Observations
- Violality in price movement remains high as the spreads between bid and asks become large in a sell-out bear market. More sell at market prices and buy to close at market.
- BTC dropped to $17605USD this evening
- Wave analysis shows the movement of the price today follows the Elliot model fairly well (5 wave up, 3 wave correction)
Remarks
If trading sentiment remains similar through this weekend, it appears BTC will trend to $20500 at the end of a current A-B-C correction wave (extrapolated on the graph) to the 3 year low. This suggests that if the price fall below $19470, this will be a good entry to open a short position with a projected decline towards $16500. With a stop limit could be placed at $20500.
Disclaimer: These are observations of market data, and should not be taken as financial advice about investing in BTC or any other holdings.
Nota
Ignore the Price Channel Strategy - forgot to remove it.Nota
Price action has confirmed the above observation. ABC correction wave reaches $20500.The next projected movement will be a downtrend towards $16500, should the price begin to fall below $19470 level (which is the 3-4 pivot from the previous Elliot wave on the 15-min timeframe).
Nota
Nota
The next major 5-3 wave is observed. This may bring BTC to about 18750 to 19100. On the 15-min:
Nota
On the 1m:
Scientist, tech investor, and teacher.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Scientist, tech investor, and teacher.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.