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Ok, let's jump in! We are now taking a look at the 2h BTCUSD Chart. The last couple of days we have been caught in the , and things were not looking that good. We got rejected one time when we tried to break out from the downtrend resistance line, but came back with even more strength. Let me be honest. D4 was surprised how we did manage to get through via a , and then through the zone of confluence resistance, and also through 9,500 USD.
At this very moment we have a real opportunity to get a reversal and start a new Cycle. As you can see, I have counted the primary EWs in blue for you and the subwaves in purple.
We are on the 3rd EW and have found support on the EMA100. As D4 predicted in the previous chart we managed to rise the flag pole. If we take a look at the and we have room to go even higher. Around 10K is likely, which is equivalent to a 130 % of the 1st wave and where the EMA200 is.
In this scenario we hereafter need a retracement. Due to a new trust in the market I in this scenario assume a 23,6 % (could also be 38,6 %) retrace is enough, and hereafter we will ride up on wave 5 to 11,100 USD.
In the other scenario (the dotted blue line) we here assume we are on the end of wave 3, and now will have a retracement at this very moment. We then have to go down under 9,500, so it will definitely be harder to make a new impulse wave 5 up again - but of course not impossible.
If we get any kind of failure at this moment IT WILL BE crucial. The reason for that is, that we still are so close to the , that we will fall through - also due to the FUD. And to make everything even worse, we will be caught in an even smaller , which will through us all the way down in hell. We can then expect to go to around 7,000 USD.
Exciting, exciting... D4rkEnergY will follow up on this!
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Look at 9th March how the exact same thing happened!
Not the best days for cryptos. Up and down. People were getting their hope back, we are starting to see a reversal, Elliott Waves were taking form, and people began to turn bullish. And then... A big price drop once again, which made an Elliott Wave failure, news about Goldman Sach's telling we might go under 6,000 USD, other rumors about Mt. Gox might be selling thousand of dollars again, has ONCE again created a lot fear, uncertainty and doubt (FUD) in the market.
We went all the way down to 8,800 USD, but are now back at 9,200 now. BUT, as I wrote in my OP, IF we make another EW Failure it doesn't look bright. As you can see, we are not caught in a a small descending triangle. If we don't manage to come up over 9,250 USD quickly, we will go even lower, and we will once again go all the way down to at least 7xxx USD.
Just to be clear. Dont' worry about if Bitcoin is DEAD for ever now, or it will never come back. It will. We have had 2 real chances to go into a real reversal the last weeks, but the FUD ruined it.
We now just need a bigger correction, so we can go back with even bigger strength. It's all good :)
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As you can see, we are also very close to the downtrend channel, which we probably will go back into. The FUD is out there, and D4 really doubts that we have a lot of bulls out there at the moment.
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D4 has to admit that the last couples of days it has been really hard to predict what's going on. We are in a period with a lot of uncertainty. Everything still points downward though, and that we need to retest 7k USD.
D4 will follow up on this later!
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D4rkEnergY will soon make a new chart and follow up on everything. Please give a BIG LIKE <3
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