BITCOIN BACK TO $20K
Updated
I have a habit of deleting my drawings and re-drawing them every other day to get a fresh perspective on the charts. Personally, it helps me stay disciplined and less biased as re-charting can help show new perspectives I otherwise may miss due to the clutter from the previously drawn lines and indicators.
Today, as I redrew, I wanted to make some predictions for possible Price Action (PA). As I was doing this, I stumbled upon an interesting and feasible scenario that ends up with
BTC above 20k.
I started out with the usual marking of support (demand) and resistance (supply) zones starting from Monthly, to Weekly, to Daily. As there have been much heavier consolidations and lesser volume or volatility as of late, I don't rely on the H4 timeframe as much anymore since the PA tends to just extend consolidations.
I noticed the beautiful chart ofBTC USDT PERP on the Daily. Imbalances have been getting filled, inequalities are being matched, and fib was being respected. With fib playing nicely, I decided to draw an Elliott Wave.
After reviewing the Elliott Wave rules, and matching with personal experience, I was able to draw highly likely scenario, where Wave 5 ends at -61.8% or about 20.2k
Feel free to reach out to discuss this idea.
Today, as I redrew, I wanted to make some predictions for possible Price Action (PA). As I was doing this, I stumbled upon an interesting and feasible scenario that ends up with
BTC above 20k.I started out with the usual marking of support (demand) and resistance (supply) zones starting from Monthly, to Weekly, to Daily. As there have been much heavier consolidations and lesser volume or volatility as of late, I don't rely on the H4 timeframe as much anymore since the PA tends to just extend consolidations.
I noticed the beautiful chart of
BTC USDT PERP on the Daily. Imbalances have been getting filled, inequalities are being matched, and fib was being respected. With fib playing nicely, I decided to draw an Elliott Wave.After reviewing the Elliott Wave rules, and matching with personal experience, I was able to draw highly likely scenario, where Wave 5 ends at -61.8% or about 20.2k
Feel free to reach out to discuss this idea.
Trade closed: target reached
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.