supestv

supestv Updated 

Yesterday, I wrote that breaking through the yellow circle (or not) would provide the direction for BTC as it has never been able to punch through this upper trend line in this bearish wave. Now it has gone back down to the neckline of the heads and shoulders (white line). The price action in the blue circle will determine if it surpasses the 768 retracement...

supestv

The yellow circle indicates where the price has hit again the upper trend line (light blue) in this correction. It has briefly peaked above this trend line only to go back up again, but we are running out of space before we hit the end of the triangle (the bottom of the triangle is the neckline of the heads and shoulders in light blue). Or... we could be in this...

supestv

So I think we are in an ABC correction, we have completed wave A; and I think we just completed wave B, which is an ABCDE ascending triangle pattern. This I think will be confirmed if the price breaks below the "D" and invalidated if the price breaks above the "E". I will be watching the Fib retracement from the E point and will be very suspicious if the price...

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If you zoom out, you can see what I've drawn as 12345 going down in yellow lines: these are the 5 subwaves of an A of an ABC correction wave. Some say that what I've said is an "A" is actually the complete "ABC" and now we are on the way up again to $100k. But no, clearly not. What I've circled in yellow, which are 7 hours of continuous large red candles in...

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The price will either bounce off the lower green line, then bounce off the upper green line before plunging to complete subwave C of this Wave 4. Or it could smash right through this lower green line. It's too risky to call given that we're almost at the apex of this triangle. If you analyze other trend lines during this ABC correction, it has bounced off the...

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I posted this H+S pattern yesterday, which was completed today: Now a new 2nd H+S has broken the green neckline, signalling a drop to $30.5k. This should lead to greater daily H+S pattern that will drop us down to $17k (for that chart, click on the link above which will link to the Daily H+S pattern).

supestv

An hourly H+S pattern is forming on the hourly chart; when confirmed will take the price down and trigger the start of the daily H+S downturn to $17k region. The blue line that is the neckline of the daily H+S forms the neckline of the hourly H+S pattern. Coincidence? Not likely. Here is the daily H+S pattern which is already confirmed, so we're just waiting...

supestv

okay in my previous post, I incorrectly drew the neckline of the H+S at the wick, but drawing it at the daily close confirms the H+S pattern (85%) probability Previous post:

supestv

The neckline was broken twice (light blue line) by wicks, and we're returning convincingly back, this time to $17k region which is the completion of the heads and shoulders, the completion of Secondary Wave 4 (yellow line) and the convergence of several trend lines (green lines). The Heads and Shoulders pattern is a reliable predictor (85% probability) of a trend...

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Here is my Incomplete Wave B with sub-sub waves mapped. I just want to post this out there to see if I am correct or whether the waves play out differently. For progressively zoomed out Wave counts, start here:

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Here is my B Wave, if it hasn't completed yet. Admittedly, it looks better and more convincing than if the B wave had completed. See here with what it would look like if B wave completed:

supestv Updated 

This is an update to my Elliot Wave discussed here: So I believe this current ABC correction wave (in orange) will conclude around $17k as it is the convergence of the heads and shoulders, several trend lines and the 786 fib retracement level. What I hadn't done is properly map out the internal 5 wave and ABC wave within the ABC structure (yellow lines). I...

supestv Updated 

We broke the neckline of a massive heads and shoulders, which confirms (85% accurate) a drop down to the $17k area. This $17k area is a convergence of the 786 Fibonacci retracement level, the heads and shoulders and several long-term trend lines which makes it a strong indicator of the reversal area. It's hard to see this in my chart since my chart has so much...

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This is a followup of which shows my long-term Elliott count zoomed out. Here in this chart we zoom in on the convergence area of $17k, which crosses the long term-trend line, conveniently sits above the Wave 1 figure of $13k, is the end of the Heads and Shoulders that was confirmed at the end of last week (broke the neckline, and is 85% accurate), and is the...

supestv

Weekly MACD appears to be following an ascending wedge pattern. What does it mean? The daily RSI is showing the same pattern, and you can see the lines I drew in the RSI indicator but since it is for the daily chart it is not showing properly.

supestv

Good lesson from OBV. Although the 1D/1W MACD/RSI was bullish a few days ago, one of my favorite indicators: the 4H OBV had a pretty obvious bearish divergence.

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There seems to be a clear Elliott 5 subwave path to $7450. It could be part of a larger wave to $8400 The recent run down from $8400 down to $5850 did not go below the earlier low of $5750, which seems to imply the possibility that from $5750 to $8400 was a wave 1, from $8400 to $5850 was a wave 2, and now we are on a wave 3. If you zoom out, the current wave...

supestv

I believe we've just finished sub-sub-subwave 4 (green) of sub-subwave V of Subwave C of Wave 4. Get ready for the big pump of Wave 5.