DISCLAIMER: I just want to make clear that I'm fairly new to this market, so any opinions and advices are welcome! This could all be wrong but lets hope not! :) After doing all 5 Impulse Waves Bitcoin must retrace and do ABC (according to the Elliott Waves) The A point should be near the Neck Line, B should be "the same" as 3 and finally, (according to the Elliott Waves Rules) C must be near the low-point of 4. After doing the ABC Bitocin will bounce back up [near the Ichimoku Cloud Leading Span A zone (Green line of the Cloud)] Once again to wrap things up, this is MY opinion! Don't take what I say for granted! Have a nice day.
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I forgot to add that point 4 and point C might be a double bottom pattern which indicates a trend reversal thus meaning that BTC will do 12345 (uptrend) after bouncing on C! (This is MY opinion! Don't take what I say for granted!)
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Bitcoin is at the moment at $13.350. It broke bellow my point A it is now near the range of point 4! That means point will be BELLOW my TA and so will be point C. Lets hope for the best! Have a nice day.
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1Day candle Low was at $12.100 lets see where it closes. I’ll try my best to keep this Idea updated!
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2 Fib retracement broken (0.236 and 0.382) next ones are at 0.5($11.086) and 0.618($9754).
Head and shoulders are no longer possible since point A broke the neck line a while ago...
Point A should close on the range of point 4 thus making a double bottom (if C does the same we'll have a triple bottom) meaning the correction is "almost" done.
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BTC reached the 0.5 support and came up! Good sign!
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A is done (in my opinion) we now have to wait for B (good sell point for those who still have BTC) and then C (point to rebuy BTC) I'm holding my BTC until this is ALL done, because after the ABC comes a new 12345 cycle! Let's see if we can finish 2018 with BTC going to new all time high's
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BTC is already heading back to $13.000+ which (I'm almost sure of) means A is done and now we are heading to B (maybe at 0.236 or 0.0 Fib numbers) after B we are left with C and then the "crisis" is all over (we hope).
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Point A closing near the 0.236 line would be very nice! We need to wait for the candle..
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This wave could also be the last wave (Wave C) since we are working on a timeframe of 1 Day candles it can make us feel 'confused'. We know that the ABC correction must end near the low of wave 4 (According to Elliot Wave Rules), as we can see after getting support at $11.159 it went back up near the value of point 4... Or I'm just wrong and this is still the A wave and it's still not done...
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It's hard to believe this is already wave C, because of RSI and MACD... So this wave is most likely still wave A... More to come.
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Yesterday candle reached 0.5 Fib support but it closed way up at 0.236 (Like I predictes at first TA)
IF this wave is still A everything will go as expected, we'll have to wait and see if BTCUSD breaks the white support at 0.0, if it does it will go up!
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If we look at EXCAVO 8H chart we can also think that this was already wave C... We'll have to wait to see where this 1D candle closes, if the 0.0 Fib resistance breaks it could mean this really was the last wave... Let's wait.
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RSI and MACD also show some 'power' at EXCAVO chart. It's possible this was C wave because it ended near the 4 area, and according to Elliott Wave Rules that is what is supposed to happen.
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At 1H timefram Tenkan > Kijun > Cloud, the candles already broke out of the cloud (upwards) in only 4 hours. Strong!
At 2H timeframe Cloud > Tenkan > Kijun and the candles are heading to the cloud, lets see what it does when it reaches.
At 3h timeframe Tenkan = Kijun (its crossing, good sign) the candles are heading for the cloud (candles > Tenkan and Kijun)
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3H TF Tenkan > Kijun, good sign!
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We were looking at Wave A and B... In my opinion Wave C is still missing... We’ll need to wait, later I’ll post updates. Have a nice day
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BTCUSD doesn't follow rules and at this time it is hard to do TA.. Trade safe!
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BTCUSD doesn't follow rules and at this time it is hard to do TA.. Trade safe!
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16.0k broken, is this the end? I don’t know... let’s hope so..
You basically have the line which I was talking previously about here as the white one :)
And to be honest I think your head was in Eliot Waves 1 .. now we hitted the white line (C) 50% correction wave 2 and 3 Just started :) ( Aim aiming to 28K approx )
Cheers
Nuner
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Spot on!
angel_lobs
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@Nuner, Let's see if the 1D canlde closes on where it was supossed to... it made a huge dip but it managed to hold on the 0.5 Fib support.
mighty_mike
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touché ;)
MrClock
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Great chart! The ABC correction is total possible.
angel_lobs
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@MrClock, Lets hope so! Lets hope if finds support at C and go to the $20.000+ and set new All Time Highs! But who knows... Bitcoin doesn't follow rules that much! :)
Thanks for the feedback!