In my current view, the bottom is not in yet. Based on Elliott Waves theory, we're still in wave 4 which should be finalized in a significant up-move to the 6000-6200 area. I expect that to take place by March 23 (possible earlier).
Following that, we should expect a swift decline to the 4K, or even sub-3K zone. Once that happens - in the last week of March, we should start a significant Rally - throughout the Halving event.
Following that, we should expect a swift decline to the 4K, or even sub-3K zone. Once that happens - in the last week of March, we should start a significant Rally - throughout the Halving event.
Trade closed: stop reached:
Still on track. We're in the midst of an impulse wave, ended its Wave 3, awaiting a retracement down before continuation to the upside to cross the 7K resistance. Until we reach 7.8K, I don't see this upmove an invalidation of the current hypothesis.
Trade active:
Trade WAS NOT STOPPED. Not sure why it says so in the previous comment. Might have fat-finger-pressed the wrong option...
Comment:
We just crossed the 162EMA and volume is increasing - there is still a lot of energy in this momentum as it breaks one resistance after the other. Idea not invalidated yet, but expecting momentum to slow down and change direction in the next couple of days, or otherwise will have to change my bearish bias.
Trade active:
Just hit the "Play" button and... BINGO!!!
How's that for accuracy both in PRICE AND TIME??
How's that for accuracy both in PRICE AND TIME??
Comment:
Not let's see if the final part of the cycle forecast will materialize...
Comment:
Still holding within the Wave4 range. Will probably go higher. Possible targets: 6800, 7200 or even 7800.
Expecting the dump to come after that, possible in the next day or two - depending on economic developments which have temporary impact on the price and time ranges
*** Not financial advice - just reflecting my hypothesis ****
Expecting the dump to come after that, possible in the next day or two - depending on economic developments which have temporary impact on the price and time ranges
*** Not financial advice - just reflecting my hypothesis ****
Comment:
*** if you wish to get more update, please like the thread ***
Comment:
A quick update on what just happened a few hours ago...
The rising wedge (a bearish pattern) broke to the downside, as expected. We didn't see the final push to the 7K+ zone, but we did break with a higher high, close to 7000 (~6900 depending on the exchange you're checking).
So what's next? We can still the push upwards, but the probability is lower now. Most probably we've started wave 5 - which will take us down. How much down? Depending on the momentum that we will see in the coming days. If I had to guess - I'd expect a drop below the 5K area within the next 48-72 hours.
*** None of this is financial advice. Do your own research, be cautious and smart. ***
The rising wedge (a bearish pattern) broke to the downside, as expected. We didn't see the final push to the 7K+ zone, but we did break with a higher high, close to 7000 (~6900 depending on the exchange you're checking).
So what's next? We can still the push upwards, but the probability is lower now. Most probably we've started wave 5 - which will take us down. How much down? Depending on the momentum that we will see in the coming days. If I had to guess - I'd expect a drop below the 5K area within the next 48-72 hours.
*** None of this is financial advice. Do your own research, be cautious and smart. ***
Comment:
No interest in this idea so I'll end its update here for now.
Trade closed manually