BitcoinLong
BULL PENNANT? Only if we go into another bear market.
I have a lot going on in the charts but lets look at the facts first then forecast,
-Roughly in 15 days a second "Death Cross" is forming comparing with 2017/18 ATH.
-Most of the structure on the daily chart is identical as 17/18 but not the case on a weekly chart.
-A classic Elliott Wave 1-5 form from 2010-2018 and possible ABC correction starting at 20k. (In C wave currently possibly)
-Possible Bull Pennant forming only if the following happens...
-Death Cross happens in mid October
-Fib retracement adjusted to log scale on both sides Golden Zones at 61.8% has been the dropping point to the 50 Month moving average, followed by trend reversal and double
capitulation.
-60% from the 14k high and Doji Gravestone Reversal Candle drop would be a classic bear market bottom at the 61.8% golden zone (log scale) and the projected 50 month.
-This bottoming would take place just before the halving at May 2020
Bull Pennant is formed and second half of 2020 is the parabolic advance.
Everything dotted is a forecast
Just my 2 cents
-Roughly in 15 days a second "Death Cross" is forming comparing with 2017/18 ATH.
-Most of the structure on the daily chart is identical as 17/18 but not the case on a weekly chart.
-A classic Elliott Wave 1-5 form from 2010-2018 and possible ABC correction starting at 20k. (In C wave currently possibly)
-Possible Bull Pennant forming only if the following happens...
-Death Cross happens in mid October
-Fib retracement adjusted to log scale on both sides Golden Zones at 61.8% has been the dropping point to the 50 Month moving average, followed by trend reversal and double
capitulation.
-60% from the 14k high and Doji Gravestone Reversal Candle drop would be a classic bear market bottom at the 61.8% golden zone (log scale) and the projected 50 month.
-This bottoming would take place just before the halving at May 2020
Bull Pennant is formed and second half of 2020 is the parabolic advance.
Everything dotted is a forecast
Just my 2 cents
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