MonkeyMagic

MonkeyMagic

BTCUSD is showing signs of repeating itself with an ABCDE triangle correction. This correction, if it follows that path, would coincide perfectly with a bounce off the long term resistance (and now support) blue line. Like before, I think this ABCDE will not make it to E, but will bounce so sharply off the trend line that it will only have completed ABCD which...

MonkeyMagic

BTCUSD seems to like descending triangles on a wave 2 correction. The previous result has been a move upwards. This would be wave 3 of 3 of 3 commencing so I expect it to be pretty violent! All that aside, it is a nice piece of artwork that shows us the pattern of buyer/seller sentiment

MonkeyMagic

As per my earlier post, TRXBTC has bottomed and is now climbing its way up. Here is a short term elliot wave projection. To see where I believe that yellow line is taking us, see my earlier post on TRXBTC. (clue: UP!)

MonkeyMagic

some wider plotting of likely waves following this impulse. See my earlier post for context. Blue trend line needs to be decisively broken, then could become support.

MonkeyMagic

BTCUSD broke out of a triangle ABCDE correction previously before completing the E wave. Is it doing the same thing again? The ABC correction I posted previously regarding the current small correction could about to be invalidated as the wave count 2 of the corrective downward impulse has nearly overlapped the wave 1.

MonkeyMagic Updated 

Reading corrections is hard. There are many different types and my previous counts have been invalidated already. Here is one possible wave count that could describe the current correction, a flat ABC correction leading to a 0.786 deep retracement from wave 1.

MonkeyMagic

The recent surge seems like a 5 wave impulse forming wave 1 of a larger impulse and that wave 3 of this larger impulse is likely to successfully break the blue trend line. I am reminding myself that the ABC correction is still in play, and the blue trend line needs to be broken decisively otherwise BTCUSD could turn around and head back to $7k for a 0.718...

MonkeyMagic

Two possible scenarios I can see Red - the ABC correction from the all time high is already over, and we are currently in wave 2 of the next 5 wave impulse, shortly to commence wave 3. Blue - the ABCDE correction is still in progress, and we can expect a lower low. (can still breakout of ABCDE correction early even if it is in play) Fib retracement levels from...

MonkeyMagic

BTCUSD looks like it might be putting in a wave 2 ABC retracement. A bearish head and shoulders has formed indicating a minimum low that falls to around the 0.618 retracement level for the wave 1 impulse from $6k. A deeper retracement is still possible, to around the $7k point, as of course is the possibility that this is the C wave of the much larger ABC...

MonkeyMagic

Cups and Handles today, it's a tea party! GASBTC has been working on the handle to go with its cup for some time, the correction is looking very triangular to me and if so then there is not long to wait for it to be over. After completion, we can expect wave 3 to commence taking us up to new highs.

MonkeyMagic

The correction has been a long one, it looks like all the sellers have left and they have failed to push the price any lower. This leaves only the waiting bulls. A 5 wave impulse from here can take us back up to previous highs, coinciding with fundamental analysis with regards to the Tron beta release of Exodus on 31st March. Hype and interest around this will...

MonkeyMagic Updated 

BTCUSD might channel up and down a couple more times, didn't look like a large enough a correction as an ABC after the strong wave 1 impulse from 7.8k. A more prolonged flat channel might be the answer. If it plays out, larger wave 3 should be in play next taking us higher.

MonkeyMagic

Not amazingly original, other TA has observed these patterns but this is my Elliot wave take on possible price targets. Two head and shoulder patterns (second one not yet formed) are helping confirm the neat Elliot wave channel that BTCUSD is carving out. I used these, and Elliot wave typical ratios to plot the Elliot wave lengths. (wave 3 mostly 1.618 x wave 1,...

MonkeyMagic Updated 

Similar triangles highlighted forming on wave originally spotted by @Gokic, second one is approx 1/3rd bigger so extending the waves from the 1st one by a similar amount for the second set. Long term support line is in yellow and has held so far. Larger blue impulse could retrace to that putting it in the 0.682 fib area for the retracement. Comments welcome!