BITCOIN Ready For TAKE OFF - But How Low Will We Go Before???
Updated
Dear Friends :)
So most people are starting to become bearish now - I'm not though! O.k, short term we will probably go a bit down - but we will soon go into a new steep uptrend and go into a BULL MARKET - I showed you that in my comparison chart between B'T'C and S.P.Y. (S&P 500) 2 days ago, which has been pretty accurate. It really seems like we are following S.P.Y. with delay.
It is very hard to determine how low we will go before we will have the conclusive reversal. Many people says 7,200 USD, which is not unlikely at all. But I think we will be surprised.
Let's take a look at the 4h BTCUSD chart. As you can see, we have 1-5 Elliott Waves up (with truncated waves due to 10,000 USD-resistance) and now have a combination ABC-corrective pattern (which we also can label WXY).
I will here give you a big overview.
HOW LOW WILL WE GO?
Red And Grey Zones: Let me start to say, why I think it's unlikely we will go below 6,900 USD. S.P.Y is my main reason - it tells us, if we apply those price movements to BTC, that we won't go as low. Also strong support levels before.
Orange Zone: Around 6,9k to 7,6k is definitely likely. The big bear flag could take us down in this area, we have super strong support around 7,2-7k USD, where we have the up trend line and also 78,6 % retrace.
Green Zone: +7,700 USD where we have 61,8 retrace. Minor waves matches this area pretty good. On top of that there could also be some strategic reasons for whales to pump it around 7,7k-7,8k IF a lot of people start to entering short positions.
I promise to keep you updated!
D4 <3
And as always. Please give me a LIKE if you appreciate my work. Thanks in advance :)
So most people are starting to become bearish now - I'm not though! O.k, short term we will probably go a bit down - but we will soon go into a new steep uptrend and go into a BULL MARKET - I showed you that in my comparison chart between B'T'C and S.P.Y. (S&P 500) 2 days ago, which has been pretty accurate. It really seems like we are following S.P.Y. with delay.
It is very hard to determine how low we will go before we will have the conclusive reversal. Many people says 7,200 USD, which is not unlikely at all. But I think we will be surprised.
Let's take a look at the 4h BTCUSD chart. As you can see, we have 1-5 Elliott Waves up (with truncated waves due to 10,000 USD-resistance) and now have a combination ABC-corrective pattern (which we also can label WXY).
I will here give you a big overview.
HOW LOW WILL WE GO?
Red And Grey Zones: Let me start to say, why I think it's unlikely we will go below 6,900 USD. S.P.Y is my main reason - it tells us, if we apply those price movements to BTC, that we won't go as low. Also strong support levels before.
Orange Zone: Around 6,9k to 7,6k is definitely likely. The big bear flag could take us down in this area, we have super strong support around 7,2-7k USD, where we have the up trend line and also 78,6 % retrace.
Green Zone: +7,700 USD where we have 61,8 retrace. Minor waves matches this area pretty good. On top of that there could also be some strategic reasons for whales to pump it around 7,7k-7,8k IF a lot of people start to entering short positions.
I promise to keep you updated!
D4 <3
And as always. Please give me a LIKE if you appreciate my work. Thanks in advance :)
Note
Here is a close up so far! We cannot go through the red line 8,6k, which will give us an EW failure. So we still need 1 wave down before we hopefully will MOON!D4 <3
And guys... Once again. RSK gonna revolutionize Bitcoin! You can really look forward to that. You will hear much more about that in the media within 1 month! And you will see a stronger Bitcoin than ever.
Note
200 USD drop in 3 minutes! But it matches all our waves so far perfectly!D4 <3
Note
You can see here - if you not are fan of Elliott Waves - that classical charting are telling us the same thing. Here you can see a small bear flag in black. A bigger bear flag in yellow. And we are in a descending broadening wedge (or descending megaphone pattern).
Note
Good morning, my friends! I'll take a closer look at BTC in a while and keep you updated. It seems like it has some prolonged waves.In the mean time, take a look at our SPY and BTC Comparison chart how beautifully it all seems to match so far. Also the trust in SPY (SM500) and it seems it will start mooning soon, why we can expect BTC to do the same. We just have to find the bottom.
This will be a great summer for all of us <3
Note
We might already have found the bottom - it's very hard to tell now. As you can see we are in a an ascending triangle, which normally predict we will go up now.Also take a look at the bullish MACD-cross. But EVEN though we might break out now, you have to be careful. We have to break out from the descending wedge wall before we fully can believe in a new uptrend :)
D4 <3
Note
I'll try to be very clear, so hopefully everybody will understand it. Sometimes its better to be patient. And right now is a really good time not to trade BTC.So even though I say that the chart tells us that we might break out from the ascending triangle, and we might go into a new up trend due to the regular bearish divergence, bullish MACD-cross etc.
As you can see here, which I also told you before EVEN though we break out we will be met very shortly after by the wall (red circle). So it is better to wait before we get confirmation on breaking this wall.
And even if you might think BTC will go down now, we have really strong support in the 8,2k and 8k zone.
So its very important for me to stress, that there is a difference between what we think is most likely and when it is also a good place to enter a trade. IMO its not good atm.
I'm only saying this to protect you guys.
D4 <3
Note
Here was a good example why Bitcoin is in a no trading zone at the moment imo! Sitting comfortable in our triangle and suddenly a dump in price outside of the triangle. For those those who are in Twitter you can see, how whales are celebrating how the liquidate longs and short.Just be patient for now. Let other gamblers play with Bitcoin - we will find the right time. When that is said I still think it is most likely we have bottomed for now and go into an uptrend or we might have one wave more down to around 7,8kish.
But still no trading zone so far :)
D4 <3
Note
We are still moving closer sideways closer to the edge. While I'm making a new exciting Bitcoin-chart please once again take a look at RSI on SPY and BTC. BTC is slowly finishing the double bottom.Please also pay attention to how all the tops and bottoms are almost identical.
Note
The update is here, my friend. Enjoy!
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