Bitcoin is in a massive ascending triangle. Bear/Bull counts
Updated
As shown in the chart, it is my opinion that we are in a massive ascending triangle, which is normally bullish.
Technically speaking though, I would like to be in a short here considering the minor bullish trendline has been broken.
If we break the resistance of the triangle, our next stop will be the neckline of the IHS.
If we break below the support of the triangle, our next stop will be the .618 at $3,550.
GL!
The Elliott Waves are not centered nor focused on where I think time-wise they will play out.
The counts are shown the way they are so there is less noise on the chart.
Technically speaking though, I would like to be in a short here considering the minor bullish trendline has been broken.
If we break the resistance of the triangle, our next stop will be the neckline of the IHS.
If we break below the support of the triangle, our next stop will be the .618 at $3,550.
GL!
The Elliott Waves are not centered nor focused on where I think time-wise they will play out.
The counts are shown the way they are so there is less noise on the chart.
Note
Note
Much more accurate view. Bitcoin is struggling to get back up and above the minor bullish trendline for the 3rd 6h candle.This is the 2nd drop below.
Note
Friend posted out this ascending wedge.Note
Note
Weekly if we go bull.Note
BULLISH
Note
Here's what I'm starting to think may happen.Right now, XBT seems to be the only pairing that I can find, that is above the minor bullish trendline from the bottom. It is being confirmed as resistance, as we speak. That being said, if we can hold the pennant support at around $3,690 today, it would form another higher low giving another good opportunity for accumulation.
If you think about it, all this sideways on the daily during the right shoulder could just be accumulation. If you had a LOT of money you wanted to put into Bitcoin, because you knew it was about to make a very sizeable move upwards, you certainly wouldn't want to be buying resistance. You'd have to buy support, and that would take a *while*. Especially if a LOT of people/institutions are doing it.
That could be where all this wicking and sideways is coming from.
It just so happens that on the new weekly candle on the 7th, the bull trendline meets the neckline of the IHS - 2 massive resistances in one. $3,950 breaks with authority and we're going to see a very big daily candle.
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