BTCUSD - 5 Waves then bounce?
Updated
Anybody reading me knows I have been following this multi-year baby blue trend-line for quite some time. After the price broke above it last time it came back down to kiss it and then took off to all time highs. (20K) My expectation is for something similar. As you can see in this chart there may be a 5 wave move down to the line on the 4 hour chart. If this holds, the RSI, MACD, Stochs, etc. should have pulled out of oversold enough to fuel the next bull run North. This is my current line of thinking but anything could happen. When I say hold I don't mean a spike low through the line only to quickly recover. If it is to fail we need see a couple daily closes below the trend. If that happens I will reevaluate to see if I have the line drawn as accurately as possible or assess that maybe something else is going on.
Good luck this week!
Good luck this week!
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4 hour View with a new channel Seems to line up perfectly but we'll see.....Comment
2 Hour view. We might hit the 61.8 Fib, everybody thinks it's over, then spike to the blue line before starting the real pull out. A perfect Head Fake to blow out a few more stops in both directions? Possibly....Comment
So far so good. The next couple of moves will be the tell.Comment
It seems crazy rooting for further decline but I am. If we bounce off the baby blue line and climb out of this dump it will be a great confirmation to everything I've been following so far. Fingers crossed!15 minute view:
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I think we have a winner! I moved the line up a few bucks to match the chart. That small a difference made no real changes downstream on the trend-line. If this is "it" we should be going up from here. Way up. If I got it wrong, we could certainly dip that last few dollars to hit my old placement of the line. Either way, I am expecting us to start pulling up and away from this area now. We'll see....Comment
That than keep posting the same info in two different locations you can see my latest thoughts on this move here.
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"Rather than"Comment
LOL - Dam! I posted a link to this chart in this chart. Just ignore it. Sorry.Comment
Hit the play button. This is playing out VERY WELL. We may touch the trend-line again but my expectation is that it holds.Good luck!
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If you click the play button and look at where the price is this morning versus what was going on when I made this post you will see that it all came together rather nicely. Further evidence, I think, that there is really something to this multi-year trend line and we can begin to trust it more and more going forward.Still very long........
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This particular 5 wave move is complete. Disclaimer
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