Objects/Targets in the mirror are closer than they appear!
Updated
Greetings Friends! Yesterday's post was a bit premature. Looks like it was about 3 candlesticks premature.
Wave 4 extended an addition 3 candlesticks thus slightly changing the values of the wave lengths but not significantly. However, what that did was change the trajectory of the vectors and ultimately shifting the timeline to the left. A more detailed method of calculating Wave 5 from the close of Wave 4 is as follows when Wave 3 is less than 1.618x Wave 1. In this case for BTC, Wave 3 is approximate 1.45 thus giving us 3 potential targets.
Wave 5 = 0.618 x (length of 0 to 3) or 1 x (length of 0 to 3) or 1.618 x (length of 0 to 3) when Wave 3 is less than 1.618. In this case for BTC, Wave 3 is approximate 1.45 thus giving us 3 potential targets.
Wave 5 also trending in a falling wedge (purple trend lines) which typically trends bullish. The trajectory of the vector (orange ray) trends between the upper and lower trends of the falling wedge and we can gage our targets and times frames based on the wave ratios (all three templated) and the time frame in which that ratio coincides with the vectors trajectory.
Wave 5 = 0.618 x (length of 0 to 3) = Potential Target: 1 ~$9000 currently within the target window
Wave 5 = 1 x (length of 0 to 3) = Potential Target 2: ~ $8300 target window within next 24hr
Wave 5 = 1.618 x (length of 0 to 3) = Potential Target 3: ~$7000 target window within 72hrs
Wait for the bounce off either of the 3 targets. 8.8k and $8.2 are major Fibonacci levels which will offer support. Target 1 and 2 are the most likely given the Fibs and the ratios. Taking no more than 50% of ones normal position in BTC at $9000 and waiting for the bounce would be wise. Wait for a bounce of 3 closed candlesticks for confirmation of the next wave.
Overall, BTC is still in a bearish market. Confirmation of a transition from a bearish to bullish will occur as we close a candlestick above the green trend line!
Peace, Love and Soul!
Wave 4 extended an addition 3 candlesticks thus slightly changing the values of the wave lengths but not significantly. However, what that did was change the trajectory of the vectors and ultimately shifting the timeline to the left. A more detailed method of calculating Wave 5 from the close of Wave 4 is as follows when Wave 3 is less than 1.618x Wave 1. In this case for BTC, Wave 3 is approximate 1.45 thus giving us 3 potential targets.
Wave 5 = 0.618 x (length of 0 to 3) or 1 x (length of 0 to 3) or 1.618 x (length of 0 to 3) when Wave 3 is less than 1.618. In this case for BTC, Wave 3 is approximate 1.45 thus giving us 3 potential targets.
Wave 5 also trending in a falling wedge (purple trend lines) which typically trends bullish. The trajectory of the vector (orange ray) trends between the upper and lower trends of the falling wedge and we can gage our targets and times frames based on the wave ratios (all three templated) and the time frame in which that ratio coincides with the vectors trajectory.
Wave 5 = 0.618 x (length of 0 to 3) = Potential Target: 1 ~$9000 currently within the target window
Wave 5 = 1 x (length of 0 to 3) = Potential Target 2: ~ $8300 target window within next 24hr
Wave 5 = 1.618 x (length of 0 to 3) = Potential Target 3: ~$7000 target window within 72hrs
Wait for the bounce off either of the 3 targets. 8.8k and $8.2 are major Fibonacci levels which will offer support. Target 1 and 2 are the most likely given the Fibs and the ratios. Taking no more than 50% of ones normal position in BTC at $9000 and waiting for the bounce would be wise. Wait for a bounce of 3 closed candlesticks for confirmation of the next wave.
Overall, BTC is still in a bearish market. Confirmation of a transition from a bearish to bullish will occur as we close a candlestick above the green trend line!
Peace, Love and Soul!
Trade active
So After seeing the developments overnight, it appears that BTC has managed to establish a bear flag. As it breaks lower, the height of the flag pole puts BTC at the bottom of target one. It just so happens that near that point lies a major Fibonacci level .236 (approx 8.9k-8.7k on Binance exchange)that could offer support and suggest a bounce up into bull territory. If that breaks down, the look for further support at target 2 at the less commonly used Fib of .191 (approx 8.3k-8.1k). These are the most likely options for where the BTC will pivot directions and close Wave 5. Target 3 is not to be totally discounted, however there is little to offer support at they level therefore I favor targets 1 and 2 based on theory principles and other supporting trends.Note
"IF" the price action does not hit Target 1 in the next 8 hours (7pm EST) then most likely BTC will skip this target window and head towards target 2. It will be a 24 hr gap then a 24-48 hr to time on target.Note
This is the 4hr Chart. We can't discount the (8.8k) .236 fib as it has previously providing support and resistance. Based on what the charts are showing in lower time frames, all things point to the Target 2 window near 8.2K and the .191 Fib. as the bounce point. Keep anTrade active
Guys and gals, The pattern even after a short bullish run today is now consolidating near 10.2K, and still overall bullish. There is an interesting thing developing here. You can't see it on this chart because of the zoom, but if you zoom out and look at the overall structure of BTC since about 2300 Feb 5, the price action has been running near identical (to the inverse). Jan 23 to Feb 5 looks almost exactly like Feb 5 to today Feb 26, just opposites. Should this pattern continue, I suspect that with the next 4-12 hours, BTC will retrace 50% or more of the previous two cancel green candlesticks (0300 and 0700) before pivoting towards 10.9K and the .382 Fibonacci. From at or near that line/price, BTC will then retrace back to our original number 1 target of 8.8K (.236 fib) just later than expected. At this point you can expect a bounce because this will complete the 5 Wave of the EWT cycle and start the ABC correction (bullish as the 5 Wave cycle was bearish). On the 1-day chart, this point corresponds to Wave 2, also a bullish movement.
Trade active
BTC retracing to original target 8.8...since it never touched the first decline tell us that Wave 2 is trading laterally. Wave 3 will start near our first target and Wave 4 when it occurs will show a sharp decline counter to Wave 2. Be prepared to protect you gains. From the start of the corrective wave 4, there is a 75% chance you lose 30% of your gains.
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.