My scope for the week
Updated
Just a quick in-between chart: these are the trend lines I'll be watching over the next few days. The top red, green and blue trend lines are drawn from the past peaks over a long timeframe, to gray bottom line is the long term support line.
So, key things to watch: will value drop down again, and if so, will this go up to or down beyond the gray support line. And vice versa, will we break through one of the top support lines? If we don't and price falls back down we're only postponing the triangle breakout (up or down) a couple of days later. If we do break through one of the top resistance lines, most likely price will drop back to this line as resistance becomes support, and after that we move further up.
Just a little reminder: Elliot subwave 3 is the most impulsive, i.e. strongest wave up, so this is it typically the wave that pierces a prior resistance. Keep this in mind when drawing your wavecounts!
So, key things to watch: will value drop down again, and if so, will this go up to or down beyond the gray support line. And vice versa, will we break through one of the top support lines? If we don't and price falls back down we're only postponing the triangle breakout (up or down) a couple of days later. If we do break through one of the top resistance lines, most likely price will drop back to this line as resistance becomes support, and after that we move further up.
Just a little reminder: Elliot subwave 3 is the most impulsive, i.e. strongest wave up, so this is it typically the wave that pierces a prior resistance. Keep this in mind when drawing your wavecounts!
Note
Not much to report so far: after hitting that low RSI, things are moving up. I think it will be a quiet week for BTSBTC, and things will start to become a bit more interesting around august 10th.
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