Description chart short-term setup:
- Possible Zigzag (5-3-5) or Triangle formation.
- Touched mimimum retracement 0.618fib.
- Price action above the 0.618fib at $0.02907 will invalidate Zigzag pattern.
- Possible Zigzag (5-3-5) or Triangle formation.
- Touched mimimum retracement 0.618fib.
- Price action above the 0.618fib at $0.02907 will invalidate Zigzag pattern.
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Correction: did not touch the 0.618fib level at $0.02707, but closed at $0.27143.
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If price can break $0.032447 price can go up to $0.034139 for either a 3rd wave of 5th or a flat correction. Both have confluence at the $0.034.
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Target reached.
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Bitcoin looks bearish. Broke the 0.618fib. Not expecting anymore higher highs.
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Keeping this BTC scenario in mind.
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RSI trend break. Potential last wave up. See targets.
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First target reached.
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Hard to decipher what structure we are looking at. Feels like an ending diagonal. Keep an eye on any trend breaks. At the moment rsi & macd still looks good.
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Strongly believe in technical analysis. However, the BTC layer 2 & RBG++ narative could strongly influence CKB's value. Keep that in mind.
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Hit the 0.618fib retractement. Wait for bounce to take some risk off and determine the type of corrective structure before taking any position(s).
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Potential last motive 5th wave down. Before commencing wave 2 or wave B. dotted fib levels represent finished 5th, whereas straight lined are wave 4 retracement fibs and potential wave 5 target fibs.
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These are the worst type of corrections..
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Trade closed manually:
CKB had a massive 3rd wave run (5.618fib extension). I have taken some risk off on this bounce (25%). Bitcoin still looks very corrective. Unless price breaks previous high at $72698, I don’t expect CKB’s price to reach a new high. Expect a sharp impulsive correction for wave 4 (rule of alternation, flat corr. Wave 1-2).
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If BTC fails to break $72117 then expect lower prices.
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Potential C wave in the making.
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Warning! Noticed a wick below previous low present at binance but not at kucoin. The market is currently bleeding.
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The question right now is where are we? and where are we heading? so we can make a plan.
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Potential finished leading diagonal (submicro, 15min).
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BTC zigzag (ABC) got invalidated. Expect more downside.
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Quick update on CKB.
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Not sure what we are looking at atm. Price is trading at 0.618fib level. What I do know is that we are still trading in an acceleration channel, which indicates that the correction is not over.
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Made some adjustments to my main count. Still good for a final leg down.
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Food for thought. Is BTC currently printing an expanding diagonal (15min)?
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or an expanding triangle?
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Previous CKB count got invalidated. Don't have a good alternative. Multiple 1-2 setups are possible, but less likely. I do expect one more wave down for BTC. Thus CKB should experience downwards price action as well. Examing CKB's chart, we can identify a bear flag. Time will tell.
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Quick update on BTC. I see 5 motive waves down, but believe there is more downward price action to come, because it failed to make a lower low. Wave 5 passed the 0.886fib, which makes it less likely for a wave 2 and wave 4 looks i.m.o. very corrective and not impulsive.
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For discussion/educational purposes:
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More food for thought.
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Short-term targets for a potential finished wave 4 (black wave C). Could be part of a larger ABC (orange).
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Bitcoin seems to move in an ending diagonal.
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Keeping these BTC scenario's in mind when looking for some entry points.
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Still uncertain on Bitcoin's trajectory. Ending diagonal still seems viable. Price action is still moving in 3 waves, but we just printed a double bottem. Patiently wait for confirmation.
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Break above $64200 with pullback to neckline will confirm bullish momentum. Keep in mind that wave 3 submicro might still be part of a larger 3 wave. That will invalidate double bottom.
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Without knowing where we are and what structure we are looking at. I will only become (short-term) bullish once resistence gets broken at $0.021753.
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Bitcoin low might be in. Took an entry and wait for potential wave 2. Any feedback would be welcome.
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Previous chart was incorrectly labelled. The ending diagonal appears in Wave C of a zigzag. Wave 3 is shorter than wave 1, wave 5 is shorter than wave 3, and wave 3 is shorter than wave 2.
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Coming to a crossroad..
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Simple trade setup. Expect a last wave up for a potentially finished wave C. Confluence on the 1.236fib level.
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Potential explosive bullish ride on the horizon for Bitcoin. Multiple 1-2 setups that could lead to a very impulsive wave 3. Leading diagonal got invalidated, wave 3 was the shortest. Closing this post on CKB and start fresh.