Quick move happened after the update I just posted We have SFP the swing high at 23k for a nice rejection, a short opportunity in my opinion. If we lose the daily at 22.5k, it would confirm weakness on BTC Other levels haven't changed from last post Any questions? Good luck traders Remember not to break your rules Habib
In my last update I told you guys about my interest of the fib golden pocket area (20.4-20.7k), and expected a move down to that level if we lost 21.8k We ended up losing 21.8k and moving down to our area of interest, for a nice bounce of 7% until now To the upside now, for resistance levels we have: - 22.2k (now) : fib golden pocket, anchored vwap uper band,...
BTC is at the VAH of the range and is providing a small bounce for now If we lose 21.8k I am personally interested in 20.4-20.7k as we have a lot of confluence in that area If we lose this 20.6k area BTC would look pretty weak, and new lows can be expected For now, if we can manage to hold 21.8k and reclaim the daily at 23.4k it would be a good sign of...
BTC is running into its last area of resistance (23.5-24.5k) and is just consolidating at the moment If we start breaking above this level, we could get quick moves to 28-29k as the drop from 32k to 22k ish was very quick, as you can see there is not a lot of market structure going on in that area. So the move back up can happen as fast as it did down. It would...
This update is going to be a bit different than usual, but still a very important one. In the last few weeks, I have shared with you guys my primary Elliott wave count (last one is linked below) where I believed we were coming to the end of the correction. As I shared with you guys, after the bottom at 17.5k on the 18th of June, I expected a bounce in a wave 4...
Very quick update: BTC ended up pushing above the highs @22.5k with a failed auction The rejection has been very strong until now so this being an important high is probable Here, again I'm looking at the 20.5-20.8k area If we lose it I would honestly expect a break of the lows at 17.5k If we move back up first target is 23.5-24k, which if we break we can...
In my last update I gave you the support level at 19.2k We ended getting a beautiful failed auction below the daily with lots of people shorting because of the CPI news which gave us a nice bounce until now I also said that reclaiming 20.5k would be a nice sign of strength, giving us good chances of breaking the daily at 22.5k However, before this can happen, we...
In my last update, I talked about getting a bounce in a wave 4 then one more drop for a wave 5 according to my EW count. It looks like this could be what is unfolding right now, we pushed up to the daily at 22.5k before rejecting it (potential high for wave 4) and we are now moving down in a wave 5. We are at our last zone of support right now : - Daily at...
In my last update, I showed you my preferred EW count and explained why I wanted to see one last drop in a wave 5. We ended up dropping as expected, with a pretty strong move to the downside Some support levels (22.7-23.5k) didn't provide much support, and BTC continued its move to the downside. Going back to the EW count, this move down happened in 3 waves in...
In my 2 last updates we talked about the long setups that were given to us from the drop to 25k, but also about the possibility of one more possible drop. Here I'm showing you my preferred LTF EW count, where I believe that we are now in a wave 4 before one last drop for a wave 5. For the longs that we took (if you took one) from the drop, here is a good area to...
Wave 5 (EW count linked below) looks like it was done in 3 waves rather than 5 (as you can see on my chart) I could be wrong of course, and we have already bottomed, but it is likely that we get one last move down. As I said yesterday initiating a long is not a bad idea in my opinion, but be aware of a possible drop. Area I'm looking for is the same as it was...
As mentioned in my previous updates, I was eyeing the 22-25k area. BTC has hit this area (different levels on different exchanges and pairs) some went down to 24k some stopped at 25k Now, the market is really going crazy, everyone is shorting As you guys know, when everyone is shorting, the likelihood of a bottom (or at least a nice bounce) is high So...
In my last update I talked about how I don't expect the weekly at 31.7k to hold. We lost it, back tested it as resistance, and continued our move down. Now we are at our next support level (27.7k) which I also don't expect to hold on the medium term at least Just like I mentioned last time we could get a bounce before moving lower. My eyes are still on the...
In my last update I gave you the first resistance that BTC was at (the weekly and daily at 42-43k) We ended up rejecting this level for a nice move down of 20% Now, BTC doesn't really have any big support close to it The next one is the weekly at 31.7k which would represent another 8% drop I don't really expect it to hold over the longer term because of the...
In my last idea (the one before my EW update) linked below I explained why I wanted to see a break of the daily at 39.3k and test the 37.5-38.5k support before we see a nice bounce. We ended up testing the monthly (38.5k) to the dollar before seeing a nice bounce which is still underway (currently up 10% from the monthly) Now, we are hitting our first resistance...
In this idea I'm showing you my preferred EW count at the moment: We are in an expanding flat with a 3-3-5 structure, A and B wave were completed in ABCs Now we are in the C wave which should be completed in a 5 wave move Wave 4 (in white) of the larger wave C (in green) was completed about 2 weeks ago (at 48k) in an ABC as you can see on my chart (in red), and...
In my last update we talked about losing 44.4k which was bearish as we were back in the 34-45k range. We have dropped 10% since then, and 16% from our 47k resistance. Now we are approaching key support in my opinion (37.5-38.5k area) : Monthly level Weekly level Fib golden pocket Range VAL So we do have a lot of confluence in this area, and we are seeing a decent...
In my last update I gave you 2 levels to watch, the POC at 47k, and the daily at 44.4k We came back up to test the POC and rejected it (short opportunity if you followed my levels), didn't really get any meaningful reaction at the daily and broke it. We are now back into the 34-45k range that we broke out of after weeks of consolidation, which is bearish of...