Hello people,
Pay attention to these dates, zoom in the posted chart
Oct 26, 2019
Feb 13, 2020
Jun 01, 2020
Look how the price keeps getting rejected at $10500 level forming equal highs maintaining the bearish structure and still keeps forming lower lows. Structure on the weekly is still bearish and another leg down to form a lower low is expected knowing that we are in a broader C wave of an elliot wave cycle which most of the times lands in the territory of wave 4 around $161-$1185 however we are not expecting price to go that low due to the nature of the BTC but the very immediate target around $1800-$1930 level is in favor to complete the C wave.
I urge you to rely on technicals not emotions. some ppl say btc is not going back below 9k for example, these ppl talk and act emotionally and have no plan in trading they are the ones who longed the top around 10k on feb 13 and were saying btc never below 10k and yet we hit 3800 as we predicted this in our ideas before the crash.
Obviously we are bullish on bitcoin long term but only once the elliot wave cycle is over. then btc could rise and shine again and eventually reach those 100k+ levels. the only way we change our mind and bias to bullish and know that our elliot cycle is wrong is if we take out $10500 lower high point and form a reliable higher high point, from there we will look for long term bullish setups. keeping it simple.
Regarding the pandemic, we don't believe in these stuff and the only thing we operate off of is the chart and we think this pandemic is just a catalyst. we knew years before the pandemic that btc was following an elliot wave cycle flawlessly.
there are a lot of other technicals aspects we could highlight on the chart but we try not to polute the chart.
hope it all makes sense to you too and remember it's not a get rich quick thing everything has its own time cycle.
GL
Pay attention to these dates, zoom in the posted chart
Oct 26, 2019
Feb 13, 2020
Jun 01, 2020
Look how the price keeps getting rejected at $10500 level forming equal highs maintaining the bearish structure and still keeps forming lower lows. Structure on the weekly is still bearish and another leg down to form a lower low is expected knowing that we are in a broader C wave of an elliot wave cycle which most of the times lands in the territory of wave 4 around $161-$1185 however we are not expecting price to go that low due to the nature of the BTC but the very immediate target around $1800-$1930 level is in favor to complete the C wave.
I urge you to rely on technicals not emotions. some ppl say btc is not going back below 9k for example, these ppl talk and act emotionally and have no plan in trading they are the ones who longed the top around 10k on feb 13 and were saying btc never below 10k and yet we hit 3800 as we predicted this in our ideas before the crash.
Obviously we are bullish on bitcoin long term but only once the elliot wave cycle is over. then btc could rise and shine again and eventually reach those 100k+ levels. the only way we change our mind and bias to bullish and know that our elliot cycle is wrong is if we take out $10500 lower high point and form a reliable higher high point, from there we will look for long term bullish setups. keeping it simple.
Regarding the pandemic, we don't believe in these stuff and the only thing we operate off of is the chart and we think this pandemic is just a catalyst. we knew years before the pandemic that btc was following an elliot wave cycle flawlessly.
there are a lot of other technicals aspects we could highlight on the chart but we try not to polute the chart.
hope it all makes sense to you too and remember it's not a get rich quick thing everything has its own time cycle.
GL