Hi Everyone! As we watch the charts play out we see that we get more confident with our targets. Since we predicted 6600 levels was a good entry point and 7750 was a good time to take profits BTC has been moving the same way as we expected. The last few post we were focusing on shorter time frames such as, 4hr and the daily. Lets look at weekly to see how thing might play out in a longer time frame.
As we look at the weekly time frame, we see the importance of 50 EMA . We see that it has played an important role in 2018 when we were going down. Also we see that it played as support and resistance as we were moving in 2019 . Now that we have broken below the 50 EMA, we expectto go further down. I believe that we will continue to move further down within the channel in red until we start to move upwards again. I expect the Elliot wave to be complete with the bottom of the channel. However Elliot wves are tricky cant confirm a wave without it being fully develop. When we look at our previous posts the wave is completed at a lower level than what we have predicted in our previous posts(5800 levels). It is hard to call bottom , so cost averaging is the best option.
As Always just a thought, not an advice!! Stay safe!
Previous analysis:
As we look at the weekly time frame, we see the importance of 50 EMA . We see that it has played an important role in 2018 when we were going down. Also we see that it played as support and resistance as we were moving in 2019 . Now that we have broken below the 50 EMA, we expectto go further down. I believe that we will continue to move further down within the channel in red until we start to move upwards again. I expect the Elliot wave to be complete with the bottom of the channel. However Elliot wves are tricky cant confirm a wave without it being fully develop. When we look at our previous posts the wave is completed at a lower level than what we have predicted in our previous posts(5800 levels). It is hard to call bottom , so cost averaging is the best option.
As Always just a thought, not an advice!! Stay safe!
Previous analysis:
Comment:
As I said many times before never become a wick and buy on red candles and sell on green!!
Comment:
It seems like we have tested 50 ema on daily and will continue to descend. There are two other routs that BTC might take but I do not see them happening that likely. As always keep safe and make your own judgement!