Bitcoin deciding on next stop... Will it be $7K or $5K?

10 Apr 2018

BTC This is a short term look the 30 min chart on BTC for education review. Still, there is potential we are in a wave 3 of 3... of another 3 = 3 of 3 of 3. However, I'd expect more volume since it appears wave 2 might have completed with a C=A 1:1 fib ratio on the smaller sub wave. It looks like the Weekly MA is acting as resistance and the shorter time frame uptrend channel drawn is actually a bearish flagging pattern... But, chart & flag patterns are never a sure bet, though interesting if you find a real one. I'm still watching for volume and other indicators to accelerate in a bearish direction. If we continue higher, 7k will act as a resistance area + fib extension .618 lies near if wave 2 decides to retrace to another lever. Should we accelerate lower and break $6500, and eventual test of $5K to $4600 will come, but I'm expecting some kind of bounce at that point.

M

Note: This is not financial advice.

https://www.tradingview.com/x/Wka3a1MD/

11 Apr 2018

Nota

BTC moved up to the second target at the .618 retrace of our near term bottom and if this move is a C leg of a wave 2 corrective cycle, it puts C at 1.618 of A, which works fine which is why I had this level as our 2nd Target. The level also appears to be showing resistance. Keep in mind that whales know these levels and are likely to try to both trigger short stops and create some buying action to increase the profit and velocity of a later push to the downside. Given the low volume and size of the market, it isn't hard to do. Again, $7500 is the level where the count becomes invalidated and we'll be back to the drawing board. -M

11 Apr 2018

Nota

Also note that the volume in green on 4-8 is similar and the patterns could do something similar as we get ready to start wave 3 of 3 of 3 to the downside. And the invalidation is actually lower at around 7100, while 7500 invalidate another larger count I'm working on. Cheers