Hi fellow traders
So far BTC is tracking the same as 2014 correction which I analysed March 9. Expect a large upswing soon.
Been looking at then previous trend to 6000 in Jan. Very similar pattern to this point. Even where corrective waves are in the same fib corridors. Extrapolating with fib gets us to 5557. This would match the support level of the start of the extended 5th wave in December. The retracement of extended 5th waves will end up back at the start of the extended wave according to Elliott. I would expect a decent upswing at this level.
Watch the volume levels. The profile of the volume at the moment matches the same profile as the 9000-8300 drop end Jan. I suspect a bull trap at the moment.
It could however take a short cut to 5557. CME futures expire in about 8 hours.
Keep an eye on tether being released into circulation ($300m waiting). I suspect this will happen at the start of the next large impulse.
Not intended as trading advice, purely educational information.
Trade safe.
Chur
So far BTC is tracking the same as 2014 correction which I analysed March 9. Expect a large upswing soon.
Been looking at then previous trend to 6000 in Jan. Very similar pattern to this point. Even where corrective waves are in the same fib corridors. Extrapolating with fib gets us to 5557. This would match the support level of the start of the extended 5th wave in December. The retracement of extended 5th waves will end up back at the start of the extended wave according to Elliott. I would expect a decent upswing at this level.
Watch the volume levels. The profile of the volume at the moment matches the same profile as the 9000-8300 drop end Jan. I suspect a bull trap at the moment.
It could however take a short cut to 5557. CME futures expire in about 8 hours.
Keep an eye on tether being released into circulation ($300m waiting). I suspect this will happen at the start of the next large impulse.
Not intended as trading advice, purely educational information.
Trade safe.
Chur
