I think Link might have another leg up, particularly subway 5 of 5 to complete an impulse move up. As for how far it might reach, I think the $2.90-$2.95 range seems possible. If I'm wrong, then my Elliot count definitely needs revision. I'm curious to see how this plays out.
Wave encountered a key support/resistance line and looks like it'll be rejected. In addition to this, we have bearish divergence on both the MACD and RSI. Given the corrective nature of the wave, I still doubt it's the start of the bull market. Tread carefully.
As usual, I have no idea what I'm doing and still learning.
Without a doubt, we're heading down. The question is how far down?
I've taken the liberty of identifying divergences that indicated (and will indicate) a change in trend using RSI and Composite Index. My best bet is that it's going down to $7500 since this has been an excellent support/resistance level before.
I've also highlighted Fibonacci retracement levels...
I'm not quite sure about where the market is going next. I'm more or less trying to sum up my impression of the possible route for BTC so far.
I tried an alternate Elliott count (consisting of a Double Three in the W wave, Expanded Flat in the X wave and a tentative Y wave) compared to the Triple Three I used before. I've also identified potential fractals which...
Are we ending in a zigzag? I think we might be finishing the B wave with a double flat and then an impulse wave down to $6,100 which is 0.618 of wave W of X.
$6,100 seems like an area of incredible support.
I've started reading Constance Brown's book on TA and I'm finishing up the first chapter in his book. Taking into account his RSI rule, we've successfully found support at the lower range of the bullish zone.
Bear market rule
- RSI will oscillate within a support range of 20-30 and a resistance range of 55-65
Bull market ruel
- RSI will oscillate within a...
As usual, I have no idea what I'm doing and still learning the mechanics.
So I've just learnt about Elliott Triple Combo waves which has renewed my long term bearish tendencies. I strongly believe that we still have to finish waves X and Z for the correction to be completed. (BTC loves complex corrections from what I've seen retrospectively).
To support this,...
On this chart, there was confluence with the wave 4 territory and the 0.5-0.618 levels making it a juicy target area for a completed correction. Looking at the corrective wave pattern, wave b was a converging triangle which is a continuation pattern.
Impulse waves almost always correct in wave 4 territory. If you look closely at the chart, you can see wave 5 was definitely an extended wave. This means wave 4 was very low relative to the impulse move. Looking back, it should not have come as this much of a shock had I known about Elliott waves. Fibonacci retracement indicated a higher correction but Elliott...
As usual, I have no idea what I'm doing. This is just fun for me.
On the monthly chart, we're definitely still in a Schiff pitchfork channel. We have a descending triangle forming giving a potential target of roughly $30,000 provided that the breakout is successful. Additionally, assuming the 2019 mini-bull run was wave one of an impulse up, I think wave 3...