Greetings fellow chartists, bulls and yes even bears too. Today I present to you what i believe to be the path that bitcoin will follow in the coming weeks.
If we look back to the start of november this is when a new uptrend started as indicated by the green line from Tradingviews "Supertrend indicator" I've mapped out the Elliot impulse waves into 5 waves the 5th ending at the start of Decemeber right around the 199xx level.
The resolution of the the elliot impulse waves has left us with the formation of a Bullish Pennant (some identify this as a symmetrical triangle but I do not). Typically in technical analysis a Bullish Pennant when resolved leads to further upside in regards to price action and this is my expection in the coming days, if correct this will lead Bitcoin into new All Time Highs.
couple of bullish situations.
1. Supertrend uptrend is still maintened as long as bitcoin hold the pennant as support.
2. Hash ribbons indicator flashed a buy signal just days ago
your friend
-Mystic
If we look back to the start of november this is when a new uptrend started as indicated by the green line from Tradingviews "Supertrend indicator" I've mapped out the Elliot impulse waves into 5 waves the 5th ending at the start of Decemeber right around the 199xx level.
The resolution of the the elliot impulse waves has left us with the formation of a Bullish Pennant (some identify this as a symmetrical triangle but I do not). Typically in technical analysis a Bullish Pennant when resolved leads to further upside in regards to price action and this is my expection in the coming days, if correct this will lead Bitcoin into new All Time Highs.
couple of bullish situations.
1. Supertrend uptrend is still maintened as long as bitcoin hold the pennant as support.
2. Hash ribbons indicator flashed a buy signal just days ago
your friend
-Mystic
Note
E wave target has been reached. Now its the moment of truth for Bitcoin, I'm hoping we see a break upward from here.Pray to the Mystics, Prophets and Shamans of crypto folks!.
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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.