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:-
Price closed below the daily 200EMA and 4HR 200EMA and is below the daily pivot point. Expecting price to continue in the downtrend Weekly S1 which is also the physiological level at 8800 and potentially on to S2 at 8740. Watch for a potential retrace back to Weekly Pivot and 55EMA if price fails to break lower than 8850.
Short at 8850 with TP1 at...
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.
Again early days and for this pattern(red broken lines) but maybe second valley formed looking for third peak and resolution?
Trade Devil just been there on an impulsive boredom long:-
Result sitting on hands seems to be best trade but holding from lower levels lol
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.
Cleaned the pitchforks up for you connoisseurs of chart artwork lol.
So the triangle has the potential as always to break either way with obvious support and resistance shown as green and red lines respectively! I favour we are making wave 2 of higher wave (v) in a downward direction at the moment but if it breaks $10760 or thereabouts then we could be in wave 3 up?
We have dropped below the long term bullish pitchfork and appear to have completed wave (iv) in recent downward impulse.
Looking for opportunity to go short as initial drop very rapid from Rising Wedge break!
Good Educational Videos on Pitchforks and Rising...
If we have made a local top then possibly the (X) wave has reached its ultimate target 61.8% ~ 65% retracement of (W). This would then tie in with this local top made by the "Tweezer" pattern candle formation ~ only time will tell if this plays out?