This is an update from my previous posts (see related ideas below). A huge double-top is set up, so we would see a new low if support is broken. On the other hand, we could also see a bullish dragon (green triangle; double-bottom and diagonal resistance). -Short to Middle-Term Bearish Scenario Maybe considerable downfall, but where to land? Speculation....
This is a short-TF analysis using Gann Square & arcs. It seems no strong support is left for BTC in this timeframe. Gann Square, the built-in smart tool of TradingView, is provided with many fans and arcs. Every single one of them, if properly plotted, is considered to serve as S & R. Not to mention their crosspoints. In this chart, I applied it so that only the...
This is an update from my previous post (see the related ideas below). The arc support, Fibonacci extensions' 0.786 of the large H& S, is now lost. The red candle is testing the bottom of the channel. A rebound is possible here but considering the absence of the arc's support, together with the established larger and smaller Head and Shoulders, the price...
This is a revision of my previous idea "ETH daily: potential H & S? a path from 1700 to 1100" Gann square & arc's crosspoint in my previous idea "ETH's support levels- analysis based on Gann Square and arcs" can be almost recognized as Andrew Pitchforks' 3.618 level (the outermost channel) in this analysis. While the breakout of the support here may lead to...
With the Etherium merge complete, the predicted dump might be incoming. TA-wise, Gann square played out perfectly and still indicates support levels that could be relied upon based on the previous prediction result. Watch Gann Fan* 1 x 3 (green) if the price further goes down through the crosspoint of the arcs. Because significant support lines are absent...
The bottom looked rather solid, but the bullish picture is fading under the more stubborn ceiling. Elliot-wise, the chart reads to be forming a third component of the downward corrective wave. Because the price actions respect Gann Fan (deep green), we could again find support on one of them- 8/1 - or around 18500-18700. Speculation. As I analyzed before, bulls...
Update from the previous idea. The above image is the linear version. As we expected, Gann square and arcs stand in the way. I emphasized some arc colors, but basically no change to the drawing itself. The breakthrough here would be a surge, but it doesn't necessarily seem likely.
This is an elaboration of my previous idea about the ETH's resistance levels, this time using Gann Square (and arcs). As can be seen, every arc and fan behaves as support & resistance. White diagoanl line is Gann 1 x 1. Trends above it are sad to be strong, and trends below it are weak if the square is properly applied. Overall, this Diagram shows how...
Showing off its incredible performance, ETH may establish a new high in the current trend. Elliot-wise, it may be reforming the triangle or zigzag wave into a more strong impulsive formation. But the breakthrough would be challenging considering the long-term resistances that would stand in the way: the channel line, the wedge boundary, and the trendlines. As...
Capital inflows have long been tempted to alts after BTC.D formed a picture-perfect double top. Whether the Harmonic patterns, Anti-Bat and Black Swan helped or not, the chart barely rebounded, if weak, on its trendline. Green and Gray boxes show theoretical support and resistance zones, which might be proving that this metric plots as a textbook case. If...
The monthly USDJPY chart looks like the Elliot Wave theory's "bearish flat" pattern. May the great corrective wave correct this extraordinary chart formation. Note: I am Japanese. Without prejudice- I'm biased. (So not financial advice.)
Dump as expected. Gann Fan supports as predicted (see the related idea and the image below). Except for the minor upside (20130) smaller than expected (20400+), the overall scenario is right on track. The macro downtrend would persist, but we would see a short-term rebound at the support zone around the previous low. Check 18200 and 17600. (Previous low and...
This post is almost the same as my additional comments in the previous post. I'm not bullish for the short to middle term, but the red box represents a theoretically possible price range. Just I didn't want to downplay the immediate bullish chart formation.
As we predicted earlier, the bearish scenario is ongoing, still shaping the potential triple zigzag. Another dump is very likely when the rebound from Gann Fan, helped by the harmonic black swan, ends up in a pullback to retest the resistance. Factors to watch (for the short term): - Trendline (from circled "X") around 20500-20600 - Gann Fans 4/1 and 8/1 (to...
This long-lasting downtrend may be forming what Elliott Wave Theory calls a Triple Zigzag. Why a Triple Zigzag? Let's consider it in order. 1. Support line First, let's check the support line. I drew a Gann fan (deep green) from the May 2020 high to the bottom of the 2020 summer descending wedge. The eight fan lines thus obtained have worked surprisingly well....
As expected, we finally saw a downward breakout of the BTC price. Eliott-wise, completion of a correction wave means the resume of a market trend. Thus, identifying price actions and their wave components is crucial - that's why we need market analysis.
I posted several ideas in a bullish scenario for the short term. However, another reading is also possible. I mean "bearish" here as falling short of the previous high, i.e. 21800, or failure to break the channel (item No. 4 below). Let's check the bearish elements. 1. 25 EMA on 4H timeframe (gray). Normally this is a very strong resistance. For the middle...
An Elliot correction wave may have been completed. If so, this ascending channel would be the flag part of the bearish flag. Be cautious if this is a different pattern, such as a WXY(XZ) pattern. In that case, the above reading is invalidated.