Long

Bullish continuation

Updated

Description chart short-term setup:

- Possible Zigzag (5-3-5) or Triangle formation.
- Touched mimimum retracement 0.618fib.
- Price action above the 0.618fib at $0.02907 will invalidate Zigzag pattern.

Note

Correction: did not touch the 0.618fib level at $0.02707, but closed at $0.27143.

Note

If price can break $0.032447 price can go up to $0.034139 for either a 3rd wave of 5th or a flat correction. Both have confluence at the $0.034.

Note

Target reached.

Note

Bitcoin looks bearish. Broke the 0.618fib. Not expecting anymore higher highs.

Note

Keeping this BTC scenario in mind.

Note

RSI trend break. Potential last wave up. See targets.

Note

First target reached.

Note

Hard to decipher what structure we are looking at. Feels like an ending diagonal. Keep an eye on any trend breaks. At the moment rsi & macd still looks good.

Note

Strongly believe in technical analysis. However, the BTC layer 2 & RBG++ narative could strongly influence CKB's value. Keep that in mind.

Note

Hit the 0.618fib retractement. Wait for bounce to take some risk off and determine the type of corrective structure before taking any position(s).

Note

Potential last motive 5th wave down. Before commencing wave 2 or wave B. dotted fib levels represent finished 5th, whereas straight lined are wave 4 retracement fibs and potential wave 5 target fibs.

Note

These are the worst type of corrections..

Note

Trade closed manually

CKB had a massive 3rd wave run (5.618fib extension). I have taken some risk off on this bounce (25%). Bitcoin still looks very corrective. Unless price breaks previous high at $72698, I don’t expect CKB’s price to reach a new high. Expect a sharp impulsive correction for wave 4 (rule of alternation, flat corr. Wave 1-2).

Note

If BTC fails to break $72117 then expect lower prices.

Note

Potential C wave in the making.

Note

Warning! Noticed a wick below previous low present at binance but not at kucoin. The market is currently bleeding.

Note

The question right now is where are we? and where are we heading? so we can make a plan.

Note

Potential finished leading diagonal (submicro, 15min).

Note

BTC zigzag (ABC) got invalidated. Expect more downside.

Note

Quick update on CKB.

Note

Not sure what we are looking at atm. Price is trading at 0.618fib level. What I do know is that we are still trading in an acceleration channel, which indicates that the correction is not over.

Note

Made some adjustments to my main count. Still good for a final leg down.

Note

Food for thought. Is BTC currently printing an expanding diagonal (15min)?

Note

or an expanding triangle?

Note

Previous CKB count got invalidated. Don't have a good alternative. Multiple 1-2 setups are possible, but less likely. I do expect one more wave down for BTC. Thus CKB should experience downwards price action as well. Examing CKB's chart, we can identify a bear flag. Time will tell.

Note

Quick update on BTC. I see 5 motive waves down, but believe there is more downward price action to come, because it failed to make a lower low. Wave 5 passed the 0.886fib, which makes it less likely for a wave 2 and wave 4 looks i.m.o. very corrective and not impulsive.

Note

For discussion/educational purposes:

Note

More food for thought.

Note

Short-term targets for a potential finished wave 4 (black wave C). Could be part of a larger ABC (orange).

Note

Bitcoin seems to move in an ending diagonal.

Note

Keeping these BTC scenario's in mind when looking for some entry points.

Note

Still uncertain on Bitcoin's trajectory. Ending diagonal still seems viable. Price action is still moving in 3 waves, but we just printed a double bottem. Patiently wait for confirmation.

Note

Break above $64200 with pullback to neckline will confirm bullish momentum. Keep in mind that wave 3 submicro might still be part of a larger 3 wave. That will invalidate double bottom.

Note

Without knowing where we are and what structure we are looking at. I will only become (short-term) bullish once resistence gets broken at $0.021753.

Note

Bitcoin low might be in. Took an entry and wait for potential wave 2. Any feedback would be welcome.

Note

Previous chart was incorrectly labelled. The ending diagonal appears in Wave C of a zigzag. Wave 3 is shorter than wave 1, wave 5 is shorter than wave 3, and wave 3 is shorter than wave 2.

Note

Coming to a crossroad..

Note

Simple trade setup. Expect a last wave up for a potentially finished wave C. Confluence on the 1.236fib level.

Note

Potential explosive bullish ride on the horizon for Bitcoin. Multiple 1-2 setups that could lead to a very impulsive wave 3. Leading diagonal got invalidated, wave 3 was the shortest. Closing this post on CKB and start fresh.

HeftyBreadRoll

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.