Bitcoin Update : Elliot wave count, Invalidate previous analysis
Hello fellas, welcome back to the Sunday night update about bitcoin. Today is the January 5th, 2020 and this is going to be an awesome update for bitcoin for mid term use of trading set up. Here we go.
I have to admit that my previous perspective which said that the B wave has already confirmed could be invalidated when the price breaks the green region around the $7500 region. From my newest perspective and EW count that is very updated, we can see that there is a possibility for bitcoin to form an ABC structure which the B was bottomed at around the golden pocket region which coincides with the previous broken resistance that was become a support as well.
The 3-3-5 structure for the potential ABC corrective wave of the whole bearish structure could be in play with the potential target minimum at 1.1 fib extention around $8000 - $8100 region which once again coincides with the 38.2 fib retracement from bearish impulse wave of higher degree (gray region).
Break out of the green region will be another long entry or you can adjust the long entry when the price touches the yellow region as a pull back that I expect to occur in near future.
What can I say, mid term could be bullish, but for long term we're still under a huge pressure of bearish structure. And what my position for now? a big 0!
I have to admit that my previous perspective which said that the B wave has already confirmed could be invalidated when the price breaks the green region around the $7500 region. From my newest perspective and EW count that is very updated, we can see that there is a possibility for bitcoin to form an ABC structure which the B was bottomed at around the golden pocket region which coincides with the previous broken resistance that was become a support as well.
The 3-3-5 structure for the potential ABC corrective wave of the whole bearish structure could be in play with the potential target minimum at 1.1 fib extention around $8000 - $8100 region which once again coincides with the 38.2 fib retracement from bearish impulse wave of higher degree (gray region).
Break out of the green region will be another long entry or you can adjust the long entry when the price touches the yellow region as a pull back that I expect to occur in near future.
What can I say, mid term could be bullish, but for long term we're still under a huge pressure of bearish structure. And what my position for now? a big 0!
Leading first wave diagonal
Hello fellas, here I give you an update about current bitcoin condition which is very interesting. I want to make it as clean and quick as possible through this analysis.
I won't change my previous bias about the mid term run of potentially touch the $8000 region or even $8100 region. This analysis here is about the short term of bitcoin. we can see that every rally to the upside, the price need a retracement or correction for gaining momentum of the price to push further. Based on my chart, which I believe that currently the price is forming the C wave structure as the correction phase of higher bearish structure, I found an interesting pattern which usually known as the bearish rising wedges or we can classify this as the leading first wave diagonal of C wave. This is however looking good for bitcoin overall in mid term. But, for shorter term I'm expecting the price to touch the minor support around the $7370 region before another leg higher.
The market structure is looking incredibly bullish for mid term. But, once again I remind you that longing at the $7500 region which is acting as resistance isn't cool at all. I'd rather wait for the price to dip before another long entry.