Long

Updated

Bitcoin targets for next 24 hours.

My thoughts on how the next 24hrs play out for Bitcoin.

If price doesn't jump here soon (which I now less likely believe will happen), we should have a lot more correction to complete (down to ~8350), before another wave up to ~8650.

Do note that mostly all of my recent calls/targets have been spot on.
I update more frequently on Twitter than on TradingView.
Twitter: AndrewEDavis

Note

I just woke (briefly - back to sleep after this post) and noticed that already did touch my ~8650 target, after touching the top of the buy range.
Just before falling asleep, I was seeing signs of this possibly happening based on wave formation on very small timeframe.

Specifically that circled red point where wave retraced that high, seemed to invalidate a larger ABC. However, I saw that the risk to reward wouldn't be favourable if I suggested to you all to take that play, and left the current main count as the better playable option.

I see a chance of 1 more attempt to push up by #BTC, but it should not get far.
I don't recommend attempting to trade it. I'm waiting in fiat for a better correction.
It's possible that we are still on a large wave-3 up, just about to complete it, then will have a W4 correction.

Note

Just to add:
It would have been a bad buy either way if I did take this trade when I noticed the chance of it happening increased.
I've been trading Altcoins lately rather than BTC directly (Alts that move faster than BTC but mirroring its moves).
Altcoins have steadily declined since my target post (update) earlier.

Note

If Bitcoin returns above ~8440 from here, it may attempt another wave up to ~8675.
Alternatively, if BTC breaks below ~8340 soon, we are likely on our way down for a while, and actively on a large wave-1 of 5 down.

Note

After stalling for hours in that decisive area, we seem to have confirmation of Bitcoin breakdown.
Be aware that a small bounce could occur between this current area and ~8250, but this would likely be a temporary wave-2 retracement and not a sign of sustained upward reversal.

Note

There's only a very slight chance for Bitcoin to still recover, that is, if it absolutely doesn't go any lower than the recent drop and pulls a strong reversal to +8440, we may have had an oddly shaped ABC correction rather than 5 subwaves of a wave-1.

Note

Update coming. Bitcoin bullish scenario not off the table yet.

Note

Bitcoin bullish scenario is not off the table yet.
"Potential" count is that we only just completed a wave-4 ABC correction.
If BTC can pull above ~8410, we could uptrend to ~8675 today.
If it falls below ~8305, it should give a weak bounce then downtrend further.

Note

I have some suspicion that BTC may do something like this (my hand-drawn green line), and potentially go bullish (upward) for the day.
Either way, no clear confirmation yet, but the next moves should give us confirmation of Bitcoin trend for the next days.

Note

Bitcoin moving along slowly here, but I'm still considering a Bullish outcome at the moment.
Stalling for quite some time in this spot. I believe we will get an answer soon.

Note

It looks as though my Bearish Bitcoin scenario is unfortunately playing out.
While I was recently hopeful for the Bullish option, I maintained that "there is no clear confirmation yet of either direction".

BTC finds some support for the while on the 8250 region I outlined since earlier.
Possibility of a temporary bounce, but it seems likely we would continue downwards after.

Note

I just updated the bounce range and average point, but I wouldn't count on it getting too high because of overhead resistance.

Note

Bitcoin Update - It would appear that the next most likely target for BTC is roughly ~8000 range, which we may arrive at in a few hours (6-12hrs).

If bulls could manage to push BTC out of that descending channel soon with strong buy volume, then things could change.

Note

Bitcoin arrived right on target and right on time, as per my last BTC post.
Right now I'm mostly neutral regarding BTC. Signs seem to be mostly bearish, but I'm hoping that it can pull off a move as shown by my arrows.

The wave formations of the past day are very narrow and difficult to count. I'd like to have more data available to be able to outline the next most likely targets for Bitcoin.
I'll do my best to update again as soon as I see more clarity.

AndrewEDavis

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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.

AndrewEDavis

Also on:

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All Bitcoin targets of yesterday met

by AndrewEDavis