Short

Updated

BTC EWT Analysis

BTC headed for 6k.

Trade active

Wave 4 correction finished. Wave 5 down to 6k is now in progress.

Note

Note

BTC/USD

If BTC breaks up here, I believe it is completing a C wave in the 4th wave retracement. My bearish count remains my primary count until the 13k invalidation level is breached. 6k is the target with proper fib ratios, though I believe we wont go lower than 8k.

Note

Update. One last leg down.

Note

Wave C for Wave 4 complete. Wave 5 beginning.

Note

Probable pathway for a 6k target.

Note

Possible alternative.

Note

Current subwave path for the 6k wave count (Subject to change).

Note

Here is a subwave count of the possibility for a larger degree Wave 4 corrective triangle.

Note

Larger triangle for wave 4 confirmed. Wave E complete. Down we go.

Note

7.7k Target.

Note

Possible Wave E throwover (bulltrap). Wait for a 12k break to confirm a bullish move to the upside.

Note

New trend line established. Calling the top of the triangle earlier might have been a bit pre-emptive.

As a side note, I want to mention that this analysis will remain bearish until the main resistance (around 14k) is broken. The goal of these updates is for you guys to be aware of any bearish scenarios that might play out, so that you don't get sucked into FOMO. Happy trading!

Note

My triangle is incorrectly drawn before. I had forgotten that the Wave B and D trend line support must *start* with the point of Wave B. Sorry guys! Looks like we have a bearish descending triangle on our hands.

Note

Trade closed: target reached

6k hit.

Foxace36

Also on:

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.

Foxace36

Also on: