Where BTC going from here? BTC find bottom?
Last 4 - 5 months I tracked #Bitcoin to see when it will hit the bottom like many of you and I was expecting capitulation before we see a strong move up from BTC.
Did Crypto find bottom, Alts and BTC? I'm not 100% sure but altcoins made nice 50%+ move some even bigger move from bottom. If you are not already long on some of these movers or if you catch some of these moves I guess it is a good time to take some profits from table and move Stop in profit. I'm 100% sure I will not long here.
Why?
Because I'll wait to see where this going from here. Can Bitcoin push from here without retrace? Sure, it's possible, but the question is what kind of traders are you? Holder? Where to enter and where to place Stop? Anyway this is what I tracked these months for #BTC and what I was looking for (I know bear option is not popular) and what could happen.
Back in September '20 the first harmonic pattern I spotted (after BTC make big drop) was bullish Shark pattern. I also noticed that is choppy waves and usually it is not a good idea to take long in bearish market.
I got the bearish harmonic pattern in result of how the price moves (small Butterfly harmonic pattern)
Again, I noticed choppy waves (not impulse, this move should be part of some larger correction)
At same time, I got a larger harmonic pattern (121 pattern)
and 5 - 0 pattern, that is a specific harmonic pattern (small margin for error)
I assume this is just internal (inside) correction of larger move down (from 25k to 18k) and I have confluence of 3 #harmonic patterns.
Risk to Reward (R:R) is good and in bearish market is always a better option to ride with trend. Clear Entry, Stop and all Targets.
So, Bitcoin reached all targets, for one small and two larger harmonic patterns.
After that drop, the next pattern I got is small Cypher and Anti Butterfly pattern.
Like I said before, it is not a good idea to long in bearish market but these harmonic patterns reached all targets (I ask myself maybe trend is going to change)?
After a nice move from that bottom, Bitcoin reached new larger bearish harmonic patterns (very large 121 pattern and Cypher and Anti Butterfly)
These patterns even reached PRZ however they still did not reach "entry". The question is will it be invalidated (not reached "Entry" before break up) or we will see valid harmonic patterns (hit entry) and reached some targets?
One of the reasons to be careful is because I can see two more possible harmonic patterns above (Crab and more upside Nen Star and Anti Bat).
If this is not bottom one of the options are this Elliott wave that I see.
I guess soon we will see where the top is for this move up (if this is bottom) and what kind of move down we will see after we find top (if this is not yet). 3 or 5 wave down.
Enjoy and good hunting.
Did Crypto find bottom, Alts and BTC? I'm not 100% sure but altcoins made nice 50%+ move some even bigger move from bottom. If you are not already long on some of these movers or if you catch some of these moves I guess it is a good time to take some profits from table and move Stop in profit. I'm 100% sure I will not long here.
Why?
Because I'll wait to see where this going from here. Can Bitcoin push from here without retrace? Sure, it's possible, but the question is what kind of traders are you? Holder? Where to enter and where to place Stop? Anyway this is what I tracked these months for #BTC and what I was looking for (I know bear option is not popular) and what could happen.
Back in September '20 the first harmonic pattern I spotted (after BTC make big drop) was bullish Shark pattern. I also noticed that is choppy waves and usually it is not a good idea to take long in bearish market.
I got the bearish harmonic pattern in result of how the price moves (small Butterfly harmonic pattern)
At same time, I got a larger harmonic pattern (121 pattern)
I assume this is just internal (inside) correction of larger move down (from 25k to 18k) and I have confluence of 3 #harmonic patterns.
Risk to Reward (R:R) is good and in bearish market is always a better option to ride with trend. Clear Entry, Stop and all Targets.
So, Bitcoin reached all targets, for one small and two larger harmonic patterns.
After that drop, the next pattern I got is small Cypher and Anti Butterfly pattern.
After a nice move from that bottom, Bitcoin reached new larger bearish harmonic patterns (very large 121 pattern and Cypher and Anti Butterfly)
One of the reasons to be careful is because I can see two more possible harmonic patterns above (Crab and more upside Nen Star and Anti Bat).
If this is not bottom one of the options are this Elliott wave that I see.
I guess soon we will see where the top is for this move up (if this is bottom) and what kind of move down we will see after we find top (if this is not yet). 3 or 5 wave down.
Enjoy and good hunting.
Where is BTCUSDT after 2 months