5th wave in turn has 5 subwaves, DONT long the 5th subwave of the 5th wave Reference:- www.profitf.com Here is an example of possible waves for BTC with the recent uptrend....
55EMA on weekly (red hammer) acted as a bull trap in the last bear run after the bottom was in, RSI is also at the same place (red arrow) where it was rejected last time
With so many achievements, the price is overextended and a correction is imminent. It's quite extraordinary that EOS has recovered the price just before the capitulation of Nov'18 and probably the first in top 10 to hit the 350 DMA line. Price completely recovered to Nov'18 levels Hits the 350 Day MA line. Strong resistance 5 Waves (Green) are done. ABC...
Possible bearish count to 50% retracement of previous wave (3), coincides with the target for the broken-down triangle from $300. This count is invalidated if we go above $280 (or $271) Final confirmation below $255 This is part of the larger wave count and expecting a final wave up. This is valid as long as we stay above $170
ETH broke out of an ascending triangle and the wave count appears to be similar to BCH. Our next immediate target appears to be the 300 Day MA ($220+) Elliott Waves: We are in the 3rd overall wave out of which the 5 sub-waves (blue) are playing out now. the 3rd sub-wave is done and I believe some correction is due till 175-165. I expect the support to hold at 165...
RSI on Daily (>90) is the highest since Nov'17. Wave 3 is super extended. I believe 5th wave has to run, hopefully to $400 (300DMA). But we never know where it ends, so be cautious 4th wave supports can be $300 or 0.382 Fib level
There is a possible cup & handle pattern forming (Not an expert on this). So we need a retrace now to form the handle considering that RSI is overbought. I expect support to be at 0.382 fib level Final confirmation is when price breaks out of the handle and later the neckline (red line). All the best. Feedback welcome!
We appear to be out of the channel, as a confirmation, like in 2014 I expect a retest of this channel top and support provided (green arrows) at least once. RSI is at a critical point, in 2014 it was rejected here (red arrows) and went on down second time to make a double bottom (green arrows) marking the end of the bear market
Finding support at 100 Day EMA, if BTC doesn't ditch the market, don't see many hurdles to $120
A classic pattern. Need to see in relation to linked post on confluence of resistance
We are at the edge of the downward channel and many believe BTC will breakout. However, I see a confluence of resistances which is compelling me to be cautious Here are the resistances on Weekly chart 1) The downward channel top (Red) 2) 200 EMA (pink) which acted as major resistance since Dec'18 3) Previous local High, going above that will cause a Higher High...
Price is at crucial resistance of 200 Weekly EMA where the rallies were stopped several times since Dec '18 (see linked chart). We also appear to be in a consolidating triangle, and I noticed a fractal which can repeat After the Jan rally, there was a drop and hike which almost created a doubletop (pink ABC waves) and the price broke down towards the 200 WMA....
After the recent moves, we appear to have finished with the short rally and now could be in an ABC correction, where C is playing out now with an assumption that there are 5 sub-waves within (orange) and after trying to cross the 50 Day MA @$125, the price is finding resistance and will go down to complete the 3rd wave whose target we are considering at 1.618 Fib...
So after fork, I expect a drop and also don't like the bearish pennant forming. Take Care
This bullish count is technically valid as long as the price does not go below Yellow Wave 1 top (excluding wicks) or below wave 2 (In case this is indeed an expanding diagonal) . The stops are aligned as per this assumption Also, wave 3 length is 1.618 Fib of wave 1, which is ideal for a 3rd wave. The wave 2 correction was shallow till 0.382 Fib of wave 1, while...