Bitcoin // Week #31 // CorREKTion continues
Updated
Hello,
I hope everyone had a wonderful weekend.
Last week, I mentioned a possible bounce at $9700. We wicked down to $9500 and quickly found support at $9700 for only a couple of days. As expected, this level didn't find strong support. My next level of support was between $8985 and $9100. When Bitcoin broke below the $9700 support, we wicked down and bounced from $9111. Really close to my $9100 call, but not exactly $9100. Still, it is worth noting that there is interest at these levels. But not strong enough to personally satisfy a bottom.
Also, in that same post, I mentioned a possible double bottom. I do not believe this is the case anymore - it was a short term call in case we dipped that day or in the next 2 days.
Now, let's jump into this weeks chart.
As we can see below, I have drawn 2 short-term support lines at $9111 - $8400. For obvious reasons, $9111 is a recent support. However, buying interest here seems to be dull. Which is why I believe we will break down below it and find strong support within $9000 and $8400. Zooming out, I have drawn 2 long-term support lines, $9600 (broke below. New resistance) and $7800 (possible support near wave 4 - see below). These support lines are previous support/resistance levels from 2018 (also 2019 mid may-mid june). I am paying very close attention to these support/resistance levels. We are still within the bullish corrective channel and it is possible we stay in it until mid-August. However, because of the recent moves, and the parabola we are currently in, I do not believe that is the case. Bitcoin loves John Wick and it can get violent at any moment.
3 Day Charts:
Continuing my interest in Elliot Wave theory, I now believe that it is possible we violently wick down to $8000 - $7500. $7800-ish is a number I like in this scenario.
in 2017, the corrective ABC pattern played well within the law of the wave 4 support area. Because of this, I am not ruling out the possibility of a deeper corREKTion.
Why am I Long and not Short if we are still correcting? Simple, don't short a bull market. Accumulate.
Please comment and like, thank you. May the force be with you.
- B
I hope everyone had a wonderful weekend.
Last week, I mentioned a possible bounce at $9700. We wicked down to $9500 and quickly found support at $9700 for only a couple of days. As expected, this level didn't find strong support. My next level of support was between $8985 and $9100. When Bitcoin broke below the $9700 support, we wicked down and bounced from $9111. Really close to my $9100 call, but not exactly $9100. Still, it is worth noting that there is interest at these levels. But not strong enough to personally satisfy a bottom.
Also, in that same post, I mentioned a possible double bottom. I do not believe this is the case anymore - it was a short term call in case we dipped that day or in the next 2 days.
Now, let's jump into this weeks chart.
As we can see below, I have drawn 2 short-term support lines at $9111 - $8400. For obvious reasons, $9111 is a recent support. However, buying interest here seems to be dull. Which is why I believe we will break down below it and find strong support within $9000 and $8400. Zooming out, I have drawn 2 long-term support lines, $9600 (broke below. New resistance) and $7800 (possible support near wave 4 - see below). These support lines are previous support/resistance levels from 2018 (also 2019 mid may-mid june). I am paying very close attention to these support/resistance levels. We are still within the bullish corrective channel and it is possible we stay in it until mid-August. However, because of the recent moves, and the parabola we are currently in, I do not believe that is the case. Bitcoin loves John Wick and it can get violent at any moment.
3 Day Charts:
Continuing my interest in Elliot Wave theory, I now believe that it is possible we violently wick down to $8000 - $7500. $7800-ish is a number I like in this scenario.
in 2017, the corrective ABC pattern played well within the law of the wave 4 support area. Because of this, I am not ruling out the possibility of a deeper corREKTion.
Why am I Long and not Short if we are still correcting? Simple, don't short a bull market. Accumulate.
Please comment and like, thank you. May the force be with you.
- B
Note
in 2018**, the corrective ABC pattern played well within the law of the wave 4 support area of 2017**. Because of this, I am not ruling out the possibility of a deeper corREKTion. Note
For the moment, prices have nulled my previous analysis. Currently, we are in a descending bilateral triangle. Breaking and sustaining above this will most likely confirm that the dip is over, and the bull run will continue. Thus nullifying the coREKTion. Daily:
We are currently above the mid-channel support/resistance line. A close above this can continue the run.
Note
Looking back at my previous possible double bottom call, I cant completely rule it out as previously stated above. However, to completely confirm, here is the neckline. A sustained close above this will definitely confirm a double bottom. Anyone in for a triple bottom? Load up your bags if this happens. Otherwise, the run shall continue and I'm a good runner.
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