BTCUSDT, BNBUSDT | We're back on the Lime Mountain trail!
Updated
Good morning everyone, here's a fresh update for you on BTCUSDT and BNBUSDT. To start off, here's a link to the most recent ideas:
--
BTC-USDT As you can see above, we definitely broke down from the bottom of the support areas and fell pretty fast. My stops would have ben hit and I'd be in cash, looking for a bottom-fishing play of an oversold bounce.
To the same effect, you can see that BNBUSDT followed suit, we're not in the 11s range, looking for a place to take an oversold bounce position but only bottom-fishing with a tight stop below the nearest fractal/inside bar (They often go together).
It looks like my timing was a little off, but we are back on Lime Mountain. Or at least, we're forming the valley I mentioned before. I do not believe it's certain that these levels marked in red will be hit, this is only the bottom of my forecast, and the base of a strong support level holding up the change of trend on larger time frames. We've set a higher low on the daily and 4h timeframe, that's a good sign. I do think the market sentiment is changing and almost all of the weak hands are out of the market.
You can see here that searches for "cryptocurrency" is nearly back to where it was before the enormous run-up last year. It's the same for multiple related keywords like "blockchain", "bitcoin", "Ethereum", and "crypto" (searches for "Binance" and "Tron" are breaking out, by the way). There's loads of news out there that companies accepting Bitcoin and etc. are seeing declining numbers of payments in those assets (though you are invited to challenge that statistic).
kek.gg/i/xZwhP.png
Clearly I'm going to need to make a video to explain what's going on in this photo (below), but essentially this may be an Elliott Wave pattern preparing for the ABC correction phase. A measure of the Fibbonacci retracement of these parabolic moves show us we can expect the current price to retrace possibly to below the 23.6% zone, with an extension potentially to the 4 count of the impulse wave. That zone is just above 9.4674 and is confluent with the 61.8% retracement zone. I've made a dotted blue line to show that we're forming a complete neckline of a head and shoulders pattern that would support a move to at least the tip of the extension of the C count of the current correctional wave. I drew a Fibonacci retracement from the head of the pattern and found a lot of confluence levels with the shoulders' retracement zones, and interestingly the tail end of the extension I just mentioned touches the 23.6% zone. That's where the price has snapped back for the shoulders, so it may be where we're headed for the breakdown of the whole pattern before going higher. This is a lot of forecasting, each hour gives us more information! I'll keep you updated.
--
This has been for educational purposes only and is not intended as financial advice.
--
BTC-USDT As you can see above, we definitely broke down from the bottom of the support areas and fell pretty fast. My stops would have ben hit and I'd be in cash, looking for a bottom-fishing play of an oversold bounce.
To the same effect, you can see that BNBUSDT followed suit, we're not in the 11s range, looking for a place to take an oversold bounce position but only bottom-fishing with a tight stop below the nearest fractal/inside bar (They often go together).
It looks like my timing was a little off, but we are back on Lime Mountain. Or at least, we're forming the valley I mentioned before. I do not believe it's certain that these levels marked in red will be hit, this is only the bottom of my forecast, and the base of a strong support level holding up the change of trend on larger time frames. We've set a higher low on the daily and 4h timeframe, that's a good sign. I do think the market sentiment is changing and almost all of the weak hands are out of the market.
You can see here that searches for "cryptocurrency" is nearly back to where it was before the enormous run-up last year. It's the same for multiple related keywords like "blockchain", "bitcoin", "Ethereum", and "crypto" (searches for "Binance" and "Tron" are breaking out, by the way). There's loads of news out there that companies accepting Bitcoin and etc. are seeing declining numbers of payments in those assets (though you are invited to challenge that statistic).
kek.gg/i/xZwhP.png
Clearly I'm going to need to make a video to explain what's going on in this photo (below), but essentially this may be an Elliott Wave pattern preparing for the ABC correction phase. A measure of the Fibbonacci retracement of these parabolic moves show us we can expect the current price to retrace possibly to below the 23.6% zone, with an extension potentially to the 4 count of the impulse wave. That zone is just above 9.4674 and is confluent with the 61.8% retracement zone. I've made a dotted blue line to show that we're forming a complete neckline of a head and shoulders pattern that would support a move to at least the tip of the extension of the C count of the current correctional wave. I drew a Fibonacci retracement from the head of the pattern and found a lot of confluence levels with the shoulders' retracement zones, and interestingly the tail end of the extension I just mentioned touches the 23.6% zone. That's where the price has snapped back for the shoulders, so it may be where we're headed for the breakdown of the whole pattern before going higher. This is a lot of forecasting, each hour gives us more information! I'll keep you updated.
--
This has been for educational purposes only and is not intended as financial advice.
Trade active
More details coming, but for now a quick one: Trade active
This trendline and the RSI, plus volume velocity all matter for whether we're going to hold higher lows for an overall bull trend. Trade active
Using the real candle bodies is less appealing to bulls Note
The price is stairstepping up in Fibonacci retracement levels with each scythe pattern, this time around it looks like it will test above or right at the 50% (which isn't real fib level, anyway). The one abnormality is the scythe that spikes in the middle, I'm still deciphering that one. This may be a better angle of those retracement levels and gives you a clear picture of how hype and trading volume must have been high in the middle, and there was a deeper retracement due to the overreach.
Going off of that, 12.861 and 12.6961 are the price points for a support zone and I think odds are high for a retracement to this zone before moving higher.
Trade active
Don't miss the most recent update on this article! Here's today's reading on the market: 
Related publications
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.