We can clearly see that Elliot Waves fit this initial bull run.
I'm expecting an A - B - C correction which will present trend contrarians with new buying opportunities.
There has not been a significant correction since February and BTC needs to let off some steam.
Currently I believe the following to be true:
- Alts are underpriced.
- BTC/ETH/LTC is...
A simple log chart, looks like the bubble cycle might have ended, next discount prices MIGHT be between 2000 - 5000 USD.
This is for educational purposes only.. I'm new to TA.
Best regards and many thanks,
Potential Price Directions
1. If we manage to break the 10800 line (pink) and the top 11800 trend line, it will be a buy signal. (Estimated Probability - 38%)
2. If we break down to the 9800 region, there will be a potential bullish crab, the wedge will be tightening, possible breakout, might be a good position for a dollar cost average, plus sell the rally....
The 7 SMA has crossed the 77 SMA, 231 SMA is leveling off. I'm thinking BTC is likely to consolidate and consider it to be underwater atm.
Volume has not been picking up and the next major support is around the first (DCA - Dollar Cost Average position).
It appears the harmonic bat pattern was activated (bearish), we're sat in a POTENTIAL inverse head and...