Waves
🔥 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.
BTC price target based on 2 ABCs on 4h timeframe2 ABCs on the 4h tf. Targets 100% and 161.8% are closely aligned. That's where I'm targeting.
IBM daily bearish hammer end of wave 5 expect ABC correctionOrder SELL IBM NYSE Stop 136.56 LMT 136.56 will be automatically canceled at 20230401 01:00:00 EST
IBM daily bearish hammer end of wave 5 expect ABC correction at least.
LMT daily all time high expect ABC correctionLMT daily all time high expect ABC correction at least if we clear this compression below.
SO daily compression with upper wicks wave 5 downtrendSO daily compression with upper wicks wave 5 downtrend
WRB daily bearish hammer at all time highWRB daily bearish hammer at all time high would expect at least ABC correction
AMD monthly head and shoulders target wave 5 of C correctionAMD monthly head and shoulders target wave 5 of C correction wave. AMD $40 )))
BG daily pinnacle pattern wave 4BG daily pinnacle pattern wave 4 don't be greedy ABC correction is to follow
AAPL bullish hammer at the beginning of wave 3 uptrendAAPL bullish hammer at the beginning of wave 3 uptrend don't hold over earnings.
ABBV daily bullish hammer beginning of wave 3 wave 5 uptrendOrder BUY ABBV NYSE Stop 145.78 LMT 145.78 will be automatically canceled at 20230401 01:00:00 EST
ABBV daily bullish hammer beginning of wave 3 wave 5 uptrend that was ABC correction.
AMD weekly wave 5 of C wave correctionAMD weekly wave 5 of C wave correction watch for entries at the exhaustion of countertrend wave 4
TSLA daily end of wave 5 downtrendTSLA daily end of wave 5 downtrend if we break above this bearish volume lot's of bears get trapped
SCHW daily compression building for wave 5 uptrendSCHW daily compression building for wave 5 uptrend if we break above this bullish hammer will probably run
TAL daily wave 2 of 5 wave uptrendSell to Open TAL Nov 18 2022 4 Put Limit at $0.08 (Good 'til Canceled)
TAL daily wave 2 of 5 wave uptrend
AMZN daily ABC correctionSell to Open AMZN Nov 18 2022 90 Put Limit at $0.14 (Good 'til Canceled)
AMZN daily ABC correction
XLY daily retest of the trendlinebreakSell XLY NOV 18 '22 131 Put Limit 0.45 GTC
XLY daily retest of the trendlinebreak if we hold it we go higher.
TWLO daily retest wave 2 uptrendSell to Open TWLO Nov 18 2022 48 Put Limit at $0.45 (Good 'til Canceled)
TWLO daily retest wave 2 uptrend
SQ daily triple bottom neck retest wave 4 of uptrendSell to Open SQ Nov 25 2022 60 Put Limit at $0.95 (Good 'til Canceled)
SQ daily triple bottom neck retest wave 4 of uptrend expect pull into retest and then grind higher.
Demand For NasDaq Has IncreasedLooking at the current market conditions I can say the marketing is creating HH and HL, currently, we just finished a retracement and are about to start an impulsive move to the upside in the hopes of respecting the support and resister of the trendline.No much more to say here.
1W BTC Candlestick and Wave AnalysisI continue to be bearish and, by all my logic and knowledge, think that this market has been heavily manipulated since the Genesis bankruptcy.
Just think about it. The moment when the biggest crypto lender needs to liquidate their assets, the price goes up.
Also, if you follow the social metric, you know that creators of the crypto content are struggling to get new views.
And then, we have Elon changing the Twitter logo and pumping the DOGE, and the last time he did it, he pumped and dumped it for a BTC, which no one seems to remember or even realize.
But let's bring some chart analysis into it.
We first need to consider a gap in the VPVR on the right.
This is the chart of almost a year's worth of weekly candles, and that gap means that the price shot up without significant volume to create support anywhere above 25k.
Next, we have three weeks of consolidation, shown by long-legged Doji and two spinning top candle patterns.
The last week was bullish. It retested the upper Bollinger band, and as we can see, this one is bearish, which means it got rejected, but keep in mind this one has yet to close.
Last but not least, we can see a ribbon closing to a reversal on the ribbon in the waves indicator.
If you reduce the timeframe to 5D, it has already painted the local top.
Supported by the fact that the grey wave, which indicates the aggression or the speed of trading if you like, is approaching the zero line, which means the trend is reversed from bullish to bearish, excluding the fact that everything in me screams: "BUY," I will not do it.
I cannot predict the manipulation though I can see it and react to it thanks to my indicator, so my conclusion is: "Do your homework. This one is mine."
#Storj LongIn the previous post, I mentioned that if a lower ceiling is reached, a short trade can be entered, but this did not happen. He was in a motivational wave and hit the ceiling. This wave can be wave 3 or C. Therefore, I expect it to break the price range strongly. Otherwise, he should modify the dynamic trigger again until the floor is higher, which I think is unlikely. This small wave 3 is from the lower level of the big corrective wave 2. In the weekly time, important resistance levels have been identified that can be the targets of this currency.
