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LONG BTCUSD Bullish Upside (5th Wave Before ABC Correction)Looks like the 4th wave is complete and we can most likely expect the 5th wave starting very soon! According to Elliott Wave theory we are following these rules: When Wave 3 is less than 1.62, the 5th Wave overextends itself. From research, the ratio of Wave 5 will be based on the entire length from the beginning of Wave 1 to the top of Wave 3. Now we have 3 possible outcomes for our target areas according to the Elliot Wave theory because our 3rd wave did not extend: ~80K because Extended Wave 5 = either 0.62 x length (beginning of Wave 1 to top of Wave 3) OR ~93K because Extended Wave 5 = length of (beginning of Wave 1 to top of Wave 3) OR ~116K because Extended Wave 5 = 1.62 x length of (beginning of Wave 1 to top of Wave 3) So in the chart you can see our fib is equal to the length of 0–3. It is a projection from the end of Wave 4, meaning we added 0-3 to the end of wave 4. After the 5th wave completes we can expect a bigger ABC correction. Be very careful buying at 80K+ after completion of wave 5. It might cost you a lot. Our guess for now: The upcoming 5th wave will probably result in huge explosion in the NFT space, legit Crypto Gaming coins, DEFI and everything related to Metaverse. HAPPY TRADING!
Long
by Traderfriends
1
BTC Bitcoin 4H Chart - Weekend Update Hello friends, today I am reviewing the 4H linear scale chart for Bitcoin (BTC), a cryptocurrency. In the chart I noted: 1) The price recently formed a cup and handle pattern forming since April 2021. Shown in purple shade arcs. 2) The price broke out upwards to make all time highs. 3) Though price broke upwards, the re-test of the cup and handle top trendline did not happen yet. Generally with such a long running pattern, a re-test of the trendline occurs. 4) If the price goes to re-tests the trendline, it may go down another 20% or so at around $47K-$48K where there is long term support in that range. After the re-test of that trendline, the cup and handle pattern move reaches $73K-$74K. That is a 55%-60% move upwards. 5) The RSI (relative strength index) broke out of the downward channel and could go back down for a re-test of the trendline as well. 6) The Stochastic RSI (Stoch RSI) is overbought and has potential of coming back down. 7) The Volume is low but it seems to be getting ready for a move. 8) The Ichimoku Cloud is showing short term resistance around $59K-61K. What are your opinions on this? If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
BITFINEX:BTCUSD
by MillionaireEconomics
BTC correction update Hello everyone. I know we are all feeling fear and doubt right now. Yesterday in my post, I explained why I thought this correction was likely coming to an end. I also said that anything below 58k till 56 was a great opportunity, and I can now say this is the bottom area. I want to start by saying that I am amused by how accurate Elliott wave theory it is. Every time I doubt its accuracy, I get slapped back. As you saw in the last update, I explain how we are likely to set the bottom between 100% and 127% of the first corrective wave. We are now approaching the 127% level sitting at 52200. Nevertheless, Ralph Elliott also explain that wave 1 (we are in intermediate wave 1 of primary wave 3) retrace between 50% and 78% of the wave (average 50%). The 50% is sitting at 53k. So, in my opinion, we may see a quick wick to 53k for liquidity hunting, but it will be bought up quickly. Now going back to the correction. You can see the first wave was a 3 wave move, the second one (wave B) a 3 wave move and the last one (current one) a 5 wave. This suggests that the correction overall was an expanding flat correction on the 12h timeframe. It is a fairly common correction. However, a tricky one as it caught us in the turbulence of the emotions, as in this case, we were breaking ATH (me included). Considering other indicators, BTC is disgustingly oversold. There are multiple bullish divergences forming in most timeframes, including the 12h and soon the daily. Also, BTC is now approaching the strongest dynamic trendline in the chart, which has held since March 2020. Previously in September, BTC has bounced off from the support trendline. There is also some similarity with the September correction, with BTC breaking the 50dayMA, accelerating down to exhaust its move on the 200H MA and bouncing strongly at that level. So what are the signs that make me believe this is the bottom area? - Approaching previous support 200HMA - Approaching yearly dynamic support since march 2020 - oversold in every timeframe up to the daily frame - 50% retracement level EW, wave 1 retracement target - 127% target of the flat correction formation - Bullish divergences in different timeframes Conclusion the local bottom is setting in soon in the area between 56500 and 53k. Anyone selling here will get rekt soon. FOLLOW ME, SHARE, LIKE AND COMMENT
BITSTAMP:BTCUSDLong
by CFcryptoTA
5
BTC Bitcoin to $48K PossibleToday I am reviewing the 1D (daily) chart for Bitcoin (BTC) on a linear scale. In the chart I noted: 1) The price is shown inside a parallel channel since March 12, 2020 when the RSI hit a major low. 2) Recently a double top formed with the breakdown today. The estimated target is around $47-48K. That is about a 16%-18% drop from current prices. 3) RSI may have a chance to get into the oversold area on the daily where it may be exciting to pick up a long. This is one of many ideas I have put out on Bitcoin. Check out others below. What are your opinions on this? I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
BITFINEX:BTCUSD
by MillionaireEconomics
BTC Elliott wave (MUST READ)Hello Everyone. Today I have spent quite some time analyzing the current Bitcoin movement and why I wasn't accurate as I expected. Hence after a few hours, this is my result and conclusion. In markets, we often witness a Kitchin cycle, which means that between 2 major peaks, the cycle lasts four years. Hence I concluded that BTC would probably reach its peak around middle February. This is consistent considering the cycle length between the peak in 2014 and the peak in 2018 (1477 days) and a 4-year cycle at 365 days (1533 days). So I expect the peak of BTC to be between middle January and the end of February. This will depend on the pace bitcoin will take on this move up. After analyzing the minor wave 1 (red) of the intermediate wave 3 (black), I realized that we had witnessed an extended wave 1, which ended with a truncation where minute wave 5 fell short of the expected peak (last ATH). Considering we just had an extended wave 1, we can expect the retracement to be less deep than normal wave 1. This is because an extended wave suggests a strong underlying market. Looking at the current correction, you can see I subdivided it into different simple corrections, which will form a double three WXY. The pattern's target is between 100% and 127% of wave W, which currently sit between 58 and 55500k. I now believe BTC is most likely ending this correction. This is confirmed by the various timeframes momentum indicators reaching oversold condition and meeting the trendline support (RSI, StochRSI, ChandeMO, KST, ROC). Also, we are now flirting with the 50 days MA and the VWAP anchored to the previous low, both sitting at 59k. Candles are also now printing long wicks in the lower section of the bar suggesting strong demand in prices below 59k. Volume has started to pick up on lower timeframes on the support at 59500. I am now deploying capital with orders from 59 down to 56 for long. There are bullish divergences printing on the various timeframes suggesting a reversal is imminent. The BB is squeezing, suggesting volatility with the price flirting with the lower band SD2, which is a reversal sign. Finally, if you follow the different waves I drew, these are the different targets I expect in the coming months, with 100k coming by the middle of December and 185k early 2022. As you can appreciate, there will be a few 25-30% retracements in between before reaching the top. I am now deploying capital with orders from 59 down to 56 for long positions. The ride will be wild. I hope this will help you. It did undoubtedly helped me to realize where I was wrong and what was happening. FOLLOW ME, SHARE, LIKE AND COMMENT
BITSTAMP:BTCUSDLong
by CFcryptoTA
7
XBT Trade the Range Short SetupFor the past 4 months we have been trading inside this ascending channel and broken out of it twice, once in October and November for our most recent ATH . Since then we have fallen back inside the channel and have tested our 58k region with a move to the downside . I would like to see 58400 level lost and see a move down to 55k eventually which will put us at the middle of the channel and probably test the 100EMA . Ultimately I would like to see a move to the bottom of the channel 50400 but its best to trade this level by level . Until then I see continued weakness in the short term but the key here is trade the range your given . Still scalp longs to be had off of the levels shown and short opportunity if we back test 60900 POC region . Know your Invalidation and Like and Follow for all market updates and analysis
BITMEX:BTCUSD.PShort
by SJTRADESFUTURES