CastAwayTrader

CastAwayTrader

Bitcoin spiked to a lower low on Sunday afternoon and doing that it completed the micro a-b-c down structure of a micro wave v of -c- of -v- of ( c ) of ( iv ) down. Then bitcoin turned up strongly and has broken out through the first resistance 55,382. This move up looks like start of a new rally. The next resistance to clear is 60,100.

CastAwayTrader

Overnight bitcoin tagged support of the Green Demand zone and turned back up strongly. Bears are left with a corrective looking flat (a)-(b)-(c) down structure of wave ( iv ) down. That is a good setup for bulls to produce a rally to the 1 st target at 64,500

CastAwayTrader

This is another reasonable way of counting that decline. It could very well be subwave (c) of wave ( iv ) down, Under that count bulls have a setup to rally to 65,000 in subwave (a) of wave ( v ) up.

CastAwayTrader

As we expected, overnight Bitcoin has hit our target. We have got a clean -a-b-c- move down to a confluence of important levels: - 123.6% ext of wave -a- down - the low made by the previous pullback in wave -iv-down. This is a very attractive setup for another big rally.

CastAwayTrader

BTCUSD started the decline in wave -c- down as we expected. This wave -c- down should be composed of five waves and most likely will push BTC under 60,000.

CastAwayTrader

Bitcoin rallied as expected an hit the Red Supply zone. That is a short setup for decline in subwave -c- of wave B down that should push Bitcoin under 60,000. That large -a-b-c down structure would set a stage to a new big rally targeting 100,000

CastAwayTrader

Yesterday we almost nailed the bottom in BTC and it turned back up as we expected. It bounced up strongly to 64,500. I expected the bounce to extend higher. But I do not think the move up on Friday was all of subwave c of wave -b- up. Most likely it was only a micro wave i up and the overnight decline is a micro corrective ii down that by the way still has...

CastAwayTrader

Bitcoin failed to climb over the resistance. It looks bearish mid term. The first week of November has been bearish for Bitcoin over the last five years. That second leg down would complete a corrective pullback in wave ( iv ) down

CastAwayTrader

Bitcoin has a bearish setup to drop to 54,000. It continues to work on a corrective pullback in wave ( iv ) down

CastAwayTrader

Bulls should bear in mind that wave ( iii ) up may have topped. And that means Bitcoin may start a relatively large (a)-(b)-(c) down move in wave ( iv ) down into 20th of a month (repeating trough). After completion of that corrective pullback we should get another rally in wave ( v ) up that should be able to re-test the previous high in 66,000 area

CastAwayTrader

Our count is still alive. Despite a very strong push higher in wave -b- up we still can consider it a part of a corrective -a- down, -b- up, -c- down pullback shaped as the Expanded Flat structure. We can get decline to the very same purple quarterly pivot 54,761 in wave -c- of -iv- down.

CastAwayTrader

We got a sharp bounce in Bitcoin we correctly predicted. That bounce completed an a-b-c up bounce off the double bottom made at the purple quarterly pivot. Remember, BTC is working on a corrective wave iv down shaped as -a-b-c-. We have got the first leg down labelled -a- followed by a bounce labelled -b-. Now we can expect another push down -n subwave -c- of...

CastAwayTrader

As my wave count expected, Bitcoin started a minor pullback in a micro wave iv down targeting 51,600. Today we may get a bounce to 56,000 in subwave b up of wave iv down. Then we should get the second leg down in subwave c of wave iv down to 51,600

CastAwayTrader

This rally looks like subwave (c) of wave ( iii ) up. Normally wave iii of ( c ) of ( iii ) up tops at 100% ext of subwave ( a ) of wave ( iii ). That decline in a micro wave iv down comes as a sharp straight drop without micro a-b-c structure.

CastAwayTrader

Bitcoin keeps pushing along my bullish path. Bitcoin - the next resistance is 51,100-51,300

CastAwayTrader

Bitcoin produced a clean (a)-(b)-(c) down corrective structure off the last high made at 52,956. I count that high as the top of a micro wave ( iii ) up. The (a)-(b)-(c) down decline retraced a textbook 50% of that rally. That is a typical target for a corrective wave ( iv ) down. The next move should be subwave (a) of wave ( v ) up targeting the previous high...

CastAwayTrader

The ultimate goal for this rally in subwave A of wave 5 up is to reach the previous high made by wave 3 up. That subwave A of wave 5 up has to have a clean impulsive count and should subdivide into five micro waves. At this point we are watching final stages of wave ( iii ) up. A corrective wave ( iv ) down may push price back down to 44,150 - 42,300. We can...

CastAwayTrader

This decline in Bitcoin stopped over the critical support at the low made by the previous correction in subwave B down of wave 3 up. That means the bullish structure is still valid. As long as a stock or cypto keeps making higher highs and as long as every pullback respects lows made by previous corrections we can expect new higher highs to come. After completion...