Good morning, traders. Bitcoin has continued its climb, stopping just shy of $13,000 overnight before retracing to just under $12,200. Some of the crazy volatility hit my SL and stopped me out in profit last night but I longed once more and remain long at this time. Currently, it appears that price is printing a flag which should have a target of $14564. This is also just about the same target as the height of the ascending blue channel. The red line is the weekly resistance dating back to the beginning of 2018, which lines up almost perfectly as well. If price hits this level, then it completes its journey toward the target that I have been telling traders to watch for since it broke above the 2018 descending wedge in December. I don't know about anyone else that has had this target since then. I'm sure someone, somewhere did, but I haven't come across them yet.
That being said, the question then becomes is this the end of Wave 3 or Wave 5? If you've been following me, then you know that Wave 3 would make for an easier count. Often, in Elliott Wave analysis, the easier count is the correct one. So, for now, that's what I'm looking at. Price can obviously continue higher from here as there is a lot of room above that red line. In that case, we would have to take another look at the count if it does. At this time, I am looking to exit in that green box somewhere between ~$14100 and ~$14600. I will be looking for confirmation before shorting. That ascending black line in the green box is the top of the ascending channel that began in the $4000s and touching it would give us 4 alternating touches of the channel. The target, if price were to exit the top of the channel today or tomorrow, based on the height of that large channel would be just around the ATH in the mid-$19000s. The 4H Stoch RSI seems just about tapped out, but the 1H Stoch RSI has a lot of room to run, and as we can see price has been consolidating right at/under the R2 pivot. A break up would have us looking for price to target the R3 pivot which happens to be at the low end of my green box.
As always, I will be discussing this and more in this morning's YouTube video (link is below). The "more" often includes an analysis of ETHUSD, LTCUSD, XRPUSD, Gold, USD, and/or equities, as well as my thoughts on current news.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
That being said, the question then becomes is this the end of Wave 3 or Wave 5? If you've been following me, then you know that Wave 3 would make for an easier count. Often, in Elliott Wave analysis, the easier count is the correct one. So, for now, that's what I'm looking at. Price can obviously continue higher from here as there is a lot of room above that red line. In that case, we would have to take another look at the count if it does. At this time, I am looking to exit in that green box somewhere between ~$14100 and ~$14600. I will be looking for confirmation before shorting. That ascending black line in the green box is the top of the ascending channel that began in the $4000s and touching it would give us 4 alternating touches of the channel. The target, if price were to exit the top of the channel today or tomorrow, based on the height of that large channel would be just around the ATH in the mid-$19000s. The 4H Stoch RSI seems just about tapped out, but the 1H Stoch RSI has a lot of room to run, and as we can see price has been consolidating right at/under the R2 pivot. A break up would have us looking for price to target the R3 pivot which happens to be at the low end of my green box.
As always, I will be discussing this and more in this morning's YouTube video (link is below). The "more" often includes an analysis of ETHUSD, LTCUSD, XRPUSD, Gold, USD, and/or equities, as well as my thoughts on current news.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.