zippy1day

zippy1day

I have been eyeing this formation for sometime, so any break on the close of the upper/lower diagonals I will consider validation to the up or downside of the "Ascending Broadening Wedge"(ABW). Bulkowski's Ascending Broadening Wedge:- thepatternsite.com

zippy1day

We could be on our way with this "Falling Wedge" pattern and possible available supply shortage of the digital gold? Bulkowski Falling Wedge Pattern:- thepatternsite.com

zippy1day

It is possible we are done here forming a WXY(3,3,3) combo instead of an ABC(3,3,5)? Bulkowski's Inverted Cup & Handle:- thepatternsite.com Formula:- B - ((Handle height) * 62%) B = Breakout price

zippy1day Updated 

Looks good so far as the said Cup & Handle which in this case is the "bearish" example! www.tradingview.com

zippy1day

Of course this chart is the ultimate bullish case but you cannot ignore the fact we are above the daily 200 EMA(in red turning up) and subsequent tests since the middle of January 2023. Bulkowski's Ascending Broadening Wedge:- thepatternsite.com

zippy1day

If is this an Elliott Wave Corrective Regular Flat(3,3,5) then we can expect some short term downward movement to complete C? Bulkowski ABC Regular Flat:- thepatternsite.com

zippy1day

I don't think anybody could argue that we have n't just seen an Elliott Motive Wave and now working on Wave 5 extension! Bulkowski Elliott Wave Rules :- thepatternsite.com

zippy1day Updated 

It is possible that we are now going to close the CME Gap , of course data that's in the pipeline today may confirm or dismiss this move? school.stockcharts.com

zippy1day

It looks like we are bottom hunting again, so will we rollover and make another low or continue to target as shown on my chart? Bulkowski's Elliott Wave Ending Diagonal :- thepatternsite.com

zippy1day

If we are are done here in the "Measured Move Down" we have made target and overperformed? I am dollar cost averaging in so buying on the way down! Measured Move - Bearish :- school.stockcharts.com

zippy1day

Well the JP affect certainly plays havoc with markets and patterns as the last triangle emphasises! Bulkowski Elliott Wave ABCDE Triangle :- thepatternsite.com Bulkowski Symmetrical Triangle :- thepatternsite.com

zippy1day

I think finally I sorted out the path bitcoin has been making with an Elliott Wave WXY in a 5th wave truncation, this is being followed by 5 wave correction to in my opinion form wave a. As said in previous comments this is being influenced by the strength now of the dollar(DXY)!

zippy1day

Its is noticeable with all the FUD in the Twittersphere that bitcoin may just push higher but is very dependent on the "Dixie"(DXY) opening up higher and continuing that way to in the near future! Bulkowski Elliott Wave Symmetrical Triangle & Falling Wedge:- thepatternsite.com thepatternsite.com

zippy1day

I have marked the obvious Channel 1 & 2, the latter in which we are presently in but does n't mean necessarily that we could go back to test Channel 1. Whether we have pivoted here at $24248 remains to be seen but I think there is possibly more upside before we correct! Bulkowski Parallel Channels : - thepatternsite.com

zippy1day

It would seem from TV's Rising wedges combined with my own analysis of the targets they are relevant even with the first rising wedge on the chart which appeared to fail but did indeed meet Bulkowski's modest low percentage price (32%) of the difference H/L see below. Bulkowski's Formula : Lowest low or B - ((H – L) * 32%) thepatternsite.com

zippy1day

Only time will tell whether or not this pattern plays out but it looks suspiciously close to the schematic shown below? Bulkowski Ending Diagonal Triangle:- thepatternsite.com

zippy1day

I think we are still on track with this macro pattern, with many obstacles in the way before we can reach eventual target around $35K. The bearish FUD is still strong but bitcoin has overcome that in the past with $25250 needing to be broken to establish a bullish bias!

zippy1day

Too early to call, as it maybe in formation mode at the moment! Target of $35000 would put us in bullish territory, but first a test of the upper channel would be ideal? Bulkowski Eve & Eve Double bottom :- thepatternsite.com