It seems we are in ABC correction; may also be 12345; take care!
Updated
After a bull trap in the ascending wedge, we've retraced from impulse wave 5; I think we are in a corrective ABC pattern; we are now building the 4th subwave of the A wave that should end at the 78.6% fib level of wave 5. Wave B should retrace at the $9200 level that has become resistance and then go to the $8300 support.
But take care, the big cyan rising wedge is pushing us down towards $8100! so this can also be an 12345 impulse wave!
Also, a more bullish scenario would be that $9200 level to become supportive again and restore the uptrend; but I think it is less likely now; except if whales play again.
But take care, the big cyan rising wedge is pushing us down towards $8100! so this can also be an 12345 impulse wave!
Also, a more bullish scenario would be that $9200 level to become supportive again and restore the uptrend; but I think it is less likely now; except if whales play again.
Note
Lots of longs get liquidated where the wave A retracement should have happened. I might have had underestimated this wave. It's way more impulsive than I thought. Very likely supports will not hold.Note
I was counting smaller subwaves actually. This was the real retracement of wave A, subwaves are now visible on the 2h chart. We also have a bull trap on the way, so bears are speaking now. I think we're going to $8000.Note
Waves A and B were a little longer than in the chart. This last pump on wave B looks like a bull trap, there have been plenty recently. Note the volume, which is smaller than expected; whales just liquidated some shorts. I think retracement to wave C is happening now, target unchanged.Note
No time to watch/update recently. But as I see, after wave B should have been retraced, we are doing zigzags. Full of pumps and dumps, price is totally manipulated. I don't think any reliable prediction can be done now. We've scanned in 24 hours almost all the prices we've had since April 21. The most recent bull trap followed by a bear trap went up to $9500 and down to almost $8700 in less than 5min and then back to current level with insane volume; shorts and longs liquidated. If you want to gamble, you might trade; you have chances if you buy low and sell high, prices levels will be eventually reached; but if you set a stop loss, whales will take it. Short term evolution looks impossible to predict, but large patterns worked until now; and they are pointing down. So I guess there will be lower prices to buy, then HODL; whales will not be able to increase the price without the small fish trading; and small fish are just being taken out of the market, so they might not intend that (or don't think they can).Only
Note
That "Only" wasn't intended, haha :D
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