I've predicted this path for the head of the second shoulder based on previous trends and patterns. Therefore I've come to the thought that this all is just the (B-Wave up) and a part of a big ABC correction following up on our 5 wave up. (which was A) After hitting this target we should be seeing a sharp C wave finishing up this shoulder pattern nicely.
If this is the correct wave count for this huge wave C then we should be on the start of the 3 third wave now.
In the bigger picture we see that we're currently in the right shoulder being formed of a head and shoulders pattern.
So there is a possibility that we will have a sharp abc- type of correction after this 5 wave structure towards our target.
Hello, this is my analysis for bitcoin
I believer we're going to test resistance at 8.9k
I've also marked a buy zone
good luck trading
Target : 8900
Buy zone : 8350
This is just an idea, no financial advice :D
Scenario 1: we're up trending from here on continuing our first Elliot wave up.
Scenario 2: This is the B leg up from the ABC correction from our last 5 waves up.
We see slight divergence on MACD, we see volume picking up but not by much.
Will the bulls push on towards our next resistance?
The decision point is nearing soon....
This is my take on BTC with Elliot wave analysis.
My target is between 8850-9050 USD.
The red line is our resistance line which I expect it to bounce off. It aligns perfectly with our fibonacci extension. Good luck, and happy trading!
Feedback is appreciated!
Welcome to my first ever published TA, this is just an idea and I want all your opinions on it. I'm still learning so don't use my investment strategy as financial advise.
Looking at the price action the past few days I think we're finally looking at a short term more bullish BTC.
Watch: 12.1k USD for breakout to 13k, 10k-10.25k for start of a new...