Looking at bitcoin again today. i think we are reloading the gun for our next wave continuation for the bull. We had our initial 3 waves up. Got the drop from the halving release but weve consistently stayed above the 200 day average. I think we can count this lower high as wave 1, im looking for price to retrace and collect alot more support at the demand area and trend zone of around 8600. combined with the fib of .786 for a push up to make wave 2, which i hope to be the breakout for a new higher high. Lets wait and see, GLIYF
What makes you think we are going to have just 3 waves? We could have a million waves, the market can do anything
Reloading doesn't seem to be the right word. I'd look at it this way. Uptrend started in mid Mar 2020. And it has been on uptrend since then. As price goes higher, the risk to long it will be higher. As to how high it will go, no idea.
Looks like BTC is in a range at the moment. We got a nice push up to the top of the range, so to me it voids the H+S that people said they could see. We have since seen a drop but it has rejected right off the .236 fib level. Its most likely we will see another bear candle when this closes. Im looking for a similar price action to the previous square box like we had previously, before the next push upwards to breakout, should just be enough time for the ema's to catch up and give extra dynamic support. Defo one to watch over the next few days. GLIYF
Well last time i looked at bitcoin i was looking for a similar price action to happen in the yellow box to the previous section, low and behold we got similar price action. price came down to support and we got the push up. If you followed that was an easy intraday trade. Currently we see price sat at the top of this range, we need to breakout of here to see further move to the upside. We are creating higher lows, we just need to create that next higher high. Moving averages are giving nice dynamic support, looks to be a wedge formation so i think its only a matter of time before we see a breakout to the upside. get ready on any pullbacks to buy in. GLIYF
Bitcoin has been trading inside this mini range for a few days now. Its quite clear the bull is strong currently. Once the moving averages catch up with time then we will see the next push. but which way will it go? Ideally we all want it to go up, especially the HODLERS. My ideal scenario is for it to range across to where it meets the trend and picks up support from that, the moving average and the Fib level, that would give it 3 good confluences for a strong push. Lets wait and see. GLIYF
Looking back at Bitcoin again today and we can see price has give us a push down from the resistance level . Nothing major as we expected a drop before we get the next push upwards. As you can see it rejected just above the trend/200MA/.382 fib. Showing to me a nice support zone , i believe we will accumulate here before we get the next push to breakout the zone above. Im still holding my longs. GLIYF
Ok so the second set of waves didnt come to fruition. Weve seen a small sell off in BTC . The big things to note is that we fell through trend and also the 100 200 averages. We have rebounded right off the .382 fib level. Price is currently trying to break back above the 200 average. We need to see this stick for any chance of a bull to remain for the near future. Its possible it could be a fakeout and collecting liquidity. Not a bad time to load up on longs, will be more confident in the bear when we break that 10K level of resistance.
Well to my surprise bitcoin did a little fakeout. Since price broke below the trend and the average i thought it was possible for us to see a drop further down. BUT to my surprise we have seen some bullish price action. A double bottom held on the .382 fib and we now see price back above the averages, trend and we sit at some resistance. If we can rally above the resistance zone then we might be able to break out o new recent highs. Which would be great for a nice bull run to start again. Im still holding longs. i will re enter if we break above and retest the zone as support. Amazing what a few hours difference can make. GLIYF
Back looking at BTC again today and we have had our new high made, BUT we have seen an instant return in price back below 10K. Was this a liquidity grab for people jumping on longs after the push up? Certainly looks like it to me, we have settled on the 50% fib from previous low swing, rejected and still above 100+200 ema , resting on the trend, the next few days will give us clues to intentions of price movement. But the new high makes room for more push upwards, still holding longs, i TP’d half of my position on the rise.