Tommy_Trader

Tommy_Trader

I don't know how much wave 2 will retrace for wave 1 but it did break the 0.382 fib level around $8,465 so I am expecting it to drop to 0.5 ($8,244) or 0.618 ($8,024) levels. Many traders had been targeting their first waves to reach much higher around $10,000, instead it only attempted to break $9,000 region that is acting as a hard resistance now, several times...

Tommy_Trader Updated 

ABC corrective waves that has been going on for a day or two, has officially ended and now we are on wave 3 (yellow). Now we are currently done with the wave 3 (green) and wave 4 and 5 is expected soon. I targeted the wave 5 to 1.618 fibonacci extension of wave 1(yellow) as wave 3 (yellow) falls beautifully into 1:1 extension of wave 1 (yellow).

Tommy_Trader Updated 

Here is what bitcoin likes to do these days. It wants to NOT follow the analysis results of the majority of traders and analysts. I thought the bullish waves would be more impulsive to reach around at least $9,300. Instead it is being corrected heavily. It is currently forming a downtrend channel. If these are corrective waves, not impulsive waves, this wave...

Tommy_Trader

Wave counts are to be corrected along the way, as we confirm or dis-comfirm new waves. Analysts always hold numerous possible scenarios with certain probability based on the statistical and logical back-ups such as wave theories and indicators. Our job is to prepare the respond action plans for different possible scenarios, not to just predict our future. As we...

Tommy_Trader

Just a slight change to my current wave counts. 161.8% Fibonacci extension for yellow 012 and for orange 012 which in other word can be interpreted as 1 to 1 extension of the first wave (of yellow and orange) to target their 5th wave. Also 100% extension of the 1st wave (green) to target he 3rd wave.

Tommy_Trader

My liquidation target stands at $9,200~$9,400. Then I will set my re-entry position around $8,700~$8,800.

Tommy_Trader Updated 

Enough healthy nutrition (correction) ingested. Bitcoin has been charging its batteries and repairing its engine for a while. Now it’s time to start the engine. Observing recent impulsive waves and their structures that have been corrected at only about 0.236 Fibonacci retracement level, I have now decided to change my bearish bias to bullish. Wave 3 (yellow)...

Tommy_Trader Updated 

If it doesn't break the support region right below, this is actually a possible bullish scenario where it touches top/bottom of a channel five times and move on to the next wave. If it does break the support region below it is more likely to take account of my previous post where it corrects down to 0.236~0.382 fib retracement level ($8,365~$8150)

Tommy_Trader Updated 

About to be corrected a little.

Tommy_Trader

The main posted chart above is one of the bullish wave counts where we are on wave c (yellow) of the wave 2 (green). To target wave c, I fib retraced wave 1 (green) to target above 0.382 lvl, and I also fib extended the small wave 1 (orange) to 1.618. The resistance around $8100 seems like a strong one for a while. Also we can see that the volume is declining so...

Tommy_Trader Updated 

Starting with the big picture. If this downtrend that we have been in recently is done which I believe it was wave C of the big wave 2, we are officially starting our new wave 3. We bounced that 0.786 Fibonacci retracement level which is a very beautiful ratio for wave 1 2 structure. As I mentioned in my previous posts, that 0.786 fib region has confluence...

Tommy_Trader

Expected to test the lower boundary of the channel.

Tommy_Trader

Many traders including myself have been speculating that wave 5 of the big wave C will be projected down around $6,900~$7,350. It has instead reached down to $7,530, which is exactly the 1.62 Fibonacci extension level of the small wave 1, and have bounced. Is $7,530 the bottom? Depending on the momentum I previously expected it to drop much lower but there would...

Tommy_Trader

Nothing has changed a lot. There was a slight bounce as expected which I consider it as wave 4. Bearish as fuck. This ongoing slope, which I usually utilize o deduct the level of momentum, is massive. Therefore I am expecting to see decent amount of FUD as we reach down close to the target.

Tommy_Trader

As I have mentioned previously, wave 4 has reached around 8600$ and I am quite sure that we are done with wave 4. It is obvious that wave 5 is going on currently. I projected smaller wave 3 and 5 of the big wave 5 by fib extension of what it seems to be wave 1 to 100% and 162%.

Tommy_Trader

I believe we are almost done with the correction. We are on the last stage (wave 5) of the wave C, of the wave 2. This is my current wave counts. We had truncated wave 5 where wave 5 doesn't surpass wave 3. This is also known as double-top. After our correction is finished, we will embrace our wave 3, which usually is the most impulsive.

Tommy_Trader

Sorry the chart is a mass. I just had to draw a lot of fibs. We are currently going through wave 4. Wave 4 is composed of smaller wave A,B,C. I think We have just finished our wave A and B. We still have C to come and that is the target that I will be consolidating some of my bitcoin. After wave 4 is done, wave 5 which is an impulsive wave going down, will be...

Tommy_Trader

Around $7200