ABC Correction into another elliot wave. Consolidation phase
We're coming out of our corrective pattern with the chance to break into a new ATH once break our ascending triangle. This pattern is often bullish but with CME futures gap in play we can still see another correction before we're off to the 2nd phase of our pattern. Keep an eye on the altcoins and notice the money flow cycle. > > as we make our correction...
Coming out of a 1-5 elliot wave we had a retracement to our 0.786 level and even a WICK down to our multi-year channel that confirms we've established these lows. Our levels off of our FIB from SEPT2024 are also being confirmed with our resistance/support around 0.618. If we wick below our low of our channel this will be a good "buy the dip" opportunity with "a...
Without volume we could see a continuation of sideways price action within our triangle. As we near the end of the pattern $Vet looks like it’s in a good position to reclaim a new daily high if we close out above our 0.5 fib line. We’ve touched our retracement levels and if we can confirm these signals for a local bottom we’ll see a continuation pattern moving into April.
Elliot wave theory 1-5 with ABC correction. conference for #VET soon
Avg: 0.0257 9;29 PM 2/9/23 Purchased above this key resistance turned to support. I could see the continuation of this pattern play out with all the technicals on Bitcoin as well as the price action between the both. Not the ideal entry I do admit, but we’re only investing what we can afford to lose. Scared money don’t make no money.
Waiting on the retest for this entry. Not too much support above, if we break down we'll manage the trade but if we trend up I think we'll see a small vol spike due to SL's.
Potential 1-5 Elliot wave theory is playing out. Confirmation is the retest of previous support into resistance on wave 4 into 5.
Trend established. BTC is in a corrective move A-B-C. Limit order buy to target price/take profits a 0.618. 3:1 r/r fits elliot wave with a complex correction / wave.
Elliot 1-5 waiting on the ABC correction, enter the trade on the retest.
Entry - TP - ffffffffffffffffffffffffffff SL - Position : Reward: Risk:
$Vet - Long Entry - 0.2997419 TP - 0.036885206 SL - 0.028488020 Position : $1,000 Reward: $250 Risk: $50
Thesis: Using Elliot wave theory from our 1-5 correction with a trend-based fib from 1-2 we've retraced back down to our 1.618 level. That level is also shown in the past looking at our green box to be a clear area of support. Using a trend line from Jun 2021 if we look at recent price action it lines up with the idea of this being a local bottom. I personally...
Entry at trend line. Take profit @0.618 level stop loss at $0.08cents
Trend based fib trade (papertrade) $VET Set your SL TK and ENTRY off of long trade idea.
If we retest get in @trendline (Papertrade) Buy: $145 TP: $157 SL: $143
Based on BTC's chart and some key resistance on some fibs I think on Christmas we'll see some bears take some profits. Trends been sideways for a couple of days now. Imo we'll see a small dip executing this trade for a full profit. (Scale out) Then the trend reversal will continue the long awaited Q1 will take way. Open: 0.09294657 Close: 0.08575438 Stop: 0.9659581