Bitcoin, so where are we now?
Updated
Long time no see. I have been way too busy managing my Korean signal service channel. Here are my detailed Elliott wave counts and my short-term targets.
Bitcoin is currently being resisted by the yellow trendline which has been formed since July 8th and we can definitely expect decent amount of bullish momentum once we pierce through it. For my primary bullish wave counts, I have interpreted this whole up-going wave cycle as impulsive structure with expanded flat where the corrective wave usually forms 3-3-5 structure instead of 5-3-5 zigzag.
My next bullish count would be where we consider this recent bouncing wave as wave B which means we should be expecting wave C. This scenario of course becomes invalidated when we break above the swing high level, which is $6850.
My bearish scenario would be considering this whole wave cycle as ABC structure instead of impulsive wave structure. This also becomes invalidated if we break above $6850. So for now we should keep our eye on whether we can break that recent swing high level. Once we break that level above, laddering up on long position might be a good strategy at least up to my first target.
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Bitcoin is currently being resisted by the yellow trendline which has been formed since July 8th and we can definitely expect decent amount of bullish momentum once we pierce through it. For my primary bullish wave counts, I have interpreted this whole up-going wave cycle as impulsive structure with expanded flat where the corrective wave usually forms 3-3-5 structure instead of 5-3-5 zigzag.
My next bullish count would be where we consider this recent bouncing wave as wave B which means we should be expecting wave C. This scenario of course becomes invalidated when we break above the swing high level, which is $6850.
My bearish scenario would be considering this whole wave cycle as ABC structure instead of impulsive wave structure. This also becomes invalidated if we break above $6850. So for now we should keep our eye on whether we can break that recent swing high level. Once we break that level above, laddering up on long position might be a good strategy at least up to my first target.
Please press like button and follow me for more TAs.
Note
Sorry the "open triangle correction" written in blue above should have been just the "triangle correction".Note
Here is my detailed entry setup.
For now bulls are too strong.
Even though it doesn't reach any entry target, I would highly suggest you to not enter any position and wait for the next dip.
Note
Here is how I drew my yellow trendline.
Note
My 1st Target Price reached.Note
Here is my Bitmex(XBTUSD) chart that I have uploaded on my Korean channel.
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Telegram: bit.ly/Tommy_Main
트레이딩 MBTI 테스트하기: tradingmbti.waveon.io/
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