As expected, BTC reached the 10100 area, I was not expecting that we'd rush right through it and go back below 10k.
What fascinates me about BTC is that since most price movement comes from speculation and trading, and most speculators have access to the same, limited information, the price movements of Bitcoin into one direction usually happen with great conformity across all market actors, thats also why we see these explosive moves by Bitcoin, crushing through resistance after resistance on the way up, and free falling thousands in minutes on the way down. Ultimately, the limited access to scarce information makes many speculators draw the same conclusions, which under certain circumstances can lead to a beautiful formation of chart patterns, right out of the playbook.
Scrolling a bit out on the daily chart, we can see what looks like a perfect Elliot wave formation. 5 strong impulse waves moving in an upwards channel, followed by a 3-3-5 ABC-Correction. Just by looking you can count them perfectly. Determining the sub-wave count for the 5 impulse waves is a bit more tricky but the general structure is readily visible.
Assuming we actually finished the complete Elliot wave cycle, the last push up we had 5 days ago should then be part of the first impulse wave of the next, big, Elliot wave.
And looking at smaller time-frames gives us good reason to consider this to be the turning point and we are moving higher from here:
Also here, It looks like BTC has been following a classical Elliot Wave formation and is now on its way to complete the final wave C. . Again, the pattern is very easy to spot.
It really looks like a drawn up example of an Elliot Wave pattern; The 3rd wave clearly is the strongest; the 3rd wave peaks on the 1.618 extension of the first wave;The 5th wave just reached and bounced off the 1.618 Fibo extension from the first two waves ;The ABC-Correction follows a beautiful 3-3-5 pattern, with C being the only wave consisting of 5 sub-waves instead of 3. Wave C already reached the 1.618 extension of wave A and we are likely to see a price drop below that level, since there is not much bullish momentum in the market at the moment, no strong enough buyers volume to fight back.
Under the assumption that BTC will continue and finish this small correction, we would see one last push up in price as the 4th sub-wave, and then get a last push down.
Let's see if this Elliot wave count plays out and whether BTC can bounce back and start a new 1st impulse wave after this wave C.
What fascinates me about BTC is that since most price movement comes from speculation and trading, and most speculators have access to the same, limited information, the price movements of Bitcoin into one direction usually happen with great conformity across all market actors, thats also why we see these explosive moves by Bitcoin, crushing through resistance after resistance on the way up, and free falling thousands in minutes on the way down. Ultimately, the limited access to scarce information makes many speculators draw the same conclusions, which under certain circumstances can lead to a beautiful formation of chart patterns, right out of the playbook.
Scrolling a bit out on the daily chart, we can see what looks like a perfect Elliot wave formation. 5 strong impulse waves moving in an upwards channel, followed by a 3-3-5 ABC-Correction. Just by looking you can count them perfectly. Determining the sub-wave count for the 5 impulse waves is a bit more tricky but the general structure is readily visible.
Assuming we actually finished the complete Elliot wave cycle, the last push up we had 5 days ago should then be part of the first impulse wave of the next, big, Elliot wave.
And looking at smaller time-frames gives us good reason to consider this to be the turning point and we are moving higher from here:
Also here, It looks like BTC has been following a classical Elliot Wave formation and is now on its way to complete the final wave C. . Again, the pattern is very easy to spot.
It really looks like a drawn up example of an Elliot Wave pattern; The 3rd wave clearly is the strongest; the 3rd wave peaks on the 1.618 extension of the first wave;The 5th wave just reached and bounced off the 1.618 Fibo extension from the first two waves ;The ABC-Correction follows a beautiful 3-3-5 pattern, with C being the only wave consisting of 5 sub-waves instead of 3. Wave C already reached the 1.618 extension of wave A and we are likely to see a price drop below that level, since there is not much bullish momentum in the market at the moment, no strong enough buyers volume to fight back.
Under the assumption that BTC will continue and finish this small correction, we would see one last push up in price as the 4th sub-wave, and then get a last push down.
Let's see if this Elliot wave count plays out and whether BTC can bounce back and start a new 1st impulse wave after this wave C.
Nota
Just as expected, we breached the 0.382 FIb and reached the price target of 9600, completing the final leg of wave C.
The following bounce and current move back above 10k would then be, according to Elliot Wave Theory, a new - 5 impulse waves up followed by an ABC correction -pattern. However, given that BTC has to breach the 11000 price level to not be a failed Elliot wave attempt, we should be cautious what the next days have to offer, especially with the low volume and activity in the market.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.