Hello Everyone,
Welcome to my analysis on BTC. The BTC movement has been very tricky lately and hard to analyze (at least for me), but after the recent moves, it starts to make sense. Especially, the Elliot Waves. I have been trying to count the waves for weeks without having a decent picture of what is going on. But now, i see the following two likely scenarios.
1. After we have broken the long term logarithmic uptrend trendline, the drop to 7200 level is kind of expected as many people will enter short positions (based on trendline breakout signal). Currently, we see the price being pushed to the levels of Support level 1. Looking at the patterns and indicators, we see a potential of massive confluence across many indicators. MACD squeeze, RSI support, 0.786 fibonacci retracement and truncated C Elliot Wave forming a double bottom makes a decent combination to expect a trend reversal. I will partially enter long position here with stop loss below the 0.786 retracement line.
2. If we break below the 7200 support zone, i am very optimistic on reaching 6000 level where we see a full 1:1 retracement of the whole Bull run from Q3 2017. We will also form a double bottom with the previous big drop. I will be definitely entering long position here.
This is not a trading advice, please do your own analysis and decisions.
If you see an error in my Elliot Wave analysis, please let me know and i will be happy to discuss.
Best Regards,
D.
Welcome to my analysis on BTC. The BTC movement has been very tricky lately and hard to analyze (at least for me), but after the recent moves, it starts to make sense. Especially, the Elliot Waves. I have been trying to count the waves for weeks without having a decent picture of what is going on. But now, i see the following two likely scenarios.
1. After we have broken the long term logarithmic uptrend trendline, the drop to 7200 level is kind of expected as many people will enter short positions (based on trendline breakout signal). Currently, we see the price being pushed to the levels of Support level 1. Looking at the patterns and indicators, we see a potential of massive confluence across many indicators. MACD squeeze, RSI support, 0.786 fibonacci retracement and truncated C Elliot Wave forming a double bottom makes a decent combination to expect a trend reversal. I will partially enter long position here with stop loss below the 0.786 retracement line.
2. If we break below the 7200 support zone, i am very optimistic on reaching 6000 level where we see a full 1:1 retracement of the whole Bull run from Q3 2017. We will also form a double bottom with the previous big drop. I will be definitely entering long position here.
This is not a trading advice, please do your own analysis and decisions.
If you see an error in my Elliot Wave analysis, please let me know and i will be happy to discuss.
Best Regards,
D.