BitcoinLong
Elliott Wave Theory - WAVE 3 Started?
Updated
Keeping it brief as the majority of data and information is contained in the graph. I have left old indictors and trend lines on for reference.
It looks as though BTC has commenced wave 3 following the lesser-than-expected pullback to around the $9,400 region.
Wave 3 will only be confirmed once we break the last high shown by the red horizontal. RSI appears to confirm this position, with potential for a strong bull looking very promising.
I expect a strong bullish move from BTC here, all the factors are building to a potential sustained bull run, & after wave 5; potentially taking us to a new ATH.
It looks as though BTC has commenced wave 3 following the lesser-than-expected pullback to around the $9,400 region.
Wave 3 will only be confirmed once we break the last high shown by the red horizontal. RSI appears to confirm this position, with potential for a strong bull looking very promising.
I expect a strong bullish move from BTC here, all the factors are building to a potential sustained bull run, & after wave 5; potentially taking us to a new ATH.
Trade active
BTC appears to be playing into the theory nicely, slightly more aggressive bull signs than anticipated, however this is always welcome on such a trade. Yesterday saw BTC strangled with resistance as the value fell right between the 100MA and 200MA which fell almost perfectly inline with the 50MA at at the same time, causing some compression resistance.
Keep focused when we enter the 11.2-11.8 range, this is next upper and lower resistance range, once broken we can expect some v strong buying pressure.
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