5 Wave Elliot Impulse on BTC Weekly?
Since the breakout of the bear market depths BTC has been moving methodically on the weekly chart. There have very clearly been two impulse moves to the upside, the most recent one just barley missing the expected major resistance of 32k. Currently i believe we are in wave 4 of a 5 wave Elliot Impulse move. I am anticipating price to come down to 25k, False break or find support on the 200Day EMA and move into on final move to the upside. This area of support at 25.3K also coincides with a .50 fibonacci retrace for wave 3 (the most recent and most violent move to the upside) highlighted by the yellow circle on my chart. The final move to the upside will be driven by the small investors resulting in a smaller final wave up to 32K as retail investors prepare to maximize profits and set in a new downward trend. Once 32K is achieved we will move into an ABC correction to 20K.
I will be taking a long position at 25K but only to 28.7K (a previously proven strong point of contention for BTC as of late) and will be looking for a big short position with confirmation of rejection around 32K.
Ultimately I will be trading to put all of my gained capitol back into the market when BTC hits 20K regardless of price action following 20K.
I will be taking a long position at 25K but only to 28.7K (a previously proven strong point of contention for BTC as of late) and will be looking for a big short position with confirmation of rejection around 32K.
Ultimately I will be trading to put all of my gained capitol back into the market when BTC hits 20K regardless of price action following 20K.
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