All must obey to nature's law, growth is always in balance, without bull the bears would be nowhere and vice versa. There is a very obvious short coming and it's the top of the Logarithmic channel, this upper resistance line carries a lot of resistance and is an ideal entry for a short. EW is about to finish, indicators (12H) and lower are about to cross slowly to bearish, trade with care and good luck! -TheTrex
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One more important notice is that we are nearing the 4 of the major down trend, this is normally speaking a take profit zone so we got both the downtrend channel and horizontal price target aligned, all happening on 1.382 time extension ;)
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Shorting from 11500-12200 would be ideal, first target uptrend wave (4) so 10200. Next the 0.886 trend angle (TP2 around 8800), great support and advised to close our short. Mid march bitcoin will be finding it's longer-term bottom, from here on we will see sideways and consolidation while momentum of both sides come to one agreement. This consolidation period will be excellent for altcoins to rise.
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If you want to use this chart and draw your own trendlines in it feel free to click on the share button, and click "Make it mine" on this window. You will get all the stuff from this chart and can also switch timeframes.
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Actually one more important note, from our major downtrend 3 of the EW, could be a potential inverse H&S right shoulder, where the crash bottom is our head and 3 our left shoulder.
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A possible route based on history, fractal in yellow.
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First significant signs that the upper resistance trend is acting, quick dump from 11766 to 11150 in few minutes.
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So if we follow my main chart, we should still be having one more wave till 12000 level. If not this could be it and if you are holding short from suggested 11700 area just add if we manage to come back up higher.
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Not so nice fractal
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Elliot Wave approach
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The 9500-9700 seems to be a decent support area, we could see a bounce here.
I post more frequent updates on my own telegram channel, feel free to join! t.me/TheTrex
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How to minimize risk in this unsure market, we got the smaller uptrend channel and the major downtrend channel. We are in the lower part of this uptrend (which is more ideal to long). I would CLOSE all longs below the blue box 9300-9360, flip for a short to 8500/7500/6000. Above we can long, aiming for a new leg up (top of downtrend channel. above 13k), but for now probably around 10150-10300.
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Long targets hit
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It left the upper bullish channel again, looking more bearish now. I do think we can see 9200 within 24h
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Below 9200 it's looking rather longterm bearish and we will see 8500-8000 rather quickly.
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Within 48 minutes our monthly candle with close!
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Almost at the resistance line, to retest! I don't expect it to go through with some pullback, holding a short from here with stoploss above is ideal.
@TheOracle9, Agree! this guy makes some nice looking charts!
cankarako
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That is brilliantly done clean work. Awesome as usual. Great to see in perspective. What I admire is whether this is wave 4 or wave one (beginning of a bullish trend) we need a break. Shorting above 12k
PeacefulWarrior
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Wow! Good work! Trade safe and have a nice day!
Look at this chart!