Hello, Captains! I am going to make this as short and sweet as I possibly can. This blog post is all about the Elliott Wave Theory. I want to talk about how USDCHF has left an H&S Pattern starting at wave 1, which we have seen wave 2 (the right shoulder), and explain a projection of the bullish trend. Sound good? Humans and nature cause cycles as both are...
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I believe price is currently in the "stealth accumulation" phase which will lead to an explosive breakout soon. Captains, the above chart is just a nice reminder to myself that BTC chart is not always a perfect science. Remember, price action is the most effective way to predict the future. The most effective way to predict the future is to create it.
The reason for reversal and the fact that price may push higher is that USDCHF is currently at a support area. The fact that the current standard deviation is way below the average makes price reversal more likely and thus USDCHF may be expected to reenter an uptrend.