Dear Reader,
I'm going to take a wild gander at this one. I know it might be too early to tell.
We appear to have an Elliot flat wave structure unfolding from a descending triangle. If wave C completes as an extended wave, BTC would also complete a head and shoulders pattern visible on the daily. This in turn would prompt a likely move to the lower channel bound (daily) which is at about $ 7000.
Let's see what happens.
Happy Trading !
PS: Will supply accurate target measurements, should my hypothesis have legs.
I'm going to take a wild gander at this one. I know it might be too early to tell.
We appear to have an Elliot flat wave structure unfolding from a descending triangle. If wave C completes as an extended wave, BTC would also complete a head and shoulders pattern visible on the daily. This in turn would prompt a likely move to the lower channel bound (daily) which is at about $ 7000.
Let's see what happens.
Happy Trading !
PS: Will supply accurate target measurements, should my hypothesis have legs.
Note
Seems I had a good hunch! This is playing out as a flat wave structure. Bottom line .. get the moonshine ready, because we are going deep south !Note
My targets were off ... but the idea is running it's course.Note
Please notice the 4x MA's which are about to cross downwards. Confirmation of WAVE C (5 sub-waves) down. Max target is 161.8%.Note
Sub-wave 1 of Wave C has completed and sub-wave 2 of Wave C is underway. Assuming sub-wave 2 completes as projected, the remainder of the targets should be reasonably accurate.Note
Sub-wave 2 target reached ... now for the big dipper !Note
Dear Reader,See chart below.
Thin red line = short positions. Clearly a massive temptation to take out all those shorts. If we rise above $9200 my idea is toast! However, we may see this pattern resume.
Let's see.
Note
Final thoughts. See chart below.RSI completely overbought. Divergence on MACD. Traders opening short positions like crazy. Long positions on the decline. Are we really going up ?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.