BitcoinAtualizado >>> BTC has followed my chart for now!
Hi people, BTC has followed my chart for now, we see on the 4-hour chart 1. BTC is still in a downtrend since january 2. we formed a double top thats confirmed now 3. We had a elliot wave 1-5 and now the ABC correction, for me this is not an elliot wave failure because when you look on the 1 day chart there is wave C of the correction forming now. Elliot waves can have smaller waves in it! SO when there is a big elliot wave A-C there can be more elliot waves in there so i dont see a failure here.
So we are under the 61.8 % retracement of the retracement cycle, remember when we are under 61.8% fibonacci retracement this is indicated for an continuation of downtrend.
- We bounced up now from the support at 7840 witch i have marked with the horizontal black line, i hope you guys see this on chart.
- And the 61.8 % retracement mark pushed us back.
- The next downswing could bring us to around 6500 USD from where we could go a little up and then push downer.
- For now its waiting time to see more information.
Have fun and good luck with your trades!
So we are under the 61.8 % retracement of the retracement cycle, remember when we are under 61.8% fibonacci retracement this is indicated for an continuation of downtrend.
- We bounced up now from the support at 7840 witch i have marked with the horizontal black line, i hope you guys see this on chart.
- And the 61.8 % retracement mark pushed us back.
- The next downswing could bring us to around 6500 USD from where we could go a little up and then push downer.
- For now its waiting time to see more information.
Have fun and good luck with your trades!
Nota
We see BTC reacting on the 61.8 retracement mark that could possible be the beginning of wave C in the current swing.Nota
UPDATE: BTC is consolidating between 61.8 fibs retracement and elliot support/resistance line of elliot wave 2. Could be a third bear flag my friends!!
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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.