wave 1 of push almost over
Updated
RSI matched to momentum of previous bullish waves is showing overbought rating, and we can see three distinct pushes (0-1,2-3,4-5) on lower timeframes that match the criteria of an elliott wave pattern. should see a drop to support soon, possible complete retrace to 70k but i don't see BTC dropping below 70k now. It was like silver's controlled value - now it's broken through, the market is unlikely to drop back. That said, higher timeframes are showing a potential cap on BTC value which is definitely worth considering in the long term
Trade closed: stop reached
BTC has now fallen through a threshold of 0.9 std-devs on the 30 min chart using a similar timeframe offset BB of length 20 - while this is not an established technique for trend analysis, it has proved vital in my limited experience at indicating the end of a push. This might be a pivotal moment for btc - that said im obviously not a professional at this. I will publish a new idea if my automated strategy with profit factor 3 gives me a close signal
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