BTC to the Moon... "not so fast my friend"
Greetings Earthling...
Don't be fooled by these past few days upward movement. BTC is still in a downward trend as evidence by the death cross of the 55 and 200 EMA.
However, BTC is in the final stages of the retrace. As displayed, BTC (on the weekly chart) is currently in the last 5 Wave series of the Elliott Wave.
Take profits up to the 55 EMA and then expect the downtrend to continue.
As per Elliot Wave (EW) guidelines, a correction generally ends in the low area of the previous Wave 4. Additionally per EW guidelines, Correction Wave "does not" extend into the area of Wave 1.
Through practice a study, on the larger trend it is possible for EW to extend into Wave 1 but not beyond the "wick" area of the upper most candlesticks. It does not extending into the body of that candle.
Therefore again, take profits up to the 55 EMA and get out and wait until we reach the target area.
Happy Trading ...
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
Don't be fooled by these past few days upward movement. BTC is still in a downward trend as evidence by the death cross of the 55 and 200 EMA.
However, BTC is in the final stages of the retrace. As displayed, BTC (on the weekly chart) is currently in the last 5 Wave series of the Elliott Wave.
Take profits up to the 55 EMA and then expect the downtrend to continue.
As per Elliot Wave (EW) guidelines, a correction generally ends in the low area of the previous Wave 4. Additionally per EW guidelines, Correction Wave "does not" extend into the area of Wave 1.
Through practice a study, on the larger trend it is possible for EW to extend into Wave 1 but not beyond the "wick" area of the upper most candlesticks. It does not extending into the body of that candle.
Therefore again, take profits up to the 55 EMA and get out and wait until we reach the target area.
Happy Trading ...
#FlintstonesGazoo #TheGreatGazoo
Gazoo: "But wait, surely there must be others more qualified than I".
Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho', nothin’ is for certain, nothin’ lasts forever, but until they pull the curtain”...
It will be you and I...!!!
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