Look carefully. I'm not saying to that anybody needs to trade 3-day time frames.
The point of this chart is to show that there is an overdue correction - and I don't know when it's gonna happen. Why? Cuz unlike many out here, I have no crystal ball - and I don't own the future.
Elliott waves are not to be interpreted rigidly. Fibonacci does not tell markets...
Was not going to post this chart again as took alot of flack last time for doing so, but it really does make the present day indecision really clear as summed up in this great video by Waves.618:-
Alternative to yesterdays bearish scenario, watching for the bounce off 200ma 4h which we got, so now watching for invalidation of bullish run. If we drop below 7450 i will revert to yesterdays bearish chart to watch for validation/invalidations at each wave point
This formation not been easy to foresee but now becoming a bit clearer with this smaller ABCDE Elliott Wave triangle having broken(broken yellow lines).
Targets as per chart but $8500 seems most likely short term!
This excellent video may reveal how we got there:-
2019 Cryptocurrency (Elliott Wave): Inflection Point
From the 2018 bear market low set on 15-DEC-2018, the Bitcoin bull market has gained 340% into the high of 26-JUN-2019. Since then, the largest pullback of the 2019 bull market has been underway, thus far a 35% decline heading into...
Expectations of a rapid downward move diminished as time goes by and still none the wiser as bitcoin manages to confuse elliott wave counts and patterns, I include myself, until they become obvious!
This pitchfork however has remained constant throughout in meeting the median lines.
Anybody who thinks this count is easy by all accounts is a master..... which takes me out !
Hidden within is a possible inverse head and shoulders but not confirmed with a strong break above $10980 to confirm.
21 EMA = white line
233 EMA = purple line
If this is a triangle pattern then (2) will...
Most traders would agree I am sure this is a very difficult region to trade, so to say we have found "Equilibrium" for this level would be a fair assumption! Predictions equally from here are very difficult since we are in a "Descending Triangle" formation normally bearish but can also break to the upside.
Seeing machines ahead of the full year results and expected new contract news printing a massive bull flag, with a projected 60-100% gain targets next.
Get in while at this small pull back of correction ended.
Either we break today or we travel along to Apex for another couple of days?
Targets using Fibonacci Extension and Elliott Wave abc 1 ~ 1 or 1.236 to maybe take us up to the upper/lower diagonals of the larger Triangle.
BTC seems to following the pattern well.
Use the pattern lines as a guide as it is unclear whether we are going to paint a contracting, expanding or regular flat.
Sell now, buy at the bottom of the correction, sell again at the top and wait for cheap BTC below 7k.
Use opportunities like this to gain more coins, dont just hodl, its not good for your health. :p