BitcoinShort
AIN'T NO MOUNTAIN HIGH ENOUGH!
Updated
Dear Reader,
I present to you the daily and with it, my suggestion for the next major price moves.
I've been calling a drop for some time and like most other analysts, my targets have not been accurate. However, it's encouraging to see the cloud of confusion slowly lifting with many prominent TA's starting to share my viewpoint.
Momentum indicators are clearly printing divergence, price has been consolidating over the last few days with a declining volume profile and BTC is placing the full force of it's weight on the 200 EMA. I suspect the bow will break!
Calling targets by statistical average,the following may be used for guidance:
WAVE AB: $7800 - $8100
WAVE BC: $10500 - $10800
NOTE: The above waves will be composed of sub-waves. I am highlighting "final destinations". By example, it would make a lot of sense for "WAVE AB / SUB-WAVE 1" to bounce off the 200 EMA (daily) at $8700 - $8800, retracing and then following the path downwards. I'll post new ideas as we progress and attempt to identify targets in greater detail.
Let's see how it all turns out!
Happy Trading ...
PS: Questions, constructive comments and counter-analysis welcome!
Please remember to LIKE the idea
I present to you the daily and with it, my suggestion for the next major price moves.
I've been calling a drop for some time and like most other analysts, my targets have not been accurate. However, it's encouraging to see the cloud of confusion slowly lifting with many prominent TA's starting to share my viewpoint.
Momentum indicators are clearly printing divergence, price has been consolidating over the last few days with a declining volume profile and BTC is placing the full force of it's weight on the 200 EMA. I suspect the bow will break!
Calling targets by statistical average,the following may be used for guidance:
WAVE AB: $7800 - $8100
WAVE BC: $10500 - $10800
NOTE: The above waves will be composed of sub-waves. I am highlighting "final destinations". By example, it would make a lot of sense for "WAVE AB / SUB-WAVE 1" to bounce off the 200 EMA (daily) at $8700 - $8800, retracing and then following the path downwards. I'll post new ideas as we progress and attempt to identify targets in greater detail.
Let's see how it all turns out!
Happy Trading ...
PS: Questions, constructive comments and counter-analysis welcome!
Please remember to LIKE the idea
Note
WAVE 0-A is a five wave structure which will soon complete. Herewith a concise description of the 5th wave (where BTC is now), which i have copied from an Elliot Wave website:"Wave five is the final leg in the direction of the dominant trend. The news
is almost universally positive and everyone is bullish. Unfortunately, this is when
many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show
divergences (prices reach a new high but the indicators do not reach a new peak)."
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.