BEARISH WOODS UPDATE : Elliot Waves ABC Correction in progress ?
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Hi guys i hope you are all fine and not too bored by the slow trend of BTC these days.
Several days have passed since my last BTC/USD chart, because i think it's still relevant.
Here is just an update because we are at the crossroads of two imminent possibilities.
You can see of the chart the 34 WMA(purple) and 89 WMA (yellow). The Death cross is the bearish point where both lines crossed and accelerate the downtrend.
As you can see of the chart we are always rejected by 89WMA since 10 January...
1 : IF we can break it by a 4h candle (11400) that would be a buy signal for short-term traders, with a target of 13500-14000$ (bigger resistance since the two massive Head and Shoulders). Where i expect to be reject to a lower low (my final target is around 5500 (weekly 89WMA).
2 : Other possibility is we are rejected once again by the 89WMA and fall quicker to the bottom of ascending triangle and make a breakdown to my C point of EW with a target in the 7500 area (between 8000 and 7200).
On the daily chart 34WMA and 89WMA Just deathcross what is a strong bearish signal.
MACD show the possibility of a rejection at 0 which would imply new dip.
I'm not a financial advisor. I do my TA for my personal entertainment and trading. Always do your own research before take a position.
I would love to have your feelings : agreements and disagreements are always welcome with constructive arguments.
Cheers everyone and good luck in the terrible crypto world ;).
Several days have passed since my last BTC/USD chart, because i think it's still relevant.
Here is just an update because we are at the crossroads of two imminent possibilities.
You can see of the chart the 34 WMA(purple) and 89 WMA (yellow). The Death cross is the bearish point where both lines crossed and accelerate the downtrend.
As you can see of the chart we are always rejected by 89WMA since 10 January...
1 : IF we can break it by a 4h candle (11400) that would be a buy signal for short-term traders, with a target of 13500-14000$ (bigger resistance since the two massive Head and Shoulders). Where i expect to be reject to a lower low (my final target is around 5500 (weekly 89WMA).
2 : Other possibility is we are rejected once again by the 89WMA and fall quicker to the bottom of ascending triangle and make a breakdown to my C point of EW with a target in the 7500 area (between 8000 and 7200).
On the daily chart 34WMA and 89WMA Just deathcross what is a strong bearish signal.
MACD show the possibility of a rejection at 0 which would imply new dip.
I'm not a financial advisor. I do my TA for my personal entertainment and trading. Always do your own research before take a position.
I would love to have your feelings : agreements and disagreements are always welcome with constructive arguments.
Cheers everyone and good luck in the terrible crypto world ;).
Note
We are in an extended flat channel : BTC need to choose a direction before we can take a position...Note
It's look like we get rejected again by WMA... we are trying our strong 10200 support but this time he is not protected again by the ascending triangle... so he could be break and involve further drop. Sell volume is quite high for once.
Note
I expect a rally to 9450, let see if 89 weekly WMA can hold once again.Note
Hey everyone, here is an important update, since more or less 2 years, weekly 200WMA (10k$ now) have hold our biggest dip... A close under this crucial support could imply a strong dip around 7000-6800 area instead of 8100... let see if this support can hold or not.Note
daily WMA not weekly, sorry.Trade fermée: cible de profit atteinte
Target is almost reach 8400 instead of 8000-7500. Buying volume should confirme the reverse trend. I think we will rebound from here... I'm not saying the big correction is over but i think the bottom is in for today. I'll make a new chart in the comings hours/days.
Cheers everyone.
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