Hello fellas, welcome back with me for this quick and details analysis about bitcoin . Let's get it started!
Just like what I've mentioned before, there is a spike to the upside with a descending triangle failure has occured. I've shared it to you about the psychology behind the triangle, consolidation stage and its correlation with the MACD golden crossover and histogram shifting to the upside. Now, in this podcast, I want to show you about the elliot wave structure and how I apply it on the chart.
Like what I've told you before, there will always be a corrective wave in a huge major trend whether it is going to the upside or to the downside. In this example of bitcoin , we see that the period since June 26th as a correction stage for bitcoin . There will always be a hard time during the correction phase, because a lot of uncertainty and doubt will occur at this phase. The elliot wave theory itself has already covered these aspects into a more simple definition with the potential corrective wave pattern and one of them is called the wave failure pattern ( W-X-Y pattern or W-X-Y-Z pattern). These is called failure corrective pattern because after the ABC occur, the next 5 sub wave in the potential wave doesn't even break the top of the previous interim swing high.
And just like what you've seen, this is my elliot wave count of current bitcoin's movement since June 26th, 2019. If this count is valid, there is a huge potential of bitcoin to retest the previous broken support that is now become resistance and this area is having a confluence with the golden pocket region. I see that currently the price is moving in potential sub wave C.
We can assume the $9500 or the golden pocket region as the last target for you who have opened a long entry. But, we need to see the price to break the 38.2 levels if fibonacci first as the strongest support in short term.
Just like what I've mentioned before, there is a spike to the upside with a descending triangle failure has occured. I've shared it to you about the psychology behind the triangle, consolidation stage and its correlation with the MACD golden crossover and histogram shifting to the upside. Now, in this podcast, I want to show you about the elliot wave structure and how I apply it on the chart.
Like what I've told you before, there will always be a corrective wave in a huge major trend whether it is going to the upside or to the downside. In this example of bitcoin , we see that the period since June 26th as a correction stage for bitcoin . There will always be a hard time during the correction phase, because a lot of uncertainty and doubt will occur at this phase. The elliot wave theory itself has already covered these aspects into a more simple definition with the potential corrective wave pattern and one of them is called the wave failure pattern ( W-X-Y pattern or W-X-Y-Z pattern). These is called failure corrective pattern because after the ABC occur, the next 5 sub wave in the potential wave doesn't even break the top of the previous interim swing high.
And just like what you've seen, this is my elliot wave count of current bitcoin's movement since June 26th, 2019. If this count is valid, there is a huge potential of bitcoin to retest the previous broken support that is now become resistance and this area is having a confluence with the golden pocket region. I see that currently the price is moving in potential sub wave C.
We can assume the $9500 or the golden pocket region as the last target for you who have opened a long entry. But, we need to see the price to break the 38.2 levels if fibonacci first as the strongest support in short term.
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