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Philakone

Bitcoin Bullish Short term, Bearish long term? $3000 possible?Hi guys, magimuffin here. Never done one of these, but I have been taking TA seriously for almost a year now. Would love to hear your thoughts. I see this movement as part of a larger elliot wave ABC correction upwards, that has the potential to come back down: The following potentially support my hypothesis, and are what I am considering: Volume is below the weekly average. In order for this to be a strong bull run, we will need to see average GREEN volume, at least for the next few weekly volumes. Weekly candle is currently facing strong resistance at $4k where the purple 13 EMA is, as well as the very large red candle at the week of 2019, Jan 7, whose wick extends to $4100. My hypothesis will be nullified if we can sustain above this EMA with a bullish wick dropping down below it. Next big resistance after this point would be 4400, which falls into the golden pocket area using a fib retracement tool. No convergence or divergence shared between chart, MACD, or RSI. As seen with light blue trend line, even though all following a bullish pattern up, because there is no bullish divergence, it could easily go back down. Would be stronger case for a bull trend long term if we saw some bullish divergence on RSI and chart. If we do fall again we will definitely test the 3100 range, our recent low, which also happens to be around the 200EMA, a strong support. If this fails, the next huge test would be around $1800, a support from July 2017. Basically, its gonna take a LOT of volume to confirm this a big bull run, otherwise, I am seeing this very short term in the grand scheme of things, and am still bearishly biased. TL;DR SHORT TERM BULLISH, LONGTERM BEARISH Anyone disagree/agree? Would love to hear your reasoning...
COINBASE:BTCUSDLong
by magimuffin
7
BTC Update: In-Depth Elliot Wave Analysis BTC forming two possible corrections PRIMARY PATHWAY: ABCDE - BTC Hits D wave successfully around 13400-13800 zone then retraces down to E wave target around 8.1k zone. RSI / MACD both confirming upwards movement. ALTERNATE PATHWAY: ABC(D2)(E2) - BTC is done with the D wave and is heading down to E wave as we speak. Not very likely given how bullish BTC is acting this morning. 3rd alternate count (EXTREMELY UNLIKELY CASE): ABC Finished: ABC is finished and BTC is going to fly after this sell off to previous C level around the critical 10500 support. Not enough volume to support this decision yet. (Any feedback will be greatly appreciated. I just started charting about last week so excuse the mess!)
Long
by FibonacciGang