Bulls Back On Track - But BITCOIN is Facing a BIG DILEMMA Now!
Updated
When circumstances change, I change my opinion (and my position if necessary). Traders who cannot change their opinion end up having to change their underpants.
Peter L. Brandt, world-famous profitable trader since the 1980's, and author to many books about TA and Trading! Just keep it in mind, guys!
So lucky for me, I have been right the last 2 days. So no dead threats... LOL!
After looking at the chart, it has become more clear to me, that we are in ABC-Correction. Right now we are on Wave C, and are trying to find our target before we need a retracement. Wave C is too short to be part of a bigger 1-5 Elliott Wave structure, and also MACD and RSI, will tell us that.
I will here give you 2 Scenarios as I see it:
1. We are finished with the 5th wave of C, and are now ready to retrace. It might very well be the beginning of 1-5 down Elliott Wave Structure (red arrows). Wave C is 61,8 % of the length of Wave A, which perfectly match with our EW guidelines.
2. There is another EW-count, where we still assume we are on the beginning of the 5th wave. It could take us up to my yellow dots at 9,200ish or 9,400ish USD. Hereafter we will go down, and have a 1-5 down EW Structure.
For me, it's very hard to see, which of these scenario are most likely to play out. Remember, that it's also o.k. Most of the times, we don't want to enter a trade. I have now given you some ideas, and when you get confirmation on one of them, you might enter a position.
Last but not least. Remember that we are first in a Bull Market when we are above 11,700 USD! I'm still bearish short term, and SUPER BULLISH long term. And as Peter L. Brandt says, if the circumstances will change, I will also adjust. I have no problems with admitting if I am wrong! Traders are wrong all the time.
GO BITCOIN!
D4 Loves You <3
And as always: Please give me a BIG LIKE! It is INDEED very much appreciated - and once again. Thanks for all the messages I'm getting on PM - I'm really sorry, but I cannot answer all of them. But I'm really thankful for everyone of them :)
Peter L. Brandt, world-famous profitable trader since the 1980's, and author to many books about TA and Trading! Just keep it in mind, guys!
So lucky for me, I have been right the last 2 days. So no dead threats... LOL!
After looking at the chart, it has become more clear to me, that we are in ABC-Correction. Right now we are on Wave C, and are trying to find our target before we need a retracement. Wave C is too short to be part of a bigger 1-5 Elliott Wave structure, and also MACD and RSI, will tell us that.
I will here give you 2 Scenarios as I see it:
1. We are finished with the 5th wave of C, and are now ready to retrace. It might very well be the beginning of 1-5 down Elliott Wave Structure (red arrows). Wave C is 61,8 % of the length of Wave A, which perfectly match with our EW guidelines.
2. There is another EW-count, where we still assume we are on the beginning of the 5th wave. It could take us up to my yellow dots at 9,200ish or 9,400ish USD. Hereafter we will go down, and have a 1-5 down EW Structure.
For me, it's very hard to see, which of these scenario are most likely to play out. Remember, that it's also o.k. Most of the times, we don't want to enter a trade. I have now given you some ideas, and when you get confirmation on one of them, you might enter a position.
Last but not least. Remember that we are first in a Bull Market when we are above 11,700 USD! I'm still bearish short term, and SUPER BULLISH long term. And as Peter L. Brandt says, if the circumstances will change, I will also adjust. I have no problems with admitting if I am wrong! Traders are wrong all the time.
GO BITCOIN!
D4 Loves You <3
And as always: Please give me a BIG LIKE! It is INDEED very much appreciated - and once again. Thanks for all the messages I'm getting on PM - I'm really sorry, but I cannot answer all of them. But I'm really thankful for everyone of them :)
Note
So here do you have the reason, why I was talking about Bitcoins dilemma. Look at my yellow circles.- The candles are going sideways
- All volume bars under MA20 Volume
- RSI is indecisive
- The MACD- and the Signal are cuddling
One thing is for sure though. D4 is here for you - he is not indecisive and he will keep making updates for you! <3
Note
The Battle of the Bears Paw Mountains do continue! Brutal fight at the moment! And let me honest, it doesn't look good for the bulls right now! They HAVE to MOVE soon, otherwise the bears will slam the bulls down to the ground one after one!We have super strong resistance at 9k and even harder at 9,2k. We also have regular bearish divergence, and it seems like the bears just have rejected a bullish MACD-Cross.
This is intense, guys. Will the bulls manage to make a 5th wave extension or will the bulls have to retrace right away and give up The Big Bear Mountain...
To be continued... (please give a like)
Note
Let's forget about waves for a moment. Bulls are fighting back. We are in an ascending triangle, which is a bullish pattern. But we have huge resistance above our head.If I SHOULD pick a side at this moment, I would - SHORT TERM - be more bullish than bearish. I would definitely not short the market at the moment.
The RSI is almost in the overbought zone, but it doesn't matter that much. We have seen that many times before, It seems not to scare the bulls.
But it's definitely not easy!
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