worst case bitcoin at $2300
Diupdate
I recommend you look at this graph on a computer so you are able to zoom in and out and also double check my detailed wave count. It's a very messy graph (sorry!) but persist with it and you'll see what I see :)
Bitcoin, no doubt is the grandaddy of coins.
with that also comes great responsibility.
markets come and flow with bitcoin leading the charge.
just because bitcoin doubled in a mere month, from 6k to almost 12k, people are quick to jump back onto the moonship again.
however, bitcoin is still angry, angry at the number of immature new young investors, angry at the irrational vibes that come with cryptocurrencies, angry at every second person going - "TO THE MOON!". It's here to show us that investing and trading all need to come with a clear mind and with exuberance, comes irrational fear.
Buy:
1) 6000
2) 4800
3) 3000
i know, scary numbers, but amongst my friends ive been telling them, 6k is not the bottom.
Either we will form a double bottom and begin accumulation or go even deeper (likely option) down to potentially 3k where we, once again begin accumulation.
We've had a beautiful beautiful 5 wave run up.
and are now in its corrective patterns.
what i've drawn here is a triple elliot wave combo on the daily chart. the most complicated corrective zig zag pattern there is.
with 2, 2!!!!!! impulse wave failures, denoted by the X's.
the reason why they are considered impulse failures is a coin should normally undergo an ABC correction to complete its correction. When an ABC correction completes, the market will try to impulsively break out, though sometimes it fails to do that as well.
Once it failed to properly breakout, its considered an impulse wave failure, hence the X.
So this has happened twice now, once from 10k to 16/17k and now again from 6k to 11.6k.
Now we also notice with the triple elliot wave combos, they are essentially reverse impulse waves, ie you can use fib extensions on them!.
using fib extension no the primacy cycle waves, we get this graph.
we notice here, that 0-W can form an impulse wave 1, W-X1, formes wave 2
Wave 3 is X1-y (which also happens t obe the longest wave, thus far.)
wave 4 is y-X2 .
Wave 5 is X2-z
now elliot wave states that wave 4 must not retrace into wave 1 territory by more than a wick.
our graph proves it is true.
elliot wave also states that wave 3 is often th lognest but never the shortest.
its definitely the longest, thus far and since its longer than wave 1, its automatically considered not to be the shortest.
so what's next?
a final 5th wave down.
ive outlined 3 lines of general support.
1) around 6000
2) around 4500
3) around 2.5kish
now we also know that when completing corrections, coins like to end with 5 waves, forming stuctures called the ending 5th wave diagonal which oten resembles a falling wedge.
so I'm expecting bitcoin to finish its last corrective pattern in 5 steps towards the 3 target zones that I have outlined.
Using fib extension we notice that the 3rd impulse wave down just reached a target slightly more than a 1-1 extension.
assuming bitcoin reaches a 1.618 extension that gives us a target of 2382.1.
Furthermore, indicators aren't showing us much bullish movement either, Daily RSI and bounced solidly off resistance at 60.
MACD has begun to roll over, with the histogram already tapering off into the negatives.
Once down here, we should experience a period of low volatility where Wyckoff accumulation begins, in preparation for our next explosive moonshot.
"What is overexpanded becomes diminished
What is too strong becomes weakened
What is too high is cut down
What is overpossessed becomes impoverished"
~ Lao Tzu
P.S. I expect the real fud to start coming around 15/16th of March, this'll be my little secret for you guys. We'll see :)
let me know what you guys think!
im still new so im still learning TA, and im open to any sort of criticisms.
so go ahead and grill me :)
Bitcoin, no doubt is the grandaddy of coins.
with that also comes great responsibility.
markets come and flow with bitcoin leading the charge.
just because bitcoin doubled in a mere month, from 6k to almost 12k, people are quick to jump back onto the moonship again.
however, bitcoin is still angry, angry at the number of immature new young investors, angry at the irrational vibes that come with cryptocurrencies, angry at every second person going - "TO THE MOON!". It's here to show us that investing and trading all need to come with a clear mind and with exuberance, comes irrational fear.
Buy:
1) 6000
2) 4800
3) 3000
i know, scary numbers, but amongst my friends ive been telling them, 6k is not the bottom.
Either we will form a double bottom and begin accumulation or go even deeper (likely option) down to potentially 3k where we, once again begin accumulation.
We've had a beautiful beautiful 5 wave run up.
and are now in its corrective patterns.
what i've drawn here is a triple elliot wave combo on the daily chart. the most complicated corrective zig zag pattern there is.
with 2, 2!!!!!! impulse wave failures, denoted by the X's.
the reason why they are considered impulse failures is a coin should normally undergo an ABC correction to complete its correction. When an ABC correction completes, the market will try to impulsively break out, though sometimes it fails to do that as well.
Once it failed to properly breakout, its considered an impulse wave failure, hence the X.
So this has happened twice now, once from 10k to 16/17k and now again from 6k to 11.6k.
Now we also notice with the triple elliot wave combos, they are essentially reverse impulse waves, ie you can use fib extensions on them!.
using fib extension no the primacy cycle waves, we get this graph.
we notice here, that 0-W can form an impulse wave 1, W-X1, formes wave 2
Wave 3 is X1-y (which also happens t obe the longest wave, thus far.)
wave 4 is y-X2 .
Wave 5 is X2-z
now elliot wave states that wave 4 must not retrace into wave 1 territory by more than a wick.
our graph proves it is true.
elliot wave also states that wave 3 is often th lognest but never the shortest.
its definitely the longest, thus far and since its longer than wave 1, its automatically considered not to be the shortest.
so what's next?
a final 5th wave down.
ive outlined 3 lines of general support.
1) around 6000
2) around 4500
3) around 2.5kish
now we also know that when completing corrections, coins like to end with 5 waves, forming stuctures called the ending 5th wave diagonal which oten resembles a falling wedge.
so I'm expecting bitcoin to finish its last corrective pattern in 5 steps towards the 3 target zones that I have outlined.
Using fib extension we notice that the 3rd impulse wave down just reached a target slightly more than a 1-1 extension.
assuming bitcoin reaches a 1.618 extension that gives us a target of 2382.1.
Furthermore, indicators aren't showing us much bullish movement either, Daily RSI and bounced solidly off resistance at 60.
MACD has begun to roll over, with the histogram already tapering off into the negatives.
Once down here, we should experience a period of low volatility where Wyckoff accumulation begins, in preparation for our next explosive moonshot.
"What is overexpanded becomes diminished
What is too strong becomes weakened
What is too high is cut down
What is overpossessed becomes impoverished"
~ Lao Tzu
P.S. I expect the real fud to start coming around 15/16th of March, this'll be my little secret for you guys. We'll see :)
let me know what you guys think!
im still new so im still learning TA, and im open to any sort of criticisms.
so go ahead and grill me :)
Trade aktif
Look at this weekly chart with the RSI there, tell me that the rsi won't reach oversold on the weekly.tell me that bitcoin is done correcting.
personally, i just cant see that bitcoin is done correcting.i just cant.
Trade aktif
with the weekly bitcoin chart.im expecting the RSI to reach oversold regions and wait for either MACD lines to recross, or MACD histogram to begin flattening out or rolling over.
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