elliott wave analysis of bitcon on daily timeframe
looking at the chart there could be a possible zigzag formation (5-3-5 structure), labeled with red ABC on the chart
currently, in lower degree abc correction is in play and wave B on higher timeframe.
depending on abc formation, here is what to be expected
- if abc is forming zigzag formation then we may expect some more bullish price action before any probable reversal
- on the other hand, abc could form an expanded flat with a complex b wave and the formation will perfectly fit to wyckoff redistribution sychmatic. in this case we may experience a bearish price action - probably below the local bottom - folowed with a bullish price around the half of wave A in higher degree which will complete abc formation on lower degree. please check details presented on the chart
abc completion also means end of wave B in higher degree. based on zigzag rules wave C implies a bearish impulsive (5 waves) price action
please note that :
- these patterns do not provide any kind of certainty about future price movement, but rather, serve in helping to order the probabilities for future market action
- trade setups must be confirmed in conjunction with other forms of technical and fundamental analysis
- and please remeber that this analysis is not a financial advice and presented for educational purpose only
Peace at Home, Peace in the World
looking at the chart there could be a possible zigzag formation (5-3-5 structure), labeled with red ABC on the chart
currently, in lower degree abc correction is in play and wave B on higher timeframe.
depending on abc formation, here is what to be expected
- if abc is forming zigzag formation then we may expect some more bullish price action before any probable reversal
- on the other hand, abc could form an expanded flat with a complex b wave and the formation will perfectly fit to wyckoff redistribution sychmatic. in this case we may experience a bearish price action - probably below the local bottom - folowed with a bullish price around the half of wave A in higher degree which will complete abc formation on lower degree. please check details presented on the chart
abc completion also means end of wave B in higher degree. based on zigzag rules wave C implies a bearish impulsive (5 waves) price action
please note that :
- these patterns do not provide any kind of certainty about future price movement, but rather, serve in helping to order the probabilities for future market action
- trade setups must be confirmed in conjunction with other forms of technical and fundamental analysis
- and please remeber that this analysis is not a financial advice and presented for educational purpose only
Peace at Home, Peace in the World
Trade active:
the forcast presented here performed quite well, now let's try to analyze where the bottom could be
1-) weekly sma 200 might be the bottom, and here are the technical reasons (personal biased view, subject to fail) - 20-23K
2-) technically speaking from elliott perspective the invalidation level is around 14K which could be another level, which is also
* 1.618 fib level of the final leg
* target of double top, in case neck line broken
* approx same percentage drop compared to previous drops
3-) and finally, we might already be the bottom, assuming the formation is running flat or we are wave 4 on higher degree. on higher degree the invalidation level is around 20K
please note, the final leg in the flat corrections is expected to be an impulse move, wherus the formation at the moment looks like a zigzag. So let me remind that this post is not financial advice. It is for educational purposes only. aditinally, wave 5 on the chart is not yet calculated, will be updated once the wave 4 completion is confirmed
Educational post : How to forcast Elliott waves using fibonacci relations and channeling technique : Elliott-Wave-Theory-Motive-Waves , Elliott-Wave-Theory-Corrective-Waves
1-) weekly sma 200 might be the bottom, and here are the technical reasons (personal biased view, subject to fail) - 20-23K
2-) technically speaking from elliott perspective the invalidation level is around 14K which could be another level, which is also
* 1.618 fib level of the final leg
* target of double top, in case neck line broken
* approx same percentage drop compared to previous drops
3-) and finally, we might already be the bottom, assuming the formation is running flat or we are wave 4 on higher degree. on higher degree the invalidation level is around 20K
please note, the final leg in the flat corrections is expected to be an impulse move, wherus the formation at the moment looks like a zigzag. So let me remind that this post is not financial advice. It is for educational purposes only. aditinally, wave 5 on the chart is not yet calculated, will be updated once the wave 4 completion is confirmed
Educational post : How to forcast Elliott waves using fibonacci relations and channeling technique : Elliott-Wave-Theory-Motive-Waves , Elliott-Wave-Theory-Corrective-Waves
Trade closed: target reached:
after 3.5 months initial target reached
the last leg of the cycle is still in play (probably the final leg, yet to be confirmed based on the further develpoments)
currently we are in the liqudity gap area
no significant level of support zone till 19-18K
futher drop will not be a surprise
the last leg of the cycle is still in play (probably the final leg, yet to be confirmed based on the further develpoments)
currently we are in the liqudity gap area
no significant level of support zone till 19-18K
futher drop will not be a surprise
