I'm not going to denote this idea "Long" as its just one of a few counts I'm looking at but I am starting to think this could be as likely as a simple retracement back to fibs discussed in previous ideas. And one thing i'm learning about BTC is its been a long time since it did anything simple. Supposed wise masters are all bearish now for the mid term or longer and I'll admit I probably was part of that one directional mind-set for a while not giving enough respect to the potential complexity of BTC.
So I will review this as a possibility if the trend continues up.
Anyhow as I was saying - everyone knows indexes are about to crash and again I am also a chartist thats been calling for an SPX crash, but that doesn't mean the crash will be next week. And maybe they will crash as they have dipped further than before already but very good chance there will at least be a bounce and at least some sideways drift before a real landslide.
So i've added SPX so you can see that if it does bounce and recover as it so often does there is plenty of room for sideways drift and in that time BTC can go on a run.
So of course it would be funny somewhat if BTC did crash to my 20K target while I'm posting bullish perspectives but I'm not here to protect a fragile ego, I'm just sharing my work publicly as a somewhat entertaining addition - getting to know some hodlers along the way. And BTC is now in a very complex correction and I think its important to look at where continuing complexity may lead. No longer is this a top where we can see a simple path back down to the lows. It is in unchartered territory - pun sort of intended. And it is a very complex chart.
So (I'm writing "so" a lot - its getting late 😴) in this chart I'm proposing that BTC could be continuing complexity to form a very large rising wedge topping pattern. And I have said before that this could be in line with BTC entering a very long bear market approximately into EOY 2023.
Notice the 3 yellow circled reversal points. The trendline was drawn connecting the first 2 and BTC has reversed at the third. This suggests to me that this could be quite a strict structure forming here.
Also notice the blue circled structures currently look very similar which could be characteristic of connected regressive upthrust structures.
The previous fib extension of said structure projected a 1.618 which found the top perfectly. I didn't catch this one at the time because I was distracted by my garbage elliott wave automation software telling me it was part of a 5 wave structure from the lows, but it is clearly a 3 wave corrective structure and as such the 1.618 taken from the base of the upthrust finds the top @68K perfectly.
Now if a similar projection is correct again then BTC will top at 71.7K!
Now I already hear the battle cry of chartless hodl-plankton and spoon fed signals group aficionados but even if it does hit 71K I still think BTC can and will hit 20K in a long and tedious bear market and could go much lower than the 200WMA, oversold on the monthly etc in its first supercycle wave 2.
This will all go out the window if BTC drops of significantly here 😁. Lets see what happens.
Not advice.
So I will review this as a possibility if the trend continues up.
Anyhow as I was saying - everyone knows indexes are about to crash and again I am also a chartist thats been calling for an SPX crash, but that doesn't mean the crash will be next week. And maybe they will crash as they have dipped further than before already but very good chance there will at least be a bounce and at least some sideways drift before a real landslide.
So i've added SPX so you can see that if it does bounce and recover as it so often does there is plenty of room for sideways drift and in that time BTC can go on a run.
So of course it would be funny somewhat if BTC did crash to my 20K target while I'm posting bullish perspectives but I'm not here to protect a fragile ego, I'm just sharing my work publicly as a somewhat entertaining addition - getting to know some hodlers along the way. And BTC is now in a very complex correction and I think its important to look at where continuing complexity may lead. No longer is this a top where we can see a simple path back down to the lows. It is in unchartered territory - pun sort of intended. And it is a very complex chart.
So (I'm writing "so" a lot - its getting late 😴) in this chart I'm proposing that BTC could be continuing complexity to form a very large rising wedge topping pattern. And I have said before that this could be in line with BTC entering a very long bear market approximately into EOY 2023.
Notice the 3 yellow circled reversal points. The trendline was drawn connecting the first 2 and BTC has reversed at the third. This suggests to me that this could be quite a strict structure forming here.
Also notice the blue circled structures currently look very similar which could be characteristic of connected regressive upthrust structures.
The previous fib extension of said structure projected a 1.618 which found the top perfectly. I didn't catch this one at the time because I was distracted by my garbage elliott wave automation software telling me it was part of a 5 wave structure from the lows, but it is clearly a 3 wave corrective structure and as such the 1.618 taken from the base of the upthrust finds the top @68K perfectly.
Now if a similar projection is correct again then BTC will top at 71.7K!
Now I already hear the battle cry of chartless hodl-plankton and spoon fed signals group aficionados but even if it does hit 71K I still think BTC can and will hit 20K in a long and tedious bear market and could go much lower than the 200WMA, oversold on the monthly etc in its first supercycle wave 2.
This will all go out the window if BTC drops of significantly here 😁. Lets see what happens.
Not advice.
Komen:
3 BTC threads today going in all directions. I hope BitFink and MarcPMarkets would be proud. 😅
Komen:
Comments, charts, on chain analytics, fundamental considerations - all welcome.
Komen:
A bullish candle is forming on the daily finding support on the 50DMA and as suggested in my previous thread and also finding support on PSY which is another Wyckoff support/resistance that seems to now be relevant.
Also and very important - the Wookalich ratio and signal lines did not touch and are now moving apart. This is a bullish signal - not conclusive just yet.
Not sure I'll have time to chart it but I think the bounce may be on for SPX back to 4600-4700 area at least and that can be a good platform for BTC to bounce and my ADA trade to finally do something.
Its all a woven algorithmic tapestry. There's always time for whatever the algos want to do inter-market. The question is can we find the breadcrumb trail. Perhaps - we'll see.
Also and very important - the Wookalich ratio and signal lines did not touch and are now moving apart. This is a bullish signal - not conclusive just yet.
Not sure I'll have time to chart it but I think the bounce may be on for SPX back to 4600-4700 area at least and that can be a good platform for BTC to bounce and my ADA trade to finally do something.
Its all a woven algorithmic tapestry. There's always time for whatever the algos want to do inter-market. The question is can we find the breadcrumb trail. Perhaps - we'll see.
I'm somewhat quiet on TView for now but you can find me pumping content every day in my Telegram Trading Group 🧐
Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
Part 2 of the fortnight video now uploaded to the group: 27th May - Crypto focus😼.
$50 per month 👍🏻.
Contact: t.me/dRends35
