It was incredibly boring month for bitcoin, mostly going down/shorting. We have reached the Double Top and H&S target of 6800. It took 22 days. Recently we had a triangle on H1 and a breakout upwards to 8000 which I mentioned as probable earlier. But are we in a valid up trend? No, I don't think so. Don't get lost in Bitcoin's Space. There's no atmosphere on an...
Get your BullBearings for Bitcoin here At first we had a quick bull run to 9600 just as expected. The exhausted bulls had some tricks up their sleeves and still managed to form a small trading range on top and wasted another day just to touch 1.272 9900. At the top bulls used Horn Top and fake walls to try to convince the market that they would move even higher...
We had a remarkable bull run last time. In my previous analysis I mentioned it as a possible option with low chance of success, but bulls still managed to put up quite a show before ultimately failing. This only proves that a trader must be aware of all possible scenarios, be prepared even for the least probable ones, and have an exit strategy. Let's see how...
As expected, we have breached many important levels: 9450 (61.8% from 3000 to 20000), red WXYXZ down channel and 9300 neck line that confirmed Double Top. 1) We're in an ABC down channel now with target 6800 (2500 down from the neck line). To reach that level we will have to break 8200 (61.8% correction from 6000 to 11750) and 8000 (61.8% yearly) Our Target1 is...
Ok, we crashed. We experienced a true unconditional love of irresistible bear and got smothered in his hugs. Now what? Is the show over for Bitcoin? Lets see. 1) We are in an up trend 1-2-3-4-5 (blue count) with an ending wedge in wave 5 (truncated wave 5), which has completed followed by a correction to wave 4 territory. This is normal, that's what trends do -...
We are in an ABC correction with target 9300 (wave 4 bottom), in wave c or in wave v of A depending on how you count. We have reached 10500 (50% retracement from 9300-11600) as expected and breached it, now a move further to 10200 (61.8% retracement) is likely, because you just can't resist the irresistible bear. From there we will probably attempt to run away...
Ok, we had a pump with breakout to the up side from a triangle, then we bounced off of the WXYXZ upper channel on log (or near it), making it more of a fakeout, bull trap, then we went down the length of a pole if that's applicable to the triangle. Now we have breached the critical 11065 level and invalidated wave 5 (alleged wave (iv) overlaps wave (i) now), which...
We're in a fairy tale, in a magic kingdom where Bitcoin is climbing a huge wedge up to the cloud with the help of Tinkerbell. The charming young fairy was late to the party to save Bitcoin earlier due to a severe crisis in Pixie Hollow. The Home Tree in the very heart of Pixie Hollow in Neverland was accidentally set on fire, so she just couldn't be in two places...
Today we had an ignition without much of a lift-off, and we lost those thrusters somewhere along the way. Elon is furious and sends his regards! Currently we have found support on the bottom red channel line of the elephant in the room "the alleged wedge that's not to be spoken of" and are hanging by a thread. 1) Breaking 11190 will invalidate wave 3 in 3 in 5...
Ok, we are now trading below the 11000 psychological level in a possible up trend. Wave 1 of a larger Wave 5 has reached 11065. From there we have corrected to 10200. And now we have a possible wave 1 of wave 3 in a larger wave 5 of the up trend. But something fishy is going on and this attracts bears. We have multiple possible wedges forming, another complex WXY...
While the bears have their wrath on Bitcoin lets have a detailed look at the wave 4 to see how exactly they did it. Wave 4 consists mostly of nested complex corrections WXY (basically all possible abc count is substituted with wxy, because abc count is based on 5 waves (which are non existent, making abc invalid) and wxy count is based on 3 waves, making it...
Well, it seems that we're going down. We're in a down channel moving past wave IV 0.5 retracement level where wave V attempted to start but failed miserably. The last remaining logical point for wave V to start and revive the up trend is wave IV 0.618 retracement level. The point of no return. There's a high probability that beyond this level we will only correct...
Tripple bottom just got invalidated. Possible Giant Leading Wedge on M1 may signal the start of wave 5 of the up trend. Other reasons to call this a bottom: - wave 4 has reached 50% retracement level - Z = 100% of W - tripple bottom gets massive support from below. Bulls buy the dips - CME futures expire Please don't trade only based on my analysis, I'm not...
Analysis of failed trades is very important in trading. That's something a trader must do for every trade to understand why he lost and to learn from his mistakes. Here I will explain why the Gartley failed. Gartley patterns are used to trade/confirm corrections. They don't work in a trend - price just breaches B, D and goes past X with the trend without...
Lets look at Bitcoin at a macro level, As the pitchfork shows, we haven't breached from the down channel yet, but we have invalidated the down trend scenario by breaching 11400. I believe we are still in wave 3 of an up trend because yesterday's correction was non-existent (not proper size) and too shallow to call it a wave 4. It was a bull run and continuation...
We need to cross 11250 to confirm the start of wave 5 of an up trend but Bears are seriously pushing back. We will need a pump with high volume to breach this level. For now, we are still correcting in wave 4 and we have some sort of a flat ABC wave structure. The correction is not complete yet - expect another leg down to C, wave C = 100% of wave A And we're in...
Gartley 0.5-0.618 patterns are usually pretty reliable. On a chart you can see a Bearish Gartley 0.618 pattern forming. It confirms a down movement from D (11000) in the direction of C. Trading a Bearish Gartley: IF the price breaches B and then reaches (almost or sometimes by a wick) D the trader will go short (a short order is triggered) and take profit at...
Based on Elliott Wave Analysis we've reached an important turning point - possible end of 2nd X wave. Now, the market decides which way to go. Waiting for sponsored pump to go up or pullback down. 1. Complex WXYXZ correction. It seems that we've reached the end of X = ABC wave. New ABC correction will go down to Z with targets: 6000, 4000, 2400 levels. New up...