Dear Friends! [/b
Earlier today I gave you the answer to the Ultimate BITCOIN-Question, we all wanted to get an answer to! The answer was 4,888.7 USD before we will go into an uptrend again. I was looking at the Weekly chart, to come to that conclusion. But let us this time take a closer look on what's going on with Bitcoin right now, and what most likely will happen, so we will reach the before mentioned target.
Therefore will we now take a look at the 4h BTCUSD Chart.
First of all, as you can see, we are so far following my prediction from yesterday when it comes to the ABCDE-corrective pattern. We are at this moment on the E-wave. I want you first of all to pay attention to the hidden bearish divergence, which predicts we will continue our downtrend.
For this scenario to succeed we have finish our E-wave at 6,900 USD. Hereafter since we are in a bear market -this corrective pattern - predicts that we will go lower and eventually hit the double bottom at around 6,000 USD. I think we will see a bounce here, but I don't think it be enough to go into an uptrend. We have to go to 4,888.7 USD, where we will jump out from the wedge and go into an UPTREND
Let me be clear. We are still in a no trading zone at the moment. We are in a zone of confluence resistance and support, why we have been going sideways for 10 days now. So it's really hard to trade. If you are an experienced trader you can obviously scalp some few percentage here and there. But for not experienced traders you should just be patient.
The arrows and the before mentioned scenario is what I find most plausible. BUT it is still just an idea. And we haven't got confirmation on it now, so we will not trade it at the moment.
Many things can happen. We might already fall through the uptrend line very soon, but I already have that scenario in my head. If that's the case I would probably enter a SHORT position at 6,4k.
Let's say if we go to my wave E BUT don' get a reversal down again, but go up. I also have this scenario calculated. Then I would STILL NOT enter a trade because It would be too risky due to the big even number (7000 USD) where we always have big resistance. On top of that we have the 78,6 % retrace on the minor EW-cycle at 7,200 USD.
I hope it makes sense. I try to explain how my brain works when it comes to trading. I always have all these scenarios in my head all the time, so I'm prepared to react and trade if one of them seems to play out. But we want confirmation on our ideas first. And sometimes, like right now, it's just best not to enter a trade..
D4 Loves You <3
And as always - please give me A BIG LIKE - It's much appreciated. Thank you, guys!
Earlier today I gave you the answer to the Ultimate BITCOIN-Question, we all wanted to get an answer to! The answer was 4,888.7 USD before we will go into an uptrend again. I was looking at the Weekly chart, to come to that conclusion. But let us this time take a closer look on what's going on with Bitcoin right now, and what most likely will happen, so we will reach the before mentioned target.
Therefore will we now take a look at the 4h BTCUSD Chart.
First of all, as you can see, we are so far following my prediction from yesterday when it comes to the ABCDE-corrective pattern. We are at this moment on the E-wave. I want you first of all to pay attention to the hidden bearish divergence, which predicts we will continue our downtrend.
For this scenario to succeed we have finish our E-wave at 6,900 USD. Hereafter since we are in a bear market -this corrective pattern - predicts that we will go lower and eventually hit the double bottom at around 6,000 USD. I think we will see a bounce here, but I don't think it be enough to go into an uptrend. We have to go to 4,888.7 USD, where we will jump out from the wedge and go into an UPTREND
Let me be clear. We are still in a no trading zone at the moment. We are in a zone of confluence resistance and support, why we have been going sideways for 10 days now. So it's really hard to trade. If you are an experienced trader you can obviously scalp some few percentage here and there. But for not experienced traders you should just be patient.
The arrows and the before mentioned scenario is what I find most plausible. BUT it is still just an idea. And we haven't got confirmation on it now, so we will not trade it at the moment.
Many things can happen. We might already fall through the uptrend line very soon, but I already have that scenario in my head. If that's the case I would probably enter a SHORT position at 6,4k.
Let's say if we go to my wave E BUT don' get a reversal down again, but go up. I also have this scenario calculated. Then I would STILL NOT enter a trade because It would be too risky due to the big even number (7000 USD) where we always have big resistance. On top of that we have the 78,6 % retrace on the minor EW-cycle at 7,200 USD.
I hope it makes sense. I try to explain how my brain works when it comes to trading. I always have all these scenarios in my head all the time, so I'm prepared to react and trade if one of them seems to play out. But we want confirmation on our ideas first. And sometimes, like right now, it's just best not to enter a trade..
D4 Loves You <3
And as always - please give me A BIG LIKE - It's much appreciated. Thank you, guys!
Note
Bear are super strong. On the smaller times frames the RSI is totally oversold, and predicts we soon will see a correction to the upside. On the 2h here, we can also see on the MACD, that the bears are losing momentum, and the RSI is almost on level 30.but it's not super convincing, and we don't have confirmation yet. It's still too risky to enter a trade at this moment.
Especially trading leverage at the moment is really hard, the whales will fxxx you!
D4 loves you <3 I would be very happy if you have me a LIKE. Thanks friends!
Note
Bitcoin is one though nut to crack at the moment. So it seems like we have found support in an uptrend channel. But as you can see, we are also dealing with hidden bearish divergence.I wouldn't put too much trust this channel. I want you to pay attention to the volume bars. The last 14 hours we are below the MA20 volume. Sick, sick low volume. After a long time of low volume we usually will see a spike in one or the other direction.
The problem is, as I said before we have confluence support and resistance everywhere. So right now BTC is just showing a lot indecisiveness.
I will follow up on this later. Remember to give a like - it's much appreciated <3
Note
On a really boring BTC-day it seems that something finally is happening. At this moment we are witnessing a pump, which so far follow the uptrend channel I drew for you earlier.But be careful, my friends! It's not the best crypto-trading days we have seen.
D4 <3 Remember to give a like - thx, in advance!
Note
In isolation everything looks good - We are still climbing our uptrend channel, and out Elliott Waves and subwaves perfectly match!But - Normally, when we are in an corrective triangle ABCDE-pattern, we don't have these 5 impulse waves. It's in fact a 3-3-3-3-3 pattern. Sooo.... Hmm..
We have also seen a lot of these EW fails in a bear market, so I would still be carefull with entering a trade. Also look to your left and the red circle! A lot of confluence of resistance and support in this area, and lately a lot huge group of whales making traps here and then, which suddenly can change the direction 180 degrees within no time.
And suddenly the trend is not your friend anymore.
D4 Loves You <3 Please give a LIKE and I will soon make a NEW chart for you guys! :)
Note
Here is the update, my friends.Here Is The BITCOIN-Path You Need To Know About - I Will Show U!
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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.