Ronbaten

Ronbaten

For the moment it's not looking good for bitcoin. because it's under the 200DMA or 50WMA IF the candle body is closed below it-> meaning we are official in a bear market. But keep in mind, in a bear market there are also good (bullish) waves up. Actually i expected a good and bigger bounce on the 200DMA. that should be wave 2. who knows maybe later. but that means...

Ronbaten

Also on the W chart we can see clearly the EW. But if you take a look on the Correction ABC (the red ABC line) , it created a left shoulder and a head. IF the 5 Elliot wave down will come, it's creating a right shoulder and when that breaks the neckline, damn it can be very nasty (see the red (vertical) line). So when you take a measurement from the top of the...

Ronbaten Updated 

Everything is possible. The dot line was a support line last time but became a resistance. Will the other dot support line also become a resistance? But it looks like we will have again a 5 Wave down. Maybe almost identical like last time (who knows,not me). meaning Wave 1 is finished, wave 2 is started and being bullish till around 61-63000,flirting with the dot...

Ronbaten

Wave 1 complete? time will tell. See hidden bullish divergence (blue arrow), maybe meaning that wave 2 is on the way. going up till 60000-62000. After that big wave 3 can. wave 4 will touch the red support trendline from the triangle maybe cross it like a fake out. After wave 5 can start all the way to the 200WMA around 17000

Ronbaten

On the way to around 3166? For now we only knew the way up. But what goes up also needs to come down... like in the previous chart i said we're bending over and loosing the strenght, heading to the support trend line IF that breaks, really seeing the way to the 61.8° fib (not in one move off course,it will take time). breaking the 200WMA around 3400 (50°fib) going...

Ronbaten

Second Wyckoff Method this one means we had already the top. If you look what's going on into the world, a lot is depending of the house and stock market. Meaning about the FED (printer is doing BRRR). They have to do something about it because the inflation is already to high, the bubble is getting bigger. And the bigger it becomes the bigger the crash will...

Ronbaten

Is it? Looks a lot like we're in phase B. First the BC (buying climax) and after the ST (secondary test). Later we got the 12345 EW and touched the SOW (sign of weakness), then we got again a 12345 EW but up this time going to the UT (Upthrust), later we get a ABC correction. After that we will go slowly go to the LPSY (Last point of supply) (Phase C) and later...

Ronbaten

we got a exaggerated divergence ( bearish ).meaning straight horizontal resistance line on the chart and on the RSI: HH -> LH. Also crossed the support line on the RSI and retested it as a resistance. it's a bended top -> so it's loosing the strenght. The question is IF it will drop, the support line will hold? if not hmmm probably we will have a good big crash a...

Ronbaten

AFTER it's always easy to speak. damn obvious now. maybe going down to fib 61.8° (also support line).The bounce on 50 MA was too weak. The dot support line became a resistance, now it's just amazing to see. After we go back in the triangle and maybe repeat like the other ones (we know that story right?)

Ronbaten

The bullish case, retrace till 61,8° after back up till almost 100000. the dot line will become a support again. First making a correction ABC, after 12345 EW. BUT keeping in mind the stock market is a big bubble and the dollar is extreem bullish. stock market down meaning btc also down