After Bitcoin's phenomenal bull run, the bears are back. Elliot impulse Wave formation completed, normally followed by an ABC correction. However, momentum was not strong enough, and after breaking out of the triangle, heavy volume and momentum broke through the major support zone around $13,000. How to trade this? 1. We are under a big red Ichimoku cloud, any bounce up to this cloud (which would put us back up to $13,000 is probably a bull trap, DON'T BUY IN) 2. I expect a final correction wave to take us down to $8,500 major support zone, set some buy orders here. 3. If this does pan out, I would take profits back at the $13,000 range and wait for direction.
Comments or questions? Feel free to ask below! I'll be updating the chart as this pans out.
Thank you!
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Momentum still bearish on 15, 30, 1hr, and 4hr time frames. 10k may be tough to break down but once we do, expect Stop Losses to trigger which could cause an exaggerated sell off into our entry zone.
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Clean break under 10k, let's see some stop loss triggering throughout the day.
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Bull trap here. Momentum can take us back up to 10.5k and then the selling will resume.
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Formation completed. Missed the entry by about 3 percent, but if you scaled in you got in under 10 and sold for 13k target. 30% gain.
Beautiful analysis thank you. What do you think will happen in the long term after the bounce and bearish run are over?
phenein
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@Adoss1, thank you! Weekly momentum on Bitcoin is still extremely bullish, but has run far from any long term supports. I don't think ATH is in the horizon any time soon but I'll be posting new charts as we go on.
Ethernal27
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damn GOOD ANALYSIS... WHALES WANTS 8k
phenein
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@Ethernal27, thank You! Who doesn't want 8k, you get cheap btc! Always think like a whale.
football3958
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Nice write up I agree. 200 MA is where i am targeting! Best of luck!