I hope you are all doing well.
Today I am sharing my thoughts on BTC/USD using a 6 hour chart.
This idea is based on wave counts and simple , there is no use of indicators.
- Long term trend: up.
- Medium term trend: down.
- Short term trend: down.
- A giant descending corrective pattern.
- We are in wave B or C of E.
- Finishing wave E will complete the corrective pattern and the bull market should resume.
- Buy zone is the green box which is appx. $5K, which also falls into .786 ret (you can visit my "My Analysis for BTC 2018 Q1 - Short to $8200" post in the related ideas below).
- The time frame is about 0.5 - 2 weeks. It will be the BEST opportunity to build long term portfolio.
To be completely honest I will be pretty sad to see the bear market end. Although I remain market neutral when I trade, I truly believe bear markets are more profitable if you understand how to short. It will be quite boring when the bull trend resumes let me tell you that, it is not that interesting when 'EVERYONE' is winning.
All in all,
Good luck :)
In my opinion wave B of E has completed.
Wave B of E was an ending diagonal, forming an ascending wedge.
I think we are now falling out of the wedge, which means we are now in wave C of E, the last leg of the corrective pattern.
Leaning towards 5K while remembering A:C=1:1 will give 3K target.
Solution? Ladder your buys.
This count is better than mine.
Result should be the same, but I did break a rule in wave A.
Bearish: closing below 8100.
Currently: No man's land
Opinion: obviously still bearish.