Yes, I'm calling it again (see previous posts, linked below). I have a clear picture that BTC is heading to $ 6.000,- in mid term. This weeks stormy days, gave us a healthy and needed correction which gives me even a better feeling of heading to 6k.
Looking at the daily, I see a 5-legs pattern and we just formed the 4th leg. This was an ABC correction which I predicted last weekend and it dumped into my target box and even a bit further. (linked below). My targetboxes are always possible bounce areas based on fibonacci, so its no problem when it extends that area towards the next fibo level. Still looking at the Daily chart, this ABC correction was a perfect 50% Fibonacci retracement and we saw a strong bounce, and MACD is still showing nice upward potential. There is also no hidden divergence. Based on Fibo extensions, I was able to determine the target for 5 and its projected on the chart. Once we get closer to that area, I will update on lower timeframe what could be expected.
Looking at lower timeframes, first target is to crack down the blue trendline that indicates the down trend. We might see some more downside before we crack that resistance. Important is that we stay above the yellow trendline to remain bullish.
On a short term (1hr chart), I see a trend reversal pattern right now forming which might cause some correction on the strong bounce which is very logic imho.
Trading advise: Try to catch some more BTC on the dips which certainly will come. SL below the yellow trendline.
For sure, people will react on this technical analysis and ask about Chinese news: I dont trade news, I strongly believe that charts do form multiple wave patterns and that news is calculated in my patterns.
Whishing you all a nice weekend and happy trading!
Komen
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Pulling back as expected, will update when I see a possible bounce. Now on mobile and travelling today...
Komen
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Meanwhile forming a reversal pattern which might lead us into the possible bounce area (blue box)
Komen
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Small update: BTC reached the trendline faster as expected and bounced off and making a bullish pattern for a potential break of that trendline towards next target which is projected on the chart. Possible bounce area for this correction also on the chart.
Komen
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Looking at this pattern to break the trendline to the upside. check the 240 chart in the start post, we're doing that move right now
Komen
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Recap of todays dump which looks as a shake out to me:
Recap of todays dump which looks as a shake out to me:
Komen
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Pffff. I'm messing up
Komen
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BTC is suffering more as expected..... Its on a critical level right now, it is on the edge of my possible bouncing area. If it doesn't bounce from here, we will make a larger ABC correction and drop towards the blue box
Komen
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BTC bounced despite all people screaming that it will collapse. I have good feelings that it all was a shake out. Raised my first target a bit. Need to crack the blue trendline first
Komen
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BTC Looking very good! Cracked the trendline and the previous top, which opens the way to the targetbox.
Komen
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Forgot to update here yesterday when I Tweeted about the possible bounce area for BTC and we would contimue the way up. Elliott Wave posters are writing complete novels with all kind of funny stories, and making it only more difficylt for you guys, explaining why they raise their point where BTC collapses an why they are still right. LMAO I just sit back and watch the price going as posted weeks ago. Less is more! Trade what you see, not what you think.
Komen
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BTC reached the potential reversal area and might start doing some correction.. It broke down out of a reversal pattern. If its continuing down, blue trendline is first zone to pay attention to. Might even retrace to the yellow trendline.
Komen
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Komen
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Wow, what a blast through 5k!! This is why you dont short BTC in such a bullrun. Right now overbought in most timeframes, upto Daily
Komen
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IF (watch the big IF) this is the top for now, my system is still okay and we can do a correction to 4 and still in the race for 6k which I called a month ago.
Komen
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I've made an update. Pls check my profile for the link
Great analysis. Thanks for covering 1hr 4hr and daily timeframes. That gives a much clearer indicatiin of how things might go about. Cheers.
oilyprata
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The volume in BTC is still very low though
aliakber2k10
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I think according to ET, (4) can not be lower than (1)?
Crypto_Ed
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@aliakber2k10, according to EW there are another 789 rules to check, thats why I dont follow it strictly. I prefer to keep it simple and it works for me.