Also on the W chart we can see clearly the EW.
But if you take a look on the Correction ABC (the red ABC line) , it created a left shoulder and a head. IF the 5 Elliot wave down will come, it's creating a right shoulder and when that breaks the neckline, damn it can be very nasty (see the red (vertical) line).
So when you take a measurement from the top of the head and the neckline. And we will put the measerement on the break of the neckline, we will touch probably the 200WMA (around 17000).
BUT that means wave 2 should start very soon.
We can see a hidden bullish divergence, so that's hopefully a positive sign
Also BTC should stay above the 50WMA (around the 47000)
A lot of people are bearish at the moment so maybe it's the perfect moment for a little pump up.
Think a lot is depending of the stockmarket...
But if you take a look on the Correction ABC (the red ABC line) , it created a left shoulder and a head. IF the 5 Elliot wave down will come, it's creating a right shoulder and when that breaks the neckline, damn it can be very nasty (see the red (vertical) line).
So when you take a measurement from the top of the head and the neckline. And we will put the measerement on the break of the neckline, we will touch probably the 200WMA (around 17000).
BUT that means wave 2 should start very soon.
We can see a hidden bullish divergence, so that's hopefully a positive sign
Also BTC should stay above the 50WMA (around the 47000)
A lot of people are bearish at the moment so maybe it's the perfect moment for a little pump up.
Think a lot is depending of the stockmarket...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.