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Bitcoin Descending Wedge Ends at $8k - Then the Breakout!So, first off all: this post does say LONG.. HOWEVER, I want to make sure you all see that in the TITLE I say $8k first. Secondly, this is like the 20th post on Bitcoin in the last 10 days hahahaha. But when my posts get so long I feel the need to upload a new one. I constantly like to notify you guys on what I think and how I feel about the market at a certain point in time. My mind changes just as quickly as the market's, and that's because I just react to data as it comes in. I don't have a crystal ball. I'm a day trader at heart, and our long-term forecasts probably aren't as good as the best swing traders. I ALSO WANT TO SAY: This is an ALTERNATE count to my 7k post. 7k is STILL an option. But this may honestly be my primary option for now. ANYWAYS: Bulls: Don't freak out. The market will rebound, and I think sooner than my marked $7k target on the previous post. Bears: You all can still make a crap load of return on this next drop, but don't stay bearish for forever! PLEASE READ THIS: I know this post says that it can END at $8k, BUT there is a chance that we break it and drop lower, just simply because this wave count could be wrong. Why could it be wrong? Well lets look at wave 2. It very nearly retraces to the full height of wave 1. So the count for the uptrend still confuses me on whether or not that was a 1, or an X for a failed breakout... This kind of matters more for what happens AFTER the breakout, rather than BEFORE. Because getting the correct wave count from then on is the most important part. But what I can guarantee you all is that if we break the 1 month high of $11.7k then we are surely going UP. April WILL be a good month, i can say that with my mind and my heart lol. ANALYZATION: So, like I said i'm not entirely sure on the wave count. But lets look at our support lines here. With that most recent drop, I have no doubt that we will go lower, and I will show that in my next few updates. But look at the blue support and resistance lines of the past month. Notice the descending wedge? And check out the white resistance line that now serves as support. On the daily chart it makes much more sense. But we have a hell of a lot of support lines to break thru to get to $7k. Daily Support line Descending wedge support .618 retrace region This is honestly enough to make me very bullish in 1 weeks time. Descending wedges always pop up if counted correctly. So the biggest thing here in the count is that is it a 12345, or an ABCDE? If its a 12345 going down into the wedge, then that makes it a part of the Z of an WXYXZ correction. BUT, if its an ABCDE, then it could be a part of wave 2. It just would seem to be not proportional in a wave 2 correction to the length of wave 1. The world may never know. BIAS: (3-5 Days) - Bearish (1 Week+) - Bullish (1 Month+) - Bullish Many updates as usually to come as soon as i upload this.
KRAKEN:BTCUSDLong
by Elijah_Trading
26