BTC at Resistance, Potential Pull Back Incoming (Elliott Wave)

7 Feb 2022

BTC has formed into a clear zigzag pattern and it appears we're at the end of wave-c. Wave-b is an irregular failure flat which means wave-c had to be at minimum larger than wave-a in price. This minimum target has been reached and we've also reached the time target for wave-c (0.5(a+b)=c). Short-term momentum, harmonics and fractals are also indicating a top has formed.

Difficult to say what comes next other than that this looks like at the very least we'll get an x-wave and go under 40k. Worst case scenario for bulls would be a full retracement of this bounce but that seems unlikely. I am leaning more towards a higher low before we really start to climb back towards 50k+

7 Feb 2022

Nota

Correction: Time target for wave-c was (a+b)=c

7 Feb 2022

Dagangan ditutup: hentian tercapai

Stops we're hit when we made a new high @ 43k, was less than 1% risk on this hedge. Wave-c could potentially still play out but there is a larger breakout occurring and if this does pull back from here it probably won't go very deep.

8 Feb 2022

Nota

While the Zigzag is still a possibility, it's also possible that this could be forming an impulsive 5th wave extension.

That would mean we're in wave-4 right now and we're going to go sideways for almost 2 weeks and then we'll get a much bigger wave up.

This would fit better with the larger breakout that is occurring now

17 Feb 2022

Nota

It looks like wave-4 will make one more retest of the trendline before we head up. If 40k support fails then I would expect much lower prices.

23 Feb 2022

Nota

Because we're right at the long-term time/price target for wave-c and a terminal looks good on the monthly, I am also forcing this terminal count on the weekly, but even on the weekly it looks pretty good as far as time/price relations go. It has reverse alternation but that is perfectly valid and at the very least if it's not a terminal impulse it's probably a triangle pattern.

Either way, most indications are pointing we're very close to the end of the large wave-C and should see a big move up very soon.

This also fits in with the Russia invasion. Invasions tend to be a sell the rumor, buy the news event. And this news is going to cause a lot of inflation and damage to the US dollar, international banking, and fiat in general, while crypto takes center stage as the solution to all these problems.