BTC short-term set-up and longer-term accumulation zone.
Hi all, I am posting this because at some stage you have to pick a side. If you don't you can't lose but you also can't benefit. I will go slightly beyond my technical analysis to paint a possible scenario.
In my view there will be a small price drop of between 6% and 10% to the low 6000s to high 5000s to finish wave C down. If price goes below $5755 please disregard any and all of this as it will have been invalidated (and at least another ABC correction can be expected before support is reached).
There is an expanding formation at the moment with similar highs over the past couple of weeks but progressively lower lows. The recent rally has not retraced more than 100% of the $5755 to $8500 move at this stage. If support above $5755 holds I expect to see a "partial decline" where price doesn't hit the lower trend-line before rising again. This would be a clear bullish signal to pattern traders, and also to Elliot Wave traders, but for different reasons. I would expect this to indicate an upper trend-line break is on the cards as $8500 will be the peak of wave 1 up (I didn't put this larger degree wave on the chart but the first target for wave 3 would be $8700+ and wave 5 target is $10,500+ (this is without a wave 3 or 5 extension)).
If people are buying the amount of BTC that they say they are, then the smart money is "buying the dip" in a big way and using the recent weakness as an opportunity to accumulate large amounts of BTC for long-term holding. There will be a transfer of wealth to more experienced players in the Crypto community. Accumulation comes before a bull run as smart money soaks up the floating supply while others are capitulating.
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Set-ups:
- shorting wave C down for 6 to 10% gain (caution; as once wave 5 down of wave C is complete expect a strong bounce),
- Once waves 1 and 2 are formed in wave C (wave C always has 5 waves); using the 1.618 wave 1 extension to set up some buy orders to go long either short or long-term.
Interesting note: This expanding formation isn't an ABCDE (3,3,3,3,3) formation as there are 5 sub-waves up and only 3 sub-waves down. Good luck everyone.
If $5755 holds I see this as the first signal of the end of the bear market, the following rally should make that clear.
In my view there will be a small price drop of between 6% and 10% to the low 6000s to high 5000s to finish wave C down. If price goes below $5755 please disregard any and all of this as it will have been invalidated (and at least another ABC correction can be expected before support is reached).
There is an expanding formation at the moment with similar highs over the past couple of weeks but progressively lower lows. The recent rally has not retraced more than 100% of the $5755 to $8500 move at this stage. If support above $5755 holds I expect to see a "partial decline" where price doesn't hit the lower trend-line before rising again. This would be a clear bullish signal to pattern traders, and also to Elliot Wave traders, but for different reasons. I would expect this to indicate an upper trend-line break is on the cards as $8500 will be the peak of wave 1 up (I didn't put this larger degree wave on the chart but the first target for wave 3 would be $8700+ and wave 5 target is $10,500+ (this is without a wave 3 or 5 extension)).
If people are buying the amount of BTC that they say they are, then the smart money is "buying the dip" in a big way and using the recent weakness as an opportunity to accumulate large amounts of BTC for long-term holding. There will be a transfer of wealth to more experienced players in the Crypto community. Accumulation comes before a bull run as smart money soaks up the floating supply while others are capitulating.
.
Set-ups:
- shorting wave C down for 6 to 10% gain (caution; as once wave 5 down of wave C is complete expect a strong bounce),
- Once waves 1 and 2 are formed in wave C (wave C always has 5 waves); using the 1.618 wave 1 extension to set up some buy orders to go long either short or long-term.
Interesting note: This expanding formation isn't an ABCDE (3,3,3,3,3) formation as there are 5 sub-waves up and only 3 sub-waves down. Good luck everyone.
If $5755 holds I see this as the first signal of the end of the bear market, the following rally should make that clear.
Nota
It appears that wave 1 and 2 of wave c have formed. It seems reasonable to expect one extended wave so a 2.618 target should work at around $6140 for the end of wave c. This price level is also coincident with the 1:1 extension of wave A down so there are 2 sources for the same target. Good luck, if it doesn't hit that level please don't sue me.Ordem cancelada
I wasn't in the trade, just looking for support to be reached. Bought some BTC at 6250 for medium / long term hold / distribution into altcoins.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.