The_Chart_Master

The_Chart_Master

A typical bear market rally consists of upbursts in quick fashion. If the first 5 waves down weren't so obvious I wouldn't have gone for a ABC in retracement. And now looking at it it doesn't make any sense. The overall crypto market shows a lot of strength. So for this to play out there must be coming an unforseen event.

The_Chart_Master Updated 

Know that I'm wrong most of the time. At least in the short term. But counting waves from the 2018 top this is what I came up with. Maybe the current lawsuit can give XRP a total other path (up or down) But when looking only at the chart and wave patterns, this is what I see.

The_Chart_Master

The macro economy doesn't look very bright right now. Despite what many people hope I doubt the war between Russia and Ukraine will be over soon. The high gas and electricity prices while drive the euro far more downwards. With 5 waves going up in the bigger picture it's only natural to come down in an ABC. However, it seems very complex, but measured by fibs...

The_Chart_Master

If I look at the chart history these price points are very interesting to look out for. If we follow the same structure as with the Covid crash the price might eventually go back down to the current prices. Timing is very difficult but based on previous data it shows a retracement target somewhere December 12. Perhaps with new news about Covid or the MonkeyPox we...

The_Chart_Master

Let's see if the 702 resistance is strong enough to push the DXY back down.

The_Chart_Master

If we want to see a bullish crypto season in 2022 we don't want to see the DXY breaking up to the upside. What we want to see and hopefully play out is this wave 4 triangle pattern where D is in and hopefully the DXY is going down for E. E usally doesn't retrace all the way down, so let's see how far it goes, if it goes at all.

The_Chart_Master

The triangle B wave is optional but still a possiblity.

The_Chart_Master

Did some measurements and this is what I came up with.

The_Chart_Master Updated 

A little sloppy, but if the current price holds the fith might push for $1 if the triangle completes. If it doesn't complete, it might get there as well :)

The_Chart_Master

It's still unclear to me if we're still in the wave 4 correction or that it's done and we're working on the 5th up. Both counts are shown on this chart.

The_Chart_Master

While wave 4 was boring and long I can finally see an uptrend now. Although the beginning of this 5th wave is not what I wanted to see. To many ifs and buts. But let's see if it can hit target and create a solid foundation to build from there.

The_Chart_Master Updated 

If Bitcoin fails to move beyond wave 3 I forsee a bigger correction. If it passes wave 3 I see it going to $48k / $50k before a bigger ABC correction to correct the impuls from the low.

The_Chart_Master

Bitcoin still seems in a wave 4 correction before hopefully making a 5th higher wave before a larger ABC correction.

The_Chart_Master

I looked for similarities between Gold and BTC and found something that might play out here if Bitcoin has not topped yet. Don't use the fractal for timing since it's copied from another timeframe. But the wave structure for wave 5 is something I would love to play out for Bitcoin . I wanted to delete the fractal after wave 5 was hit but was lazy to create a new copy ;)

The_Chart_Master

Looking at the XRP chart it couldn't be more obvious to me. Maybe we have one more leg down to go or we may even have completed the correction of wave 4 in a typical formation.

The_Chart_Master

This is actually my macro bullish term view of #Bitcoin. Because it would mean wave 5 havn't even started yet and wave 4 ends at 30k. And the length of wave A projected from wave B perfecly matches daily line chart resistance. But the pitchfork there for some timing guidance.

The_Chart_Master Updated 

How weird that it may sound, this is a actually a bullish scenario. (it it holds). Testing prior structure/break-out will confirm to bulls the top is in. The people who bought the top might not stick around for the Spark token on December 12. If you paid 0.60 , 0.70 , 0.80 for XRP and you see it drop below 0.50 , 0.40 you might panic sell since people don't know...

The_Chart_Master

This is how I'm playing Bitcoin right now. I don't sell to buy back lower, I just add to it following my plan. Will adjust when necessary.