Keeping this brief:
After hitting the ATL at circa $5.8K, the market was heavily oversold causing eventual bullish move to $12k.
After todays recent pullback it would now suggest this was wave one. We may now see a micro-sustained pullback before entering wave 2 which is always the most powerful.....
After hitting the ATL at circa $5.8K, the market was heavily oversold causing eventual bullish move to $12k.
After todays recent pullback it would now suggest this was wave one. We may now see a micro-sustained pullback before entering wave 2 which is always the most powerful.....
Note
Excuse the title, the joys of autocorrect.*Elliott Wave.
Note
Coming from the ATH of circa $20,000 I believe we have seen an ABC correction as shown by the initial PINK trend. This would be confirmed after the hitting the ATL at circa $5.8K, the market was heavily oversold causing eventual sustained bullish move to just under $12k. After yesterdays pullback (we did not break out above the previous high ST resistance represented by the horizontal RED) it would suggest this was wave one. We may now see a micro-sustained pullback (potentially back to 200MA) before entering wave 3* which is typically the strongest bull, before retrenching slightly for the final 5th wave.
The current price @ 9.8k continues to support the theory thus far.
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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.