I know you have missed me, and I have indeed missed you too - Yea, so I got banned for 24 hours once again - That's my 3rd time I guess - It seems like, I'm BAD BOY :) The same few people out there were implying on all my charts that our company was a scam, so I got enough, and decided to document everything in the comment-section with links. Apparently that was not allowed, since it was considered as marketing.
So I spoke with the moderator afterwards, and he told me, that these guys would be reported next time, for coming up with false claims. Everything is good now :)
Let's take a look at the 4h BTCUSD Chart. Here is a recap. As you can see we have an Cycle 1-5, then a flat irregular ABC-correction to 61,8 % retrace. That was not enough to restart a new EW-Cycle, so we are now having what is called an add on or combination to that ABC-correction. At this moment we are on the 2nd Wave C!
So what can we expect to happen now?
We are in a descending , which is a . So you expect that we will bounce out from the sooner or later. My guess is, that we probably can expect it will happen at 7,500-7,700 USD.
Everything taking into consideration, I don't believe this bounce will make us restart a new EW-Cycle and go into an uptrend. We will probably go lower to 78,6 % retrace or even to the at 6k.
But Bitcoin is for now, what we call a waiting game!
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The reason for that is clearance - Take a look at the volume profile.
I will follow up on this later!
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Pay attention to the Volume Profile and the purple Value Area, where 70 % of all the trades are made, so it was pretty expected, that we wouldn't get far.
So far I still believe we will go to 7,200 USD, which is equal to the 78,6 % retrace.
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Hidden divergence is a continuation pattern, where regular divergence is a reversal pattern.
As you can see, the price is making lower highs, while the RSI is making higher highs. That is called Hidden Bearish Divergence and it means we will continue our downtrend.
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I will keep you updated. Thx.
We got that bounce at 7,4xx as somebody in here told you would happen. I still don't believe this will go into a real reversal. We will probably see a bear flag start to form, and we will go around 7,200 USD.
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