Convergence of 5 Patterns at $7550
You see that BTC price is behaving nicely with my Elliott Wave counts. We are on microsubwave 3 of minisubwave 5 of subwave C of Wave 2.
We see also see other patterns
Patterns in Play
1. Historical support/resistance for the current wave structure (since $7250) = $7550
2. Double top pattern (75% success rate) = predicts bottom of $7540
3. Elliott Wave (completing wave 3 of wave 2) = predicts $7460 - $7650
4. Ascending Channel (73% success rate) = supports above bottoms and predicts that when we hit bottom, we will begin a wave 3 (fluorescent green channel)
5. Bearish Pennant (55% success rate) = supports price will go below $7780 (drawn in pink)
Trends that predict alternatives:
1. Cross over of long term trend lines (top and bottom prices) = bottom of $7329
2. Cross over of sub-subwave 5 channel with subwave C = bottom of $7430
Comment: I don't think Trend #1 is significant. Long term trends are generalizations the further in time we go. The range boundaries becomes more hazy, like the shot pattern of a 12 gauge. $7550 IMO would be a confirmation of Trend #1, even at $7550.
Signs of a big crash:
1. fall below $7250
We see also see other patterns
Patterns in Play
1. Historical support/resistance for the current wave structure (since $7250) = $7550
2. Double top pattern (75% success rate) = predicts bottom of $7540
3. Elliott Wave (completing wave 3 of wave 2) = predicts $7460 - $7650
4. Ascending Channel (73% success rate) = supports above bottoms and predicts that when we hit bottom, we will begin a wave 3 (fluorescent green channel)
5. Bearish Pennant (55% success rate) = supports price will go below $7780 (drawn in pink)
Trends that predict alternatives:
1. Cross over of long term trend lines (top and bottom prices) = bottom of $7329
2. Cross over of sub-subwave 5 channel with subwave C = bottom of $7430
Comment: I don't think Trend #1 is significant. Long term trends are generalizations the further in time we go. The range boundaries becomes more hazy, like the shot pattern of a 12 gauge. $7550 IMO would be a confirmation of Trend #1, even at $7550.
Signs of a big crash:
1. fall below $7250
Nota
mean to say "(completing wave C of Wave 2)" not "(wave 3 of wave 2)"
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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.