BTC at Resistance, Potential Pull Back Incoming (Elliott Wave)
BTC has formed into a clear zigzag pattern and it appears we're at the end of wave-c. Wave-b is an irregular failure flat which means wave-c had to be at minimum larger than wave-a in price. This minimum target has been reached and we've also reached the time target for wave-c (0.5(a+b)=c). Short-term momentum, harmonics and fractals are also indicating a top has formed.
Difficult to say what comes next other than that this looks like at the very least we'll get an x-wave and go under 40k. Worst case scenario for bulls would be a full retracement of this bounce but that seems unlikely. I am leaning more towards a higher low before we really start to climb back towards 50k+
Difficult to say what comes next other than that this looks like at the very least we'll get an x-wave and go under 40k. Worst case scenario for bulls would be a full retracement of this bounce but that seems unlikely. I am leaning more towards a higher low before we really start to climb back towards 50k+
Comment:
Correction: Time target for wave-c was (a+b)=c
Trade closed: stop reached:
Stops we're hit when we made a new high @ 43k, was less than 1% risk on this hedge. Wave-c could potentially still play out but there is a larger breakout occurring and if this does pull back from here it probably won't go very deep.
Comment:
While the Zigzag is still a possibility, it's also possible that this could be forming an impulsive 5th wave extension.
That would mean we're in wave-4 right now and we're going to go sideways for almost 2 weeks and then we'll get a much bigger wave up.
This would fit better with the larger breakout that is occurring now
While the Zigzag is still a possibility, it's also possible that this could be forming an impulsive 5th wave extension.
That would mean we're in wave-4 right now and we're going to go sideways for almost 2 weeks and then we'll get a much bigger wave up.
This would fit better with the larger breakout that is occurring now
Comment:
It looks like wave-4 will make one more retest of the trendline before we head up. If 40k support fails then I would expect much lower prices.
It looks like wave-4 will make one more retest of the trendline before we head up. If 40k support fails then I would expect much lower prices.
Comment:
Because we're right at the long-term time/price target for wave-c and a terminal looks good on the monthly, I am also forcing this terminal count on the weekly, but even on the weekly it looks pretty good as far as time/price relations go. It has reverse alternation but that is perfectly valid and at the very least if it's not a terminal impulse it's probably a triangle pattern.
Either way, most indications are pointing we're very close to the end of the large wave-C and should see a big move up very soon.
This also fits in with the Russia invasion. Invasions tend to be a sell the rumor, buy the news event. And this news is going to cause a lot of inflation and damage to the US dollar, international banking, and fiat in general, while crypto takes center stage as the solution to all these problems.
Because we're right at the long-term time/price target for wave-c and a terminal looks good on the monthly, I am also forcing this terminal count on the weekly, but even on the weekly it looks pretty good as far as time/price relations go. It has reverse alternation but that is perfectly valid and at the very least if it's not a terminal impulse it's probably a triangle pattern.
Either way, most indications are pointing we're very close to the end of the large wave-C and should see a big move up very soon.
This also fits in with the Russia invasion. Invasions tend to be a sell the rumor, buy the news event. And this news is going to cause a lot of inflation and damage to the US dollar, international banking, and fiat in general, while crypto takes center stage as the solution to all these problems.
