BitcoinUpdated Weekly Close with Proportional 5-3-5 Projections
The projections on the chart are an idealized view to suggest the current potential road map. TA must always adjust to actual price action. All TA needs to start with a longer term perspective. R.N.Elliot used daily and weekly closing prices not OHLC or Candlesticks. All have their place in TA but working Elliot waves is much easier with closing prices and the long term keeps one on track. Although this is only Tuesday I thought that I should sound the alarm now that BTC is apparently possibly, on a weekly close basis making new lows. Of course, if BTC pulls up by the end of the week then we could have a much better scenario but at this point things are looking not so wonderful for long positions for most of the year. On the other hand, there's going to be a great potential buying opportunity in October, the last true entry point for long term BTC holding. The pitchfork in the chart is derived from the daily chart and shows that on the weekly basis we are in the channel even though on a daily basis the candlesticks are moving down the outside of the Warning Line at this time. That indicates that the bears are pulling out. Please remember that I'm offering this projection in case we get that low weekly close but unfortunately, it doesn't look good for BTC. If you are trapped in a bull position and this projection is correct the coming B rally will be your last exit point until some point in the late fall or winter of 2019.
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Well, I hate to say it for the longs and the hodlers but it seems that I am right. Looks like BTC is going to have a weekly close down in the 6000's or lower. I hope not but If it does that then we will be definately in 5 of A. The good news for the longs and hodlers is that wave B of II cometh. But better not be long after that!
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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.