BTC (Y20.P5.E1).Price Action Explained
Hi,
This is a continuation of the previous post where many people got it wrong, including me as to when we have that pullback level that everyone is saying is due.
Many seasoned traders got it wrong and its normal.
I have one reliable source who says that 21K is the target based on the Elliot wave theory.... which I lean towards as he is much more experienced than me.
But he also stated that any pullback can happen in between so we have to watch it day by day, 4 hourly by 4 hourly to get a sense of what is happening.
===============================
If you look at gold, we can potentially expect a similar pattern as to how it pulled back... as I find Gold ahead of the trend (chart provided below).
Looking at the SP500, BTC is outperforming it as long as SP500 holds strong (chart provided below).
Looking at BTC dominance, its not time to flip any time soon (chart provided below).
===============================
Someone on youtube got the accumulation of the wyckoff area right, hence why I was bullish in this area (as per my chart below).
*** If you want a reference to this, contact me directly *** as I'm here to help and share.
As for the price action, explanation, its straight forward.
> 1st we had a small symmetrical triangle to shake the weak hands, hence a drop which was part of a bigger ascending triangle, a continuation pattern
> The key here was the target of the triangle and the previous resistance level (blue box). This was of 2 scenario's I spoke about in my previous post, link provided below.
It turned out with the 1st scenario, as part of a Wyckoff accumulation pattern.
> Then we had the broadening wedge fan or W formation, either works for me, with the ABCDE elliot count. It was at this point where I was confident it was another bull flag.
> Then leg up was another broadening wedge fan with another ABCDE count, which I saw instantly, which made me confident it will hit 17K.
> It turned out, at this time, I had to go to sleep.
> Note how I worked out the fib extension and how it hit the 1.618 level, another significant number again. The problem with this is, did I manipulated it to get this number to where I placed the pivot points, I Don't know.
> You can see the upward wedge compression and how price breaks above the top resistance, this is clearly indicating a bullish event, which will lead to more macro gains. Sometimes this can reverse back into the structure, if so, a very bearish sign.
CONCLUSION:
===============================
Now here we are;
> In this range, I'm expecting another bullish formation of some sort. Don't know what but bullish.
> If over time it turns out to look bearish, we will see the signs on it in a number of days or week or 2.
> I don't expect a sudden drop any time soon.
*** IMPORTANT NOTE ***
At this point, I think what will happen is what happened last year at the
14K mark, I recall it going parabolic before the blow off.
I think this will happen again so we don't have this here yet.
As 1 mentor said, BTC is king at the moment so I wouldn't be putting much into ALTs. If you got cash or BTC, then be very selective for those short moments.
In general, its not ALT season yet.
When I have a chance, I will post the MACRO elliot WAVE count and its target of 21k to
23K
Please give me a like or tick for this post
Regards,
S.SAri
===============================
15 minute chart:
============================================================================================================================
BTC dominance chart
My thoughts on ETH.BTC pairing
SP500 holding strong, 8 hrly chart
GOLD daily, macro continuation pattern after a good run in a trillion dollar market
PREVIOUS POST
This is a continuation of the previous post where many people got it wrong, including me as to when we have that pullback level that everyone is saying is due.
Many seasoned traders got it wrong and its normal.
I have one reliable source who says that 21K is the target based on the Elliot wave theory.... which I lean towards as he is much more experienced than me.
But he also stated that any pullback can happen in between so we have to watch it day by day, 4 hourly by 4 hourly to get a sense of what is happening.
===============================
If you look at gold, we can potentially expect a similar pattern as to how it pulled back... as I find Gold ahead of the trend (chart provided below).
Looking at the SP500, BTC is outperforming it as long as SP500 holds strong (chart provided below).
Looking at BTC dominance, its not time to flip any time soon (chart provided below).
===============================
Someone on youtube got the accumulation of the wyckoff area right, hence why I was bullish in this area (as per my chart below).
*** If you want a reference to this, contact me directly *** as I'm here to help and share.
As for the price action, explanation, its straight forward.
> 1st we had a small symmetrical triangle to shake the weak hands, hence a drop which was part of a bigger ascending triangle, a continuation pattern
> The key here was the target of the triangle and the previous resistance level (blue box). This was of 2 scenario's I spoke about in my previous post, link provided below.
It turned out with the 1st scenario, as part of a Wyckoff accumulation pattern.
> Then we had the broadening wedge fan or W formation, either works for me, with the ABCDE elliot count. It was at this point where I was confident it was another bull flag.
> Then leg up was another broadening wedge fan with another ABCDE count, which I saw instantly, which made me confident it will hit 17K.
> It turned out, at this time, I had to go to sleep.
> Note how I worked out the fib extension and how it hit the 1.618 level, another significant number again. The problem with this is, did I manipulated it to get this number to where I placed the pivot points, I Don't know.
> You can see the upward wedge compression and how price breaks above the top resistance, this is clearly indicating a bullish event, which will lead to more macro gains. Sometimes this can reverse back into the structure, if so, a very bearish sign.
CONCLUSION:
===============================
Now here we are;
> In this range, I'm expecting another bullish formation of some sort. Don't know what but bullish.
> If over time it turns out to look bearish, we will see the signs on it in a number of days or week or 2.
> I don't expect a sudden drop any time soon.
*** IMPORTANT NOTE ***
At this point, I think what will happen is what happened last year at the
14K mark, I recall it going parabolic before the blow off.I think this will happen again so we don't have this here yet.
As 1 mentor said, BTC is king at the moment so I wouldn't be putting much into ALTs. If you got cash or BTC, then be very selective for those short moments.
In general, its not ALT season yet.
When I have a chance, I will post the MACRO elliot WAVE count and its target of 21k to
23KPlease give me a like or tick for this post
Regards,
S.SAri
===============================
15 minute chart:
============================================================================================================================
BTC dominance chart
My thoughts on ETH.BTC pairing
SP500 holding strong, 8 hrly chart
GOLD daily, macro continuation pattern after a good run in a trillion dollar market
PREVIOUS POST
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This community has signals now but with no risk management comms.
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This community has signals now but with no risk management comms.
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