Yesterday I said if we lost the daily at 56k we would see a bigger drop. We couldn't hold above the monthly level for the 4th time in a row which was our first red flag, it was a very important level and our TP1. Looking at Elliott waves, it doesn't look like our anticipated 5 wave move down is done, if it was we would've got a 3 wave bounce before another move...
In my last update, I said you could start initiating longs with a wide or soft stop loss because we could get an SFP (swing failure pattern). This is exactly what happened, we took the lows for an SFP, rallied, then came back down and retested the daily at 56k before bouncing again and we have now reclaimed the monthly. Now, if we lose the daily at 56k again we...
I'll make it quick, we are at major support. We got the daily at 56k Below it we have our lows at 55.6k Those are the 2 last support, if we lose them we could see a bigger drop as we don't have much support below us. You can start initiating longs of course as we are at support But you will have to use a soft stop loss or a larger hard stop loss in case we take...
In my last update, I gave you the support area at 56-57k that I was looking for saying I expect it to hold (because of our EW count and because it was important support) We got to the low of this area, and got a strong 8% bounce even though its the weekend. Now, for the crucial levels in my opinion we have : Support : Daily at 57.3k (also in confluence with a fib...
After the big drop that we wanted to see after the rejection of the top of the pitchfork, we are now holding the monthly as support. Just below it, we have an important support area with a lot of confluence (won't put them all for the sake of showing you a cleaner chart), but basically we have 2 daily levels and an anchored VWAP in the 66-67k region. The white...
Here I'm going to show you this lower time frame EW count, showing you why I've been saying for the past week or so that I would like to see a break below 60k. I'm gonna try to make it as simple as possible, as the chart is already too messy. We are putting in a running flat, for a correction of a larger degree wave 2 (wave 1 being from 39.5k to 69k) after which...
BTC has been holding the median of the pitchfork very nicely after the drop from 4 days ago, and is now in a local uptrend. Also, for now we don't have a lot of people longing, however we are in the weekend, so this could change tomorrow after the weekend is over. But it's still something to be aware of. Anyways, we have a very defined range in my opinion: As...
In my last update I gave you the pitchfork as resistance, we tested it twice before dumping. I also said if we lose the daily at 66k, it's gonna look pretty bearish, and you can see as soon as we lost it volatility increased Well, guess where we bounced : the median of the pitchfork (in red) This pitchfork has just been respected so well, even though we've had it...
As expected yesterday, we broke the 66k daily resistance and we are now at the top of this pitchfork that has been respected very well for a long time. You can see how on the drop and the 2 week consolidation, the lower .25 (orange dotted line) held perfectly as support, we never lost it. For now, the top is acting as resistance, we are still bullish of course...
Yesterday we held the fib golden pocket perfectly even though I wanted to see lower. Honestly, I would've love to see the daily at 57.5k, just to get people more bearish and to see a liquidity grab below 60k one more time. Anyways, we broke the 64k resistance pretty easily, a clear sign of strength and we are now at our last resistance at 66k Counting Elliott...
In my last idea, I said I would like to see BTC go lower even though we saw a strong bounce. I still hold this view, and we are now at the fib golden pocket again (which I don't expect to hold) but still we need to monitor the reaction. The most important support levels in my opinion are the monthly at 58.8k and especially the daily at 57.5k If we lose 57.5k...
In my last idea we were looking for the fib golden pocket as the 1st target, we hit it and instantly bounced. Honestly, I would still like to see lower, but if we reclaim 64k I expect 66k then ATH as mentioned in previous ideas. Also, this bounce is clearly strong so reclaiming 64k is likely. Any questions? Good luck traders Remember not to break your rules Habib
As I said in my last idea, we don't want to lose the daily at 63.1k We clearly couldn't hold above the resistance, and we are now back below daily. Targets for the drop are the fib golden pocket at 60k, then we have the monthly and daily level still as support. If we reclaim 64k, which is pretty unlikely for now in my opinion, expect 66k But for now we are...
This important resistance area (daily + fib golden pocket) seem to have been broken without much of a struggle. This is a clear sign of strength for BTC and I expect to see continuation to the next resistance (daily at 66k) and then new ATH. We need to hold the daily at 63.1k for this to be valid, so unless we lose it, expect higher. Any questions? Good luck...
Quick update here Some people have been messaging me asking me what to do here Well, we are still in a range : Above us we have the daily and the fib golden pocket (from 63 to 64k) Below us we have the monthly and the daily at 57.5k You shouldn't take trades here in the middle of the range, you'll just lose money and get frustrated Yesterday we bounced off the...
I added some levels (.25 and .618) to the pitchfork I showed you in my last idea as they are getting respected pretty well. We broke out of the pitchfork going into the weekend, and rejected the new daily level at 63.1k for a move back into the pitchfork. Price is now bouncing between the .618 and top of the pitchfork, of course as there usually isn't much...
We can clearly see that the weekly isn't being respected anymore. So we need a new level to reclaim to see strength, and the level is this pitchfork You can see how this pitchfork is getting respected pretty well, so I would give it importance If we break it to the upside, we have the daily and fib golden pocket at around 63.5k that we need to break If we break...
Today I told you about the weekly and the fib golden pocket that we had at around 61.5k and told you that it was an important level. Well we touched the level, then dumped 7% in a couple of hours I mean at this point all you have to do is trade the reaction off the levels I give you. On a more serious note, we bounced off the daily at 57.5k (front run it by a...