Bull Bear Case - BTC Bottoms
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Here we lay out a possible bullish count off the potential bottom action from previous 3-4 months.
The count works off a (possible) failed wave (v) ending our bear market.
Bull Case:
We have completed wave (1)/(2) and look to be coming to an end for 1/2 of (3).
If this scenario plays out I expect (3) to finally bring us to the magnet, 200D EMA.
We will then correct - wave (4) - and move into wave (5) which may bring us back to an encounter with hard resistance near 6120 -> this resistance is the remains of support that held the market up for so long from Feb '18 to Oct '18.
This resistance will be critical, and should serve as serious road block leading us into larger degree wave II.
Bear Case:
BTC is smacked back down to have another meeting with our friend 200W SMA (see previous post - linked) (:
*note: Waves (3), (4), (5) merely sketched to develop the full picture, they are not drawn exactly to scale/price targets.
Only targets right now are i) 200D EMA, and then ii) Support turned resistance @ ~6120.
Fun times.
The count works off a (possible) failed wave (v) ending our bear market.
Bull Case:
We have completed wave (1)/(2) and look to be coming to an end for 1/2 of (3).
If this scenario plays out I expect (3) to finally bring us to the magnet, 200D EMA.
We will then correct - wave (4) - and move into wave (5) which may bring us back to an encounter with hard resistance near 6120 -> this resistance is the remains of support that held the market up for so long from Feb '18 to Oct '18.
This resistance will be critical, and should serve as serious road block leading us into larger degree wave II.
Bear Case:
BTC is smacked back down to have another meeting with our friend 200W SMA (see previous post - linked) (:
*note: Waves (3), (4), (5) merely sketched to develop the full picture, they are not drawn exactly to scale/price targets.
Only targets right now are i) 200D EMA, and then ii) Support turned resistance @ ~6120.
Fun times.
Note
BTC hit away from 4k level once again.
Range lock between 200 W EMA / 200 W MA continues.
Note
Cleaned that trend line up a bit. Support looks to have held.
Note
Sitting @ 200 W EMA
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