BTC Wave Action through June 18. Near-term projection of $16500
Observations
- Violality in price movement remains high as the spreads between bid and asks become large in a sell-out bear market. More sell at market prices and buy to close at market.
- BTC dropped to $17605USD this evening
- Wave analysis shows the movement of the price today follows the Elliot model fairly well (5 wave up, 3 wave correction)
Remarks
If trading sentiment remains similar through this weekend, it appears BTC will trend to $20500 at the end of a current A-B-C correction wave (extrapolated on the graph) to the 3 year low. This suggests that if the price fall below $19470, this will be a good entry to open a short position with a projected decline towards $16500. With a stop limit could be placed at $20500.
Disclaimer: These are observations of market data, and should not be taken as financial advice about investing in BTC or any other holdings.
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Ignore the Price Channel Strategy - forgot to remove it.
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Price action has confirmed the above observation. ABC correction wave reaches $20500.
The next projected movement will be a downtrend towards $16500, should the price begin to fall below $19470 level (which is the 3-4 pivot from the previous Elliot wave on the 15-min timeframe).
The next projected movement will be a downtrend towards $16500, should the price begin to fall below $19470 level (which is the 3-4 pivot from the previous Elliot wave on the 15-min timeframe).
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The next major 5-3 wave is observed. This may bring BTC to about 18750 to 19100.
On the 15-min:
On the 15-min:
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On the 1m:
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