The Sale of Bitcoin
Updated
Binance hacked rumors, SEC taxations bla bla bla... might have caused the bitcoin sub-wave (ii) to plunge nearly 1:1 of sub-wave (i). If it goes below sub-wave (i) later, we will have to recount the entire wave structure due to market (in)sentiments. This is the drawback with Elliot theory, subjective. However, remember there's no perfect tool to predict the market nor a crystal ball to tell the future. So we make use of sound mathematical theories to calculate our probabilities in order to pick the winning side. A combo of strategies are often needed to complement each other so as to better the probability outcome. We are standing on the shoulders of giants.
Today Bitcoin went below 10k (again). 2 weeks ago, my partner keep repeating that anything below 10k is a bargain. However, I am still skeptical about this. Yet, the charts seem to tell a different story. Every chart tells a different story.
1. 1 HR timeframe looks promising
2. 4 HR timeframe looks very promising - extended period oversold
3. 2 and Daily timeframe - gloomy
4. BB on 1HR timeframe - looks like it is going to bounce
5. It's below 10k - the (major) psychological barrier - depends on how you look at it
In summary, it might be ok to enter a very very very very very small position. Chances that it will go down to 7xxx levels? 50/50.
Today Bitcoin went below 10k (again). 2 weeks ago, my partner keep repeating that anything below 10k is a bargain. However, I am still skeptical about this. Yet, the charts seem to tell a different story. Every chart tells a different story.
1. 1 HR timeframe looks promising
2. 4 HR timeframe looks very promising - extended period oversold
3. 2 and Daily timeframe - gloomy
4. BB on 1HR timeframe - looks like it is going to bounce
5. It's below 10k - the (major) psychological barrier - depends on how you look at it
In summary, it might be ok to enter a very very very very very small position. Chances that it will go down to 7xxx levels? 50/50.
Note
Some say it is a symmetrical triangle, some say it is a bear flag. What do you think?
4hr stochastic RSI is as low as it can get for days already. 1 Day stochastic RSI is on its way to a reset. The next few days are going to be exciting. Let's hope for the moon.
Note
Good. So we have broke out of the symmetrical triangle. However, we are still overbought in the short term RSI. Long term RSI, we are still good. 1D RSI is on its way to reset. Let's cross our fingers and hope that the bulls come back from their holidays soon.
Note
We may have broken out of the above symmetrical triangle, but a new one has formed because:
1. low volume
2. overbought RSI
Resistance at the 10k psychological level is very stubborn.
Note
Double top pattern. Signs that BTC is correcting further?
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