BitcoinLong
BULL PENNANT? Only if we go into another bear market.
I have a lot going on in the charts but lets look at the facts first then forecast,
-Roughly in 15 days a second "Death Cross" is forming comparing with 2017/18 ATH.
-Most of the structure on the daily chart is identical as 17/18 but not the case on a weekly chart.
-A classic Elliott Wave 1-5 form from 2010-2018 and possible ABC correction starting at 20k. (In C wave currently possibly)
-Possible Bull Pennant forming only if the following happens...
-Death Cross happens in mid October
-Fib retracement adjusted to log scale on both sides Golden Zones at 61.8% has been the dropping point to the 50 Month moving average, followed by trend reversal and double
capitulation.
-60% from the 14k high and Doji Gravestone Reversal Candle drop would be a classic bear market bottom at the 61.8% golden zone (log scale) and the projected 50 month.
-This bottoming would take place just before the halving at May 2020
Bull Pennant is formed and second half of 2020 is the parabolic advance.
Everything dotted is a forecast
Just my 2 cents
-Roughly in 15 days a second "Death Cross" is forming comparing with 2017/18 ATH.
-Most of the structure on the daily chart is identical as 17/18 but not the case on a weekly chart.
-A classic Elliott Wave 1-5 form from 2010-2018 and possible ABC correction starting at 20k. (In C wave currently possibly)
-Possible Bull Pennant forming only if the following happens...
-Death Cross happens in mid October
-Fib retracement adjusted to log scale on both sides Golden Zones at 61.8% has been the dropping point to the 50 Month moving average, followed by trend reversal and double
capitulation.
-60% from the 14k high and Doji Gravestone Reversal Candle drop would be a classic bear market bottom at the 61.8% golden zone (log scale) and the projected 50 month.
-This bottoming would take place just before the halving at May 2020
Bull Pennant is formed and second half of 2020 is the parabolic advance.
Everything dotted is a forecast
Just my 2 cents
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.