If you have been following my other bigger picture chart "the lite at the end of the tunnel" u know this is my stance, just figured I would publish. Seem like we are in for a decent correction if this breaks down. By my count this is wave 2 of wave 3...and just looking at the move up time wise could see this turning into a W-X-Y. Also, there is head and shoulders pattern forming on the 4h which corroborates the 50-61% retracement on the daily chart for wave c.
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The 4h head and shoulders pattern:Note
Hmm was that it for wave c? Might be time to test the blue line but still think we’re heading lower after. Since we didn’t make it to the .618 fib/200 MA this time around possible that level will hold and the correction won’t be as deep, but we’ll see. Note
As predicted price hit blue line and dropped nicely. Seems like we could bounce again here to test the blue line again/pink line but still expecting it to go lower after:Note
Perhaps that's all we get? If bitcoin takes off here alt ratios could take a nice hit. Note
weak pump...Note
Weak pump complete? We'll see, be craeful : ) Note
Sorry guys this is what I think until prove otherwise...I certainly could be wrong : ) Note
Another swing up still in the cards, still don't think it's the real bull though:Note
Some positive news, and if this low holds lots of bullish divergence. If we break back above .016 looking for a flat correction to play out. Wave C will usually end slightly before or slightly after wave A. Good luck.Note
Here is the zoomed in 4h view...looking for something like this:Note
Price failed to get back above 3 digits, guess I was wrong about the temporary relief. Seems like the downtrend continues:Note
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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.