Short

Bearish continuation: bear flag

Updated

Chart description:
- Expect (at least) one more low to be made.
- Finished ABC
- Potential 2 short setup with conservative targets laid out in the chart.
- Expect a minimum 1fib extension target to be reached.

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Could already partially close this short. C-wave (miniscule) looks almost completed. RSI(1h) shows some 5th wave divergence. Price will most likely move a bit lower towards $ 0.01567 and then move upwards for a b-wave.

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Counting 5 waves up. Waiting for confirmation, expect a pullback to the 0.5-0.618fib before continue higher.

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divergence got invalidated. still pushing higher.

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Divergence MACD(5m) still remains. RSI(5m) trend break, channel break, and MACD(15m) crossing would give me a reasonable indication that we're starting a consolidation for a ABC(wxy) retracement. As the prior move down was a c-wave, I'm expecting this entire move to become a zigzag.

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Relabelled ew count. 5min chart sometimes hard to read.

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Expect retracement to hit 0.764-0.854fib lvl before moving impulsive up.

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Idea still remains, still expect a b-wave (c-wave to finish).

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Update Bitcoin v0.6.

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**correction 'label: this structure is not impulsive' in bitcoin chart can be identified as a leading diagonal, see invalidation lvl in chart.

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Double top, potential short setup.

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RR 3.36

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Update Bitcoin v0.6.1.

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Bullish alternative for Bitcoin. Keeping it simple.

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Target reached

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This is the most rewarding short, RR 17.17 with low risk, invalidated lvl 0.618fib retracement. Expect an extended 3rd. In chart a standard 1.618fib extension, but can easily go further.

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Above scenario didn't play out. Potential other scenario might be a leading diagonal for a w1.

Trade closed manually

Above scenario got invalidated and broke above $0.018224. Will close this thread and start fresh.

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Have several scenario's in mind, but no time to explore further. Could be a redestribution schematic (UTAD phase). Still leaning towards a bearish outlook for CKB. For example, I can only identify 3 waves (ABC) from the the low. Wave C can either be a rare ending expanding diagonal or in other classical terms a broading wedge pattern. 1.618 fib extension has a nice confluence with the length of wave-A (trend-based 1fib lvl), so that would make a nice final target.

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Good time to start accumulating (entry positions between 0.009x and $0.012).

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Have this Bitcoin scenario in mind, since we printed a double top. Let's see.

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Penny for your thoughts

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I was suprised we broke the .618lvl and consequently invalidated a w4. Thus indicating that this a corrective structure. Found the complete CKB price chart, which does support that, and suggests a very long consolidation. If history repeats we might still see a v-shape recovery with a potential 3x from here.

HeftyBreadRoll

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