This is my first post, so I don't expect much traction, BUT I am predicting we are going long to NEAR ATH LEVELS within the coming 2 months.
WE ARE SEEING VERY SIMILAR ACTION TO WHAT OCCURRED 2 YEARS AGO in JULY
On the Weekly:
-The breakout Weekly candle closed at around 5K to start the bull market
-We absolutely SMASHED through the Weekly Ichimoku Cloud in a strong looking uptrend.
-Wave 1 was completed with our current local high (WEEKLY CANDLE CLOSED AT ~11.5K).
-Assuming this is Wave 1, We retrace to a fib level of almost exactly .618 (ROUGHLY 9K) for the completion of wave 2. (if further downside, We go no lower than .5 @ 8.2k)
-Based on classic Elliot Wave principles and Fib LEVELS we will continue to go back up and land somewhere between 1.618 and 2.618 (15.3k-21.6k Respectively) for Wave 3
This idea is further supported due to the massive bounce that just occurred off of the 1 Day Ichimoku Cloud
IF you see anything, please feel free to give feedback. Like I said, First post!
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1HR Seems to be heading in the right direction. BTC Was officially ruled by a Chinese court to be property of Chinese citizens. Good newsNote
Very nice Bounce off of the Daily Ichimoku Support levels to go along with the positive news and trend break.
All in all I am bullish until a candle closes in/below Ichimoku Cloud.
Then it is time to reevaluate.
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Short Term time frames are INVALID. We have broken down through the Ichimoku cloud on the 1HR and 4HR charts. Currently, testing the bottom of the 1D Ichimoku cloud. Looking like we will break down through into a longer term bear trend. Need a strong Rejection and Daily close within the Ichimoku cloud.
Weekly is still in a relatively strong uptrend.
Overall trade idea is STILL VALID, just may take more time than originally predicted due to pull backs and consolidation.
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Potential deceleration of downtrend around $9600 level. Waiting for daily closes to determine future trendNote
Hmmmm... waiting for breakout either way. LETS SEE!!!
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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.