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Waves

🔥 Bitcoin's Worst Case Bullish Scenario 🚨Back in January I made an analysis on Bitcoin where I argued that the bottom was likely in. I used the support drawn on the chart as one of my main arguments. Seeing that this support has dictated BTC's price action for nearly 6 years, it's definitely one you should keep an eye on! Seeing that there's a lot of bearish views on the market lately, I want to take a look at the worst case bullish scenario. In my eyes, this would be a move towards the dotted purple support. A break below this point would break a 6-year market structure, which would be very alarming 🚨. As long as we will not get a full-on stock market crash, I don't see BTC falling below this support, thus staying long-term bullish. I don't see BTC revisiting the bottom support at this point in time. I'm first looking at the 25,000 area as explained in my Elliot Waves analysis below. Nevertheless, it's important to consider different scenario's and outcomes.
CRYPTO:BTCUSDLong
by FieryTrading
7
🔥 Bitcoin Rising Wedge: Oversold Bounce IncomingIn my most recent BTC analysis I talked about the rising wedge pattern that was formed and my bearish short-term view on the market. Both targets have been hit, with 27,200 marking the bottom area. Congratulations if you took the trade! Bitcoin is currently oversold at the longer time frames like the 4H and 8H. Consequently, I'm expecting some kind of bounce in the coming 1-2 days. Ideally we will move towards the blue area where some heavy resistances lie. This would be an ideal area for the bears to short. With the stock earnings season being much weaker than anticipated, the risk is currently to the downside. So, I'm not expecting that this is the bottom yet. 26,500 is my next target. Keep in mind that we're currently still trading in a long-term uptrend, so it might be a perfect moment for bulls to pile in, which is currently what we're seeing on quite some alts. As explained in my Elliot Waves analysis, I see it more likely that we will go down more, simply because the supports around 25,000 are much stronger.
Short
by FieryTrading
10
🔥 Bitcoin Following Elliot Waves Pattern: Fourth Wave Started?Over the course of the last few weeks I've made several analyses on BTC and the Elliot Waves pattern it's potentially trading in, see below for the most recent one. In my previous analysis I argued that there was reason to believe that the third wave topped because we were trading inside a very important area of resistance and the RSI was touching the overbought area. And here we are. We gave away all of last weeks gains and things are looking bleak in the near-term. It's difficult to predict where the 4th wave will bring us, but the 25,200 support is the strongest support area in sight, so I'm holding on that area for now. Immediate future looks bearish, but there's still a decent probability for a next wave up. Share your thoughts🙏 Note on the lengths of the waves: take them with a grain of salt and not as an exact science. I'm merely attaching them to important areas of resistance.
INDEX:BTCUSDShort
by FieryTrading
9
TSLA going to January Lows TSLA - Elliott Wave Analysis There maybe more dramatic Waves out there for Tesla. But for me I had this count since April last year so I am gonna stick with it. I see a WXY correction. And we are now in minute wave iii of minor wave C of intermediate wave (Y). Foron this WXY pattern the most common Fibonacci ratio is equality between W= Y. In our case equality is around 103.95 We also have natural graph support around 103 from the previous low in January our wave A of (Y). What are your thoughts on TSLA ? Legal Disclaimer: The information presented in this analysis is solely for informational and educational purpose and does not serve as financial advice.
NASDAQ:TSLAShort
by WavesInvesting
1
🔥 Bitcoin Following Elliot Wave Pattern: Correction Incoming?A couple of week ago I made an analysis on Bitcoin and the fact that we can potentially follow an Elliot Waves pattern. For now, my idea seems to hold. With BTC breaking out this week, we're now in a huge resistance zone that goes back all the way to 2021 and 2022. Furthermore, the weekly RSI is approaching overbought territory quickly. We can easily move up another HKEX:2 ,500 from here, but I think we need some serious buying to break through HKEX:32 ,500. Consequentially, I think that there's a lot of investors waiting for the weekly RSI to reach overbought that either want to sell their BTC that they bought in 2023, or that look for shorting. Not sure where the correction will bring us. For now I look at the August 2022 top around HKEX:25 ,200, but it could also be higher.
INDEX:BTCUSDLong
by FieryTrading
19