Hello,
I am here to present a scenario - a possible WXY correction on the longer TF for bitcoin.
I understand how people may find this analysis ridonculous, but I am going to spit it out anyways.
Thoughts:
- W is composed of a 5-3-5 zig zag, marked in black (A); (B); (C).
- Subwave (B) is a 3-3-5- expanded flat, its subwaves are marked in red a; b; c.
- I have marked the subwaves of (C) with i; ii; iii; iv; v, in black.
- X is a failed breakout attempt, the subwaves are marked in red a; b; c. It is a 5-3-5 zig zag with a truncated c.
- The double top is a truncated c. The truncated c in Y is a significant bearish signal.
- After the failed breakout, we can expect another corrective wave down - Y.
- The question is:
1. What will Y look like?
2. Where will Y land?
--> In lower TF, I can count 5 waves in (A) of Y. Those 5 waves should make wave i of (A).
--> The next thing to look for is if wave (A) gives i-ii-iii? or i-ii-iii-iv-v?
--> If (A) gives 3 waves, we can expect an expanded flat, or an ABCDE wedge/triangle forming before a break to the upside.
--> If (A) gives 5 waves and lands at previous low ~$6K, I expect a more bearish zig zag that targets fibonacci cluster at the sub $1.5K range.
--> If this comes to fruition, we can:
LONG for (B) of (Y) - at ~$6K
SHORT for (C) of (Y) - at $8K - $8.2K
Thank you for reading.
Side note:
This will be my last post on trading view, it has been fun.
There have been 2 inquiries for private analysis, so I may go in that direction. If you are interested, PM me soon.
Cheers!
I am here to present a scenario - a possible WXY correction on the longer TF for bitcoin.
I understand how people may find this analysis ridonculous, but I am going to spit it out anyways.
Thoughts:
- W is composed of a 5-3-5 zig zag, marked in black (A); (B); (C).
- Subwave (B) is a 3-3-5- expanded flat, its subwaves are marked in red a; b; c.
- I have marked the subwaves of (C) with i; ii; iii; iv; v, in black.
- X is a failed breakout attempt, the subwaves are marked in red a; b; c. It is a 5-3-5 zig zag with a truncated c.
- The double top is a truncated c. The truncated c in Y is a significant bearish signal.
- After the failed breakout, we can expect another corrective wave down - Y.
- The question is:
1. What will Y look like?
2. Where will Y land?
--> In lower TF, I can count 5 waves in (A) of Y. Those 5 waves should make wave i of (A).
--> The next thing to look for is if wave (A) gives i-ii-iii? or i-ii-iii-iv-v?
--> If (A) gives 3 waves, we can expect an expanded flat, or an ABCDE wedge/triangle forming before a break to the upside.
--> If (A) gives 5 waves and lands at previous low ~$6K, I expect a more bearish zig zag that targets fibonacci cluster at the sub $1.5K range.
--> If this comes to fruition, we can:
LONG for (B) of (Y) - at ~$6K
SHORT for (C) of (Y) - at $8K - $8.2K
Thank you for reading.
Side note:
This will be my last post on trading view, it has been fun.
There have been 2 inquiries for private analysis, so I may go in that direction. If you are interested, PM me soon.
Cheers!
It will be me answering all your questions in great detail. I will go out of my way and provide additional info/explanations.
I will not only provide my own signals, but also guide you through whatever trade you decide to enter.
I will take less than 7 people. If you are interested, you can PM me.
*Note I am not trying to be your financial advisor. I am simply offering my analysis privately.
*Terms can be discussed individually since I am providing this service to only a few. The price can also be negotiated- I hope those who do PM me view it as an investment instead of a charge.