BITCOIN - Another Day Another Look 👀

In the previous thread I had 3 possible scenarios but now BTC has revealed a bit more and if it closes the week here or lower then something like this may be on the cards:

Following the big bullish candle on Monday that had every hodl-chartist screaming "Russia!" - BTC is currently printing a lower high. And this could just be a cool off before the next wave up. However If it holds here then since January bottom we have "low, high, higher low, lower high." And so now as long as the recent HL remains then the contracting pattern is most likely which with standard eliott wave will be a 5 wave ABCDE to then collapse down to new lows.

If this does happen then the current contracting pattern will be a higher degree connecting wave - an X wave. And it will connect the W wave from ATH in August and it will have an equidistant or phi related Y wave to follow and take price lower. The first strong fib would be an equidistant 1:1 where W is 1 and Y is 1 to take BTC down to 20K.

Also notice potential A wave hit the 0.382 fibonacci retracement from the top - this is a weak fib for a reversal and if it holds would signal that BTC is in a continuation pattern currently.

So thats the textbook elliott wave, but BTC makes very exotic manoeuvres so I wont be expecting this exactly but something along these lines. BTC does like to drift a lot before capitulations so we could well see an extended contracting perhaps akin to 2018 final capitulation.

RSI that looked bullish just recently has also rolled over to print a lower higher and also reflects contraction currently.

However if BTC breaks does break above C then it will be another wave up instead and then BTC will most likely hot 47K for a 1:1 ABC, but currently the idea presented appears to be most probable. Either way its going to 20K.

See you at 20K.

Not advice.

Komen:

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Komen:

On track so far - plenty of drift looking at candle bodies and wicks on the weekly chart. We'll see where the week ends.

Komen:

Standby for Tompanzee GOLD chart with 0.618 fibs up to 2100-2200. He says he has the chart. I say he has no chart and is talking some serious breeze. 😄

Komen:

Well no need to wait for the weekly close here because down 4% today BTC is almost certainly now getting trapped into a contracting / flag continuation pattern. Its not entirely clear which it will be yet but either way its going down possibly after it bores everyone to tears in a sideways drift.

Komen:

Still a day to go till close but anyhow this is a nasty weekly candle here - that wick has almost entirely nullified the buy pressure and this is very much looking like a contraction pattern which at some point along the x axis will dump BTC into the next wave down.

Komen:

Komen:

If anyone does actually want to counter call my ideas do feel free. I would actually welcome it. If you show me a chart with good TA and you turn out to be right I'll learning something and I may even shout you a few TV coins I've picked up here and there.

What I dont really welcome but what I do find quite funny is what Tompanzee has done here;- making comments about counter trading but being far too tightly clenched to actually show a chart with some TA.

There are too many on this site that like to sound right but dont actually show charts. If you're making competitive negative comments but you cant show a chart then you are a breeze talking humpty dumpty.

Komen:

BTC is moving with in tandem with SPX a lot recently. I would imagine that BTC bounce will come when SPX bounces, but I think BTC should now be fairly trapped in this price band and it will be a weak bounce if it comes.