4 Wave formation before a hard bounce to 11k
Updated
Clear Macd reversal indicates we're starting the formation of the 4 wave that will bring us down to resistance at 7500, which is also the uptrend resistance of this pattern. Great buy in opportunity for anyone wanting to ride the bounce up to 11k resistance before halving. After 11k expect another ABC correction that will take us through to the halving.
Note
UPDATE:Jack knife on the 4hour MACD indicates the top is in for the B wave. I expect a breakdown from here to stong resistance at 7500 to finish this ABC correction.Note
Looks like the ABC correction on the 4 wave didn't form as low as I anticipated. I would have liked to see a healthier correction to ensure a strong push up to 11k target, but as always BTC decided to hit the afterburners. Original Elliot wave still stands though. Now it's time to push up to the resistance at 11k after breaking through local resistance at the current price of ~9300-9400.Note
Obviously we've broken out past resistance at the 9100-9400 level. Next stop 11-12k. Good luck and take profits!
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.