A Possible Bullish Scenario for Bitcoin by AcroScopics
Updated
With time,,,,everything becomes clearer.
I must admit that these bottoming patterns can be awfully taxing on the nerves...something even the charts can't help with.
There are times that price can break in either direction and there are Elliot Wave patterns that could substantiate both.
It's not until you see more price action that one may become more confident in which pattern is the more probable.
That's what's been going on for me for almost a week now...and finally, we have one more checkmark in the bullish case for Bitcoin, and this, the entire Crypto Market.
Something I think is having more of an impact than most realize yet was Crypto.Com's Super Bowl ad two days ago.
I believe that the public's awareness and then their opportunities for financial gain, will be the next primary driver, along with more institutional investment, for the next major inflow of cash into the entire Crypto Market.
On the Daily chart, which gives us a better overall picture, price is moving to the top part of a trading zone with the purple down sloping purple line above, which will act as resistance.
Only the lower time frame, we see a lower Elliot Wave 3 up finishing now, with wave 4 down and then 5 up to come to finish a larger Wave 1 Up on this chart, where wave 3 Up and 4 down have finished and we're watching what we expect is the end of wave 5 up to finish Wave 5 up of 1 Up on this chart.
From time and price, hitting the purple line above would be an ideal place to end Wave 1 Up and go through Wave 2 Down to gain the strength to break above and hold.
That's where Wave 3 Up would come in if this count continues to play out as originally labelled.
That could take us up to and then over the 200 MA and further to finish Wave 3 Up, with Wave 4 Down and then Wave 5 Up to come.
We'll have to evaluate at that point whether this current Up wave is over... or just beginning.
Stay tuned!
Thanks for all the LIKES, FOLLOWS & COMMENTS!
Hopes this helps!
I must admit that these bottoming patterns can be awfully taxing on the nerves...something even the charts can't help with.
There are times that price can break in either direction and there are Elliot Wave patterns that could substantiate both.
It's not until you see more price action that one may become more confident in which pattern is the more probable.
That's what's been going on for me for almost a week now...and finally, we have one more checkmark in the bullish case for Bitcoin, and this, the entire Crypto Market.
Something I think is having more of an impact than most realize yet was Crypto.Com's Super Bowl ad two days ago.
I believe that the public's awareness and then their opportunities for financial gain, will be the next primary driver, along with more institutional investment, for the next major inflow of cash into the entire Crypto Market.
On the Daily chart, which gives us a better overall picture, price is moving to the top part of a trading zone with the purple down sloping purple line above, which will act as resistance.
Only the lower time frame, we see a lower Elliot Wave 3 up finishing now, with wave 4 down and then 5 up to come to finish a larger Wave 1 Up on this chart, where wave 3 Up and 4 down have finished and we're watching what we expect is the end of wave 5 up to finish Wave 5 up of 1 Up on this chart.
From time and price, hitting the purple line above would be an ideal place to end Wave 1 Up and go through Wave 2 Down to gain the strength to break above and hold.
That's where Wave 3 Up would come in if this count continues to play out as originally labelled.
That could take us up to and then over the 200 MA and further to finish Wave 3 Up, with Wave 4 Down and then Wave 5 Up to come.
We'll have to evaluate at that point whether this current Up wave is over... or just beginning.
Stay tuned!
Thanks for all the LIKES, FOLLOWS & COMMENTS!
Hopes this helps!
Note
At the time of the above post, wave 3 Up had not quite ended. It rose just a little bit more to just hit the purple line above and then began the pullback for wave 4 dn, which is where we are at the time of this writing. If this is a wave 4 down with a wave 5 up to come, it means price should exceed the purple line with the next resistance area the 200MA. Wave 5s have been strong lately, so will be watching how wave 5 sub-divides and if there will be enought strength to take price above and hold. But there will be a larger wave correction after this series of up waves is over...so getting the popcorn out...gonna be an intersting thing to watch!Note
It is possible that wave 4 dn just completed and that wave 5 up has started which would unfold in 5 waves. If so, expect price to go over and hold purple line above and most likely move up to the 200MA.
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