Since I am fairly new to technical analysis, I like to theory craft using different methods. As I am attempting Elliot waves, this is a projection I have come up with in regards to the price action of Aurora. Projecting the the creation of new highs using psychological levels as support/resistance. Viewing on the daily chart is more accurate to start the wave...
Seeing hidden bearish divergence on the 1h and 4h. Expecting a push into the oversold areas so a spike to 6500+ before a large drop into 6k range. Potentially retest of 5.8k incoming. Could happen before another spike as well.
The 4-hour chart is showing a bearish pennant with Elliot Waves backing it up. Bitcoin is likely going to continue its bearish momentum to see a potential reversal at previous 5.8-6k support.
Though this was an interesting projection of Bitcoin's long-term movement. If price breaks into 3-4k range, I'll be referring back to this in a heartbeat. FYI this was recreated from this article: nulltx.com
