Hello folks and welcome to another TA of our beloved and hated Bitcoin! So crazy days, FUD, FOMO and whales confirming an unstable market that almost no one understand anymore, but as always, we gotta find our path through the chaos and survive in this jungle without blowing our account trying it.
I posted a while ago an idea about an ABCDE correction, and certainly is on its way, but is not just going to happen right in a week like everybody wants, the path if painful and we have to be careful to not fall in the numerous bull and bear traps that the whales are placing all along the way.
The price has stopped amazingly at 7930 just before the 7800 mark which lot of buyers were expecting it. We have clearly ended 1-5 impulsive waves and we are in a ABC upward correction.
On the other hand, the price has defined 3 legs of 2 bearish cyphers and looks like wants to finish the D leg. The first cypher may lead us to the 8700 range, while the second one could bring the price to around 9500. Moving the price towards the 8700 mark will increase the chances of touching the big trendline at 9500, however as a bearish harmonic pattern, both of them will have significant drops, specially if the price go to 9500, which pretty much will start leading the price again to complete the wave D, to finally start our bull run to ATH.
What to do now? Bitcoin is deciding if wants to follow the downtrend and get to 7800,7400, 7100 and 6.8k, or if could retest the trendline. While the market is deciding what to do, most of the alts are skyrocketing or stable, so just now is a good moment to be in alts waiting for Bitcoin to finally decide. A breakout of the last low at 7930 will get the price to at least 7.8k with high probabilities to try 7.4k, 71.k and 6.8k.
Just watch out, don´t FOMO/FUD and have an excellent weekend!!
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I posted a while ago an idea about an ABCDE correction, and certainly is on its way, but is not just going to happen right in a week like everybody wants, the path if painful and we have to be careful to not fall in the numerous bull and bear traps that the whales are placing all along the way.
The price has stopped amazingly at 7930 just before the 7800 mark which lot of buyers were expecting it. We have clearly ended 1-5 impulsive waves and we are in a ABC upward correction.
On the other hand, the price has defined 3 legs of 2 bearish cyphers and looks like wants to finish the D leg. The first cypher may lead us to the 8700 range, while the second one could bring the price to around 9500. Moving the price towards the 8700 mark will increase the chances of touching the big trendline at 9500, however as a bearish harmonic pattern, both of them will have significant drops, specially if the price go to 9500, which pretty much will start leading the price again to complete the wave D, to finally start our bull run to ATH.
What to do now? Bitcoin is deciding if wants to follow the downtrend and get to 7800,7400, 7100 and 6.8k, or if could retest the trendline. While the market is deciding what to do, most of the alts are skyrocketing or stable, so just now is a good moment to be in alts waiting for Bitcoin to finally decide. A breakout of the last low at 7930 will get the price to at least 7.8k with high probabilities to try 7.4k, 71.k and 6.8k.
Just watch out, don´t FOMO/FUD and have an excellent weekend!!
····· If you find this report interesting please thumbs up and follow me ······
Note
The market is reacting as expected. Wave b had almost 50% retrace, which is too low imo, we could see a 68% soon, or maybe the price will get the way to touch the trendline again without a new low. Something weird is that we are facing the trendline in our wave c, and the minimum target for this cypher pattern is 78.8% from X to C, which is above the trendline, so I´m expecting a wick above the trendline and a violent correction down.Note
We are getting close to our sell targets. Note
Wave a length brings the price to 8650, there is not guarantees to see the price much above. Be safe in this trade, because seems that we are finishing this wave to get all the way down looking to retest the uptrend line, so no bigger bearish cypher.Note
We are close of a massive sell off, however seems that we could see another pump to 8640-8780 before it happens.Note
Seems that we have finished this minor wave c. However the price it didn´t hit 76.8 fibo which is a very decent level for a retrace. I wouldn´t be amazed if suddenly there is a prompt pump to that level with a violent retrace. Anyway, either the price is retracing now to around 8200 or it will do it after 8650, so I better stay away waiting for a nice level to enter back.Note
Ok so the price is going finally to my first original level. 8650 seems good to sell. Expect a drop of around 300 pips aprox in the retrace after the first target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.