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I have marked in some of my 'working' to show you why I placed the modified Schiff the way I have (green lines show the placement). This highlights the possibility that we have already broken out of resistance and could head to the next area of resistance.
The long term descending triangle (bearish formation) and a medium term symmetrical triangle (neutral formation) both come to a conclusion rather soon. The shorter term triangle should conclude within the next few days and that break up/down should also finish the longer term triangle.
Outlook is neutral/bearish. This doesn't mean that the price can't break ...
My primary bullish count had us in a wave 4. Now I have had to drop back to my secondary count - that BTC has done a 1-5 impulse move up (potential wave 1) and is now putting in a wave 2. The .618 now looks to be breaking but of course it could be bought back up. I would be waiting for a 4-6hour close under the .618 to really be assured of the fate of this ...
Catch a falling knife and put it in your pocket
Never let it fade away
Catch a falling knife and put it in your pocket
Save it for a rainy day
This is me sticking my neck out and calling the short term bottom. Hope I'm right, huh!
I am seeing a lot of similarities between the last 1-5move up (April/May) and this move. I think that this 'dump' has been too severe for btc to have ended the impulse already. Generally, from a psychological analysis, the ACTUAL tops have people believing there is more to come. Therefore, the sell-offs don't actually happen as fast, as people keep 'buying the ...
Short term symmetrical triangle. Neutral until broken. Wait for a DECISIVE hourly close above or below these lines!
BTC looks to be finishing up a 1-5 wave structure. I believe it will end at this 1.0 line but of course could extend to the 1.618. If it finishes at the 1.0 line (or thereabouts) it will more than likely form a bearish divergence from the top of wave 3 on the RSI. The bearish divergence will be apparent on the 4-6(+) hour charts.
This will either now become 1-5 of ...
I have counted a wave 1 down. I have now also counted a subwave 1,2 within the wave 3 down. Let's see how this plays. BTC is also hitting hard horizontal resistance after just hitting Intra-yearly high RSI levels. Time to cool off!
These waves are just projections to show the sort of thing that could happen, not actual targets (apart from the 1.618 of subwave 1, ...
Looks like an ascending triangle. This is a bullish pattern. However, when we were still finding our recent lows 3 ascending triangles broke down in a row! So, they haven't always turned out bullish. I'm not completely sure about this one because I haven't seen any of them taken this close to the end of the trendlines before. A break should be very soon. Look for ...
I believe we have made the subwaves of a wave 1. (I know I have also mapped the 'micro-waves' within the subwave 5 for clarity - Elliot-ception amirite?!)
BTC will probably, at the very least, test the 6800 mark. It has become a very important level of horizontal resistance. If we pass it then we can go higher (mid 7000s - 8000s?). However, if it fails we are ...
A 1hour candle close above or below this triangle is required. Symmetrical triangles are a neutral indicator.
If we are to remain bullish then the correction could be over. I am now able to count 1-5 subwaves in both waves A+C. Hope it goes up now, good luck everyone!
This is an alternative wave count to my last post. I prefer this one as I can count 5 subwaves up in the first wave, which I struggled to do beforehand. This would mean we are current putting in a B wave, followed by one more leg down. The B-C waves I have placed are purely conjecture as I would need the B wave to end for me to try and project the C wave end (in ...
This is a wave count that would support a wave 1-2, retracing to around the 0.5 fibonacci level. I'm remaining neutral/bearish until i see a hold above 6800.
A clear bear break of the last ascending triangle!
Very short term look, something I don't normally do. 3 Lower wicks on the 15min chart but 3 higher lows on the RSI. A double confirmation of the bullish divergence. On the 4 hour chart (I will post below), the bulls have been holding the 200EMA tremendously - leaving only trailing wicks to the downside!
The current resistance point appears to be the top of the 6hour ichimoku cloud. Clear as day!
Short term ascending triangle (bullish) pattern. We need a break above then a close above the upper line for me to be convinced as there have been a few ascending triangles that have broken down within the last month. This pattern is being dragged to the very end but a conclusion is near. Within the next day or so.
I'm going to remain neutral until I see a break ...