BitcoinLong
Bottom in for Bitcoin?
Updated
I have been going through my alternate Elliott Wave counts for Bitcoin. I always keep an open mind as a trader and do not get sucked into one bias; so although I do not believe the bottom is in, it is important for me to have a count that says it is. I will cover my alternate Elliott Wave count with the bottom being registered already in another post, this one is to cover a significant trend line being breached.
This ray trend line is taken from the January 20th high, and extended from the 6th of November before Bitcoin broke though 6k support. On the 24th of February this trend line was touched for the 3rd time for another rejection. Price is now starting to finally close above the trend line. This is not a metric along that I would take a long from alone as there is still strong resistance above in the $4000 region, but it is a factor that I consider when taking higher time frame swing trades.
The lighter of the two trend lines which starts from the 5th of May high has not yet been broken, which i would expect to act as resistance and nicely lines up with Fibonacci resistances.
Overall it is important when trading to be open to all possibilities, and although my primary count may be bearish it is key that I have an open mind when entering my trades. By having two counts I can react and trade from the most valid count and always be prepared.
Thank you for reading; the main count I will further explain in a Youtube video for you.
Daniel
This ray trend line is taken from the January 20th high, and extended from the 6th of November before Bitcoin broke though 6k support. On the 24th of February this trend line was touched for the 3rd time for another rejection. Price is now starting to finally close above the trend line. This is not a metric along that I would take a long from alone as there is still strong resistance above in the $4000 region, but it is a factor that I consider when taking higher time frame swing trades.
The lighter of the two trend lines which starts from the 5th of May high has not yet been broken, which i would expect to act as resistance and nicely lines up with Fibonacci resistances.
Overall it is important when trading to be open to all possibilities, and although my primary count may be bearish it is key that I have an open mind when entering my trades. By having two counts I can react and trade from the most valid count and always be prepared.
Thank you for reading; the main count I will further explain in a Youtube video for you.
Daniel
Note
Price got rejected by the 2nd trend line, but once managing to close through we got a strong movement up to $5144, another step closer to a potencial bottom. These trend lines really were valid and important metrics to be aware of!
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