After the previous local correction we are now well on the way to our next targets. Bitcoin remains within the bearish Linear Regression Channel. We can slowly start shifting our bias from short-term bullish to cautiously bearish.
With the daily MFI entering the critical zone (70-80) and volume/momentum steadily decreasing, giving us divergence on the 4h MFI, we...
It's getting choppy in the market. After $BTC had trouble pinching through support, forming a couple of higher lows in the past week, we witnessed a relatively strong move to the upside with increased bullish volume.
BTCUSD is currently stuck at a local resistance zone, marked by the top of the bearish linear regression channel. As we might expect another push to...
After the previous local correction we are now well on the way to our next targets and slowly shifting bias from short-term bullish to cautiously bearish.
With volume steadily decreasing, giving us divergence on the 4h MFI and the daily MFI entering the critical zone (70-80), we are currently approaching a few key price targets at 50.345$ (already reached) and the...
$BTC has seen a break of the bullish trend channel (since March 2020).
Recently we have seen a retest of the channel downside
We seem to be in a new corrective structure with a bearish bias.
With the bullish price action of the previous weeks (higher low after bullish divergence on the MFI), we can be confident that $BTC will reach our first target of $8200 and maybe even wick to our second target at $8600 (as pointed out in the low time frame analysis).
Hoverer, according to this Wave count this is only wave b of c within a complex WXY corrective...
Here a little update on current $BTC price action.
After finishing wave of 3 of 5 in the impulse up, we formed a (temporary) lower high, at the moment labeled as (B) of the lower degree.
Now with current price action in mind, we can project a low time frame channel from the top of wave 3 to what seems to be the end of (B) with the bottom at (A).
Several...
According to this low time frame analysis $BTC is well on it's way within wave 4 of the current impulse wave up (we assume a target of about $8600 for wave 5).
With Wave (A) of an ABC correction about to finish (the count suggests that we are currently finishing wave 5), we can assume a retest of the area of $8200 before finishing the wave 4 correction at $7700...
Now that our target at the top of the bear channel is reached, the question is: Will we see a break-out of the channel or the anticipated last move down to the vicinity of $5600.
Whilst some analysts rightly claim, that there might still be a last leg up in current wave c, we would have to see if that entails a break of the channel on a weekly time frame, or...
As discussed in my previous analysis on both the higher and lower time frame analysis of $BTC, we are currently in what I anticipate to be b of an abc corrective pattern of a higher degree, possibly leading us to as high as $8600 (golden ratio of a of the higher degree), but more likely to the vicinity of $8200.
The argument for this more probable first target...
As denoted in the previous high time frame analysis, we can expect $LTC to be in wave (C) of an ABC corrective pattern within Y of a complex WXY of a higher degree.
According to the current count WXY is composed of a 5-3-3 structure, wherein the last 3, in which we currently seem to be is currently formed by a 5-3-? structure. The last leg might turn out to be an...
According to this low time frame wave count we are now in the second leg of a corrective pattern (B). This could lead $BTC price to somewhere around $7600 before retracing in(B) to the 0.5 fib level of (A) at a round $7100.
If this holds true we could be looking at Wave (C) targeting around $8000 correlating with two fib levels and channel resistance: 1. The 0.7...
According to this analysis we could be at the beginning of the end of a complex correction (WXY) landing us on the juncture of two crossing channels (bearish corrective channel, red modified schiff and bullish impulse channel, green modified schiff).
In support of this current count stands the bullish divergence (higher low on MFI and lower high in price action)...
Where are we at?
According to this analysis of $LTC on the Daily we could be at the beginning of wave (C) of a lower time frame ABC corrective pattern (low time frame analysis will follow).
Overall this could mark the beginning of the end of a complex WXY correction which has been channeling $LTC since July 2019 (this correlates nicely with $BTC that seems to...
Vis-a-vis my last count I updated my labeling.
According to my analysis we are in a complex WXYXZ correction and we are now in wave B of C before actually ending this corrective pattern. I would like to see this last Z wave to correlate with continued divergence on the MFI.
This could entail a long position to close to $8000 within the bearish channel and then a...
According to this analysis we could be at the end of a complex correction (WXY) landing us on the juncture of two crossing channels (bearish corrective channel, red modified schiff and bullish impulse channel, green modified schiff ).
In support of this current count stands the bullish divergence (higher low on MFI and lower high in price action). The count is...
According to this analysis we could be at the end of a complex correction (WXYXZ) landing us on the juncture of two crossing channels (bearish corrective channel, red modified schiff and bullish impulse channel, red modified schiff). In support of this current count stands the bullish divergence (higher low on MFI and lower high in price). In accordance we should...
Let's see where it goes from here. Since it is still part of the corrective structure of (B) we should at least see a double top in the vicinity of Wave 5 of leg (A), if not higher. We would thus have to assume a break-out of the triangle to the upside.
