Convergence of 5 Patterns at $7550
You see that BTC price is behaving nicely with my Elliott Wave counts. We are on microsubwave 3 of minisubwave 5 of subwave C of Wave 2.
We see also see other patterns
Patterns in Play
1. Historical support/resistance for the current wave structure (since $7250) = $7550
2. Double top pattern (75% success rate) = predicts bottom of $7540
3. Elliott Wave (completing wave 3 of wave 2) = predicts $7460 - $7650
4. Ascending Channel (73% success rate) = supports above bottoms and predicts that when we hit bottom, we will begin a wave 3 (fluorescent green channel)
5. Bearish Pennant (55% success rate) = supports price will go below $7780 (drawn in pink)
Trends that predict alternatives:
1. Cross over of long term trend lines (top and bottom prices) = bottom of $7329
2. Cross over of sub-subwave 5 channel with subwave C = bottom of $7430
Comment: I don't think Trend #1 is significant. Long term trends are generalizations the further in time we go. The range boundaries becomes more hazy, like the shot pattern of a 12 gauge. $7550 IMO would be a confirmation of Trend #1, even at $7550.
Signs of a big crash:
1. fall below $7250
We see also see other patterns
Patterns in Play
1. Historical support/resistance for the current wave structure (since $7250) = $7550
2. Double top pattern (75% success rate) = predicts bottom of $7540
3. Elliott Wave (completing wave 3 of wave 2) = predicts $7460 - $7650
4. Ascending Channel (73% success rate) = supports above bottoms and predicts that when we hit bottom, we will begin a wave 3 (fluorescent green channel)
5. Bearish Pennant (55% success rate) = supports price will go below $7780 (drawn in pink)
Trends that predict alternatives:
1. Cross over of long term trend lines (top and bottom prices) = bottom of $7329
2. Cross over of sub-subwave 5 channel with subwave C = bottom of $7430
Comment: I don't think Trend #1 is significant. Long term trends are generalizations the further in time we go. The range boundaries becomes more hazy, like the shot pattern of a 12 gauge. $7550 IMO would be a confirmation of Trend #1, even at $7550.
Signs of a big crash:
1. fall below $7250
Note
mean to say "(completing wave C of Wave 2)" not "(wave 3 of wave 2)"
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.