Hello My Dear Friends
I know you have missed me, and I have indeed missed you too - Yea, so I got banned for 24 hours once again - That's my 3rd time I guess - It seems like, I'm BAD BOY :) The same few people out there were implying on all my charts that our company was a scam, so I got enough, and decided to document everything in the comment-section with links. Apparently that was not allowed, since it was considered as marketing.
So I spoke with the moderator afterwards, and he told me, that these guys would be reported next time, for coming up with false claims. Everything is good now :)
Let's take a look at the 4h BTCUSD Chart. Here is a recap. As you can see we have an Elliott Wave Cycle 1-5, then a flat irregular ABC-correction to 61,8 % retrace. That was not enough to restart a new EW-Cycle, so we are now having what is called an add on or combination to that ABC-correction. At this moment we are on the 2nd Wave C!
So what can we expect to happen now?
We are in a descending wedge, which is a bullish pattern. So you expect that we will bounce out from the wedge sooner or later. My guess is, that we probably can expect it will happen at 7,500-7,700 USD.
Everything taking into consideration, I don't believe this bounce will make us restart a new EW-Cycle and go into an uptrend. We will probably go lower to 78,6 % retrace or even to the double bottom at 6k.
But Bitcoin is for now, what we call a waiting game!
D4 Loves You <3
Remember to give a LIKE - it is much appreciated! Thanks in advance, my friends <3
I know you have missed me, and I have indeed missed you too - Yea, so I got banned for 24 hours once again - That's my 3rd time I guess - It seems like, I'm BAD BOY :) The same few people out there were implying on all my charts that our company was a scam, so I got enough, and decided to document everything in the comment-section with links. Apparently that was not allowed, since it was considered as marketing.
So I spoke with the moderator afterwards, and he told me, that these guys would be reported next time, for coming up with false claims. Everything is good now :)
Let's take a look at the 4h BTCUSD Chart. Here is a recap. As you can see we have an Elliott Wave Cycle 1-5, then a flat irregular ABC-correction to 61,8 % retrace. That was not enough to restart a new EW-Cycle, so we are now having what is called an add on or combination to that ABC-correction. At this moment we are on the 2nd Wave C!
So what can we expect to happen now?
We are in a descending wedge, which is a bullish pattern. So you expect that we will bounce out from the wedge sooner or later. My guess is, that we probably can expect it will happen at 7,500-7,700 USD.
Everything taking into consideration, I don't believe this bounce will make us restart a new EW-Cycle and go into an uptrend. We will probably go lower to 78,6 % retrace or even to the double bottom at 6k.
But Bitcoin is for now, what we call a waiting game!
D4 Loves You <3
Remember to give a LIKE - it is much appreciated! Thanks in advance, my friends <3
Note
As I told you, we could expect to see a bounce out out the wedge from 7,700-7,500. There is a lot of resistance at 8,100 - if we get through here with good volume, our next target is around 8,400 USD.The reason for that is clearance - Take a look at the volume profile.
I will follow up on this later!
Remember to give a LIKE, my friends <3
Note
So we got the bounce from 7,700 USD up to 8,100 USD. We had a lot of resistance, and did't manage to get through.Pay attention to the Volume Profile and the purple Value Area, where 70 % of all the trades are made, so it was pretty expected, that we wouldn't get far.
So far I still believe we will go to 7,200 USD, which is equal to the 78,6 % retrace.
Thank you so much for following me, guys. Please give me a LIKE <3
Note
The reason why we most likely will continue down is also due to the HIDDEN BEARISH DIVERGENCE.Hidden divergence is a continuation pattern, where regular divergence is a reversal pattern.
As you can see, the price is making lower highs, while the RSI is making higher highs. That is called Hidden Bearish Divergence and it means we will continue our downtrend.
D4 loves you <3
Note
So the Hidden bearish divergence proofed my point - we are on our way to break out from the descending triangle now. If we fall, which is most likely, we will fall in free fall to 7,400ish where we have small support. Next step is still 7,200 USD.D4 loves you <3
Remember to give a big like for more updates. It's much appreciated :)
Note
So we fell through, and are at this very moment getting support from the uptrend line. It's still most likely we will go to 7,200 USD. We might see a bounce at around 7,400ish. though.I will keep you updated. Thx.
Note
So to quote Philakone: The next one to say Elliott Waves doesn't work can xxxx my xxxx!! LOL.We got that bounce at 7,4xx as somebody in here told you would happen. I still don't believe this will go into a real reversal. We will probably see a bear flag start to form, and we will go around 7,200 USD.
Thank you for following me, guys. I really appreciate it <3
Note
CRUCIAL DAYS FOR BITCOIN - Next Stop: 7,200 USD - But Then What?
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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.
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.