BTC in the last hours broke out of the descending wedge. Will it resume its trend upward? Technically it brokeout and now retesting the wedge. But there are few bearish signs to watch out for. The price action was rejected by the gann fan resistance. The price action formed a bearish divergence on the RSI. the price action completed a bearish harmonic and price...
Sounds like a date. CME gap will be filled, retest 4hr ema, reach rising wedge target.
Target of wedge coincide with 4hrs 200 ema and 0.618 retracement at 8.5k.
Now it is apparent that whales were re-accumulating BTCs for the next move up. They were shaking out the plebs and high leverages.
just following my gann fan and some basic elliot waves, curve fitting, supports and resistances and fib circles for timing. Forget all the FUD, the retracements, the bearish indicators and just dream. And Alts will perform poorly,less than 0.5x of BTC. After BTC moons, maybe Alts season.
Price was rejected by the wedge's resistance, confirming this wedge. Many have drawn a descending trend-line and consider LTC has broken that trendline but on this chart, LTC broke out of nothing and seems to be heading down to support at $41. However this could be a retracement of wave 1 and the start of a new uptrend, reversing month of downtrend. So it is...
Alts performance yesterday was dismal, despite they pumping. A lot of ALTs remained under the 4hr 200ema, including LTC, which looked the weakest of Alts. Alts lost all the edge they gained over BTC this month, in just one day. It looked like Alt season was starting with the BTC to LTC ratio dropping out of the falling wedge, but that was a 5% failure pattern, and...
An interesting happening, the BTC to LTC ratio just broke down from a very longterm rising wedge, The target is around 75, a %50 drop from current ratio. This means that LTC will outperform BTC. LTC will pump harder than BTC and dump less then BTC. But it does not mean that LTC is going up. We can still have some downside in Alts, but the moment BTC bottoms, Alts...
Got your attention? It is because the dollar will be worthless from hyperinflation in 2030. So a million dollars in 2030 will buy you a burger. But please consider the longterm descending triangle scenario. Nobody has explored it. We completed a set of five elliot waves and we can start a new set of five, up or...down to zero ( i didn't draw that).
But further down after. Next target is 7k end of week. Next week bounce of 7k must be watched carefully for signs of trend reversals.
With a little pull back for bulls to breath. Will reach $41.9 by end of the week imho and then bounce. Next week bounce must be watched carefully for signs of reversals or continuation down.
BTC is so weak, it now stands on the 200ma on the 5min. 4hrs 200ma is far beyond reach above some major resistance lines. How anybody can be bullish I don't know. I projected a possible path. right now I believe we can hit 7500. but it can go as low 6k. I don't prescribe to the doom and gloom if it drops below 7700, or break below the ema ribbons. BTC will not...
blue bubble zone between the two diagonal trendline. You need to zoom out to understand these trendlines. This zone corresponds as well with Elliot wave count. I say this could be the bottom. LTC can go to $35 to $22 (see my previous ideas). One needs to see reversal signs to be sure this is the bottom.
Lo and behold the current price action after this year's top is just a flipped image of this year's price action to the top. the price structure in the flipped fractal matches the current price structure in LTC's decent. And if the fractals plays out, the bottom is at 22. Personally I believe the bottom is between $49 and $43. I will demonstrate how i got to...
Biased for a breakdown. Breakdown target of triangle is $49. My previous ideas were a bit off, but the bearish bias was correct. I never believed it will bounce back over previous support (green dashed line), although it wicked over it several times. Bulls gave it a good try.
Twice rejected by the diagonal trendline, setting a similar curve down.Huge bearish divergences on the lower time frames. Near term Target 7600.