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Sandp500

BTCUSDT | Bitcoin has crashed but is the growth phase finished?Overview Bitcoin broke up through $12 000 but is now crashing. Gold set a new all-time high but has since pulled back. The S&P 500 keeps on setting high after high. Still, all of these assets have one thing in common: they’re all at risk for a sizable correction, primarily due to the dark cloud hanging over the coming United States 2020 Presidential election. However such explanation can describe short-term effect on Bitcoin's price action but what about long-term perspective? Fractals Bitcoin global ATH $19 798 was reached on December 17th in 2017. Afterwards the whole cryptocurrency industry entered a consolidation phase decreasing until April 2nd in 2018 when a new growth stage started. After 3 months of ascending trend Bitcoin made a local peak of $13 970 on June 26th where consolidation started again making a Fractal pattern. Why are these Fractal patterns so important now? Bitcoin price action tried to consolidate at previously broken resistance levels to stop crashing during the first Fractal in 2018. Retrospectively we can see it failed after several attempts reaching major support which was also rejected thus it resulted in a dramatic crash to base level of $3 156. Currently we see the very similar situation: - Local support of $11 400 was broken - Previously broken resistance level of $10 400 level is being tested but has low probability to withstand Based on the Pitchfork and trend analysis we see a high probability of breaking down the level and further retest of major support level. Which will confirm repeating Fractal pattern and will signal for descending trend Conclusion Bitcoin is at decisive moment. The long-term price action development depends on whether BTC succeed to consolidate above $10 400 level or not. Most traders from SkyRock Signals think Bitcoin will break the level within next days because of bearish fundamental background, negative results of trend and technical indicators analyses. The scenario will bring the leading cryptocurrency to Major support near with $8 893 level. On a contrast with the first Fractal this level is close to fundamental production value which increase chances of bouncing back. However it is hard to accurately forecast what will happen when Bitcoin touches major Support because Fractal patterns do not guarantee retrospective will happen again. The most important now is to set tight risk management settings to your cryptocurrency assets positions until decisive moment is passed Stay safe and confident. We will update this trading idea so stay tuned Best regard, SkyRock Signals team
Short
by Skyrexio
2
S&P500 all the way to the moon? where is limit?well. I was counting this for almost 3 weeks as bearish but all the possibles got invalidated we are at a level the there is no resistance level in front so it is hard to predict the limit. first lets have look at the monthly chart. I need to mention although it might look as an expanding triangle but the dimension of this triangle dose NOT meet what is written in the text book for example the book say :Subways B,C,D each retrace at least 100% but not more than 150% of the preceding wave" Elliot wave principle , Frost page 91. this is invalidated in out case all we have now is just a trend line that connects to peaks and RSI I am gonna make my prediction mainly based on RSI. The monthly RSI has a resistance level at 68.6 the weekly RSI is also near the bearish resistance level at 68.8 based on these evidence I can guess the market will crash at some level around the box plotted
UShort
by Analyticssage
4
S&P500 Elliot wave analysis,25/07/20 watch 3180$The ending triangle tend line is broken. I will consider a bearish scenario and entering wave 1 of the reversal only if we break through 3180$ For Bullish scenario 1- Wait for the confirmation level(3180$) to break 2- You might see a pull back , sell if you see a sell candle in the pullback(usually happens at 50%-61.8% fibo ratio) 3- Stop loss at 3293.7$ ** MAKE SURE YOU ARE NOT RISKING MORE THAN 1-3% Of YOU WHOLE TRADING ACCOUNT, THE AMOUNT OF MONEY YOU LOOSE IF WE HIT THE STOP LOSS MUST NOT BE MORE THAN 1-3% OF YOUR WHOLE CAPITAL***
U
by Analyticssage
2
S&P500 Elliot wave ,bearish setup , Update 4The market close on Friday with a big uncertainty. we observed a smearing move up. I still don't know if it is an impulsive wave or a corrective because the waves have not unfold completely. I think it is gonna be an impulsive wave as the characteristic shows. in that case we will have a WXYXZ correction and probably this will be the last correction. we should know by next week the direction of the market I will try to keep you update under this post as real-time as possible
UShort
by Analyticssage
5
S&P500 all Possible ElliotWave counts for next weekMany people asked me what will happen if the invalidation level gets broken! 3 thing might happen next week: 1- the invalidation level never gets hit and we will have a crazy down trend (left chart) 2- the invalidation level will get broken. In that case we will assume that wave 3 is extended and you can see the scenario in the right chart. the price will go up to the invalidation level and then reverse. 3- the price will climb up until the triangle gets invalidated the we will have a bullish count. I hope I could help to give you a clear picture of what might happen next week from a scientific point of view (not a personal point of view) based on the ElliotWave theory. -------------------------------------------------------- response why I think the mark has to crash: I always confirm my wave count with fibo and RSI or DPO. This is the daily chart: RSI confirms the wave count and also you can see a clear divergence , suggesting end of wave 5 wave 5 looks like a proper ending diagonal as well. That is why I am still on the bearish side. I will not Update this post as it is just educational post not a live trading one. Live wave count will be available under my previous post hope it helped
U
by Analyticssage