Hi all,
I am still practicing the art of Elliot Wave; please comment if you believe this count to not be correct.
Firstly i will show you the logic of why i think we have bottomed out @ $6500; as well as the fundamentals of Pantera saying they belive that $6500 was the "likely" bottom. We then had the hightest 1hr volume candle in the HISTORY of BTC; for me this is a massive massive sign that a large institute believed we have bottomed too.
I think the next week is critical to really break out of the bear trend (which in my eyes has not yet been confirmed). A break above around $8450 should signal to those waiting that we are indeed bullish and more longs should be opened. If we can break through $8500 with conviction; i would hope lots of shorts will be closed and thus propell us higher.
I see our current up trend from the end of Wave 4 stopping shy of a 1:1 extension; there is heavy resistance around $9300. My personal target is just around $9000
If we reach my target; i will be taking profit with expectation of a correction back down to test $8500 again.
Count from all time high... this is why i think we have hit bottom
Count since March
I am still practicing the art of Elliot Wave; please comment if you believe this count to not be correct.
Firstly i will show you the logic of why i think we have bottomed out @ $6500; as well as the fundamentals of Pantera saying they belive that $6500 was the "likely" bottom. We then had the hightest 1hr volume candle in the HISTORY of BTC; for me this is a massive massive sign that a large institute believed we have bottomed too.
I think the next week is critical to really break out of the bear trend (which in my eyes has not yet been confirmed). A break above around $8450 should signal to those waiting that we are indeed bullish and more longs should be opened. If we can break through $8500 with conviction; i would hope lots of shorts will be closed and thus propell us higher.
I see our current up trend from the end of Wave 4 stopping shy of a 1:1 extension; there is heavy resistance around $9300. My personal target is just around $9000
If we reach my target; i will be taking profit with expectation of a correction back down to test $8500 again.
Trade closed: target reached
So far the bulls remain in control and have pushed through $8500.... so far EW count is showing that we are indeed on wave 5 up.
I have reduced my personal target to around $8700 - $8800 due to length of wave 1. Wave 5 is typically 61.8%, 100% or 123.6% of Wave 1.
Expectation to correct back down to around $7750 - $8000 once next target it his but we will need to see how the waves form for a more accurate target.