Hello everyone!
I will express my sentiment towards BTC / USDT in longer graphical times due to the level of reliability. Reminding everyone that analysis is not financial advice, but what I think about the asset. You are solely responsible for your profits and losses, so never invest any amount in an operation that you are not willing to lose.
Well then.
As can be seen from the weekly chart, BTC, when breaking the LTB (red line), started wave 1 of Elliot, in the region of $ 9.8k, extending up to the average price of $ 19k. There was a decrease in the price of the asset represented by wave 2 of Elliot, between the region of 0.236% -0.382% of the Fibo retraction, which averaged $ 15.9K.
Therefore, Elliot wave 3 (propulsion wave) began, which, incredibly, hit exactly the region of 2,272% of the Fibo extension, with an average price in the region of $ 34.9K, which coincides exactly at the top of the channel (blue), easily seen in the chart above.
Apparently, the recent fall of the asset is due to several factors, among them the lack of BTC in the exchange to purchase the asset in large volume (believe it, there is), extension of wave 3, indicators and oscillators in levels very high and even by the mathematical rule of the pivot formation market for the price movement. Withdrawals are always expected and this is normal!
In my view, we are, at the moment, on the most difficult and complex wave of all: the Elliot 4 retraction wave. The big secret is to know to what extent your retraction occurs.
We must take into account, initially, two aspects: a) when wave 2 is complex, wave 4 will not be; b) when the wave e is not complex, the 4 will be. But, after all, what is the complexity of a wave? It happens when the wave can go to the bottom, return to the top of wave 3 (if we have wave 4) or wave 1 (if we have wave 2) and return to the bottom again, several times. This characteristic is characteristic of retraction waves 2 and 4.
However, sometimes, the general rule is often not seen in practice, in situations where the asset is very agitated, the correction can be minimal and even there is no complexity. Therefore, the theory is relativized in practice.
Until the time of this posting, both on the daily and weekly charts, we will only know if wave 4 of Elliot will be complex on the chart when the price hits the top of wave 3 or if the price again goes deep in the region of 28.2k or even less , as long as it does not exceed Elliot wave 1. Elliot's wave 4 never invades wave 1!
That said, let's go to the bullish channel defined in the chart.
In the middle of the high channel, a dashed line is visible. It is very important that wave 4, if defined as complex due to the price action in the next candlesticks, do not miss the $ 24.5K region, which is exactly where this dashed line exists. It is important that bitcoin continues to make tops and bottoms at the top of the bullish channel, as if it goes down, the asset may seek new fund and become weakened. Care should be taken with regard to this analysis, as the scenario may worsen if this occurs.
In the end, I traced $ 40.6k as the final price as the end of wave 5, however, the allusive wave may hit larger Fibo targets depending on the buying force and how the media will report asset growth. It is a good time to make entries and exits manually.
Use stoploss according to your risk management. I use loud stoploss due to the manipulation of the big players in this market, but this is very personal. Do only according to what you are willing to lose.
Considering the weekly graphical time of the analysis, the reliability is higher, however the study may take days to consolidate. It is a swing trade.
I hope I helped everyone.
Success!
I will express my sentiment towards BTC / USDT in longer graphical times due to the level of reliability. Reminding everyone that analysis is not financial advice, but what I think about the asset. You are solely responsible for your profits and losses, so never invest any amount in an operation that you are not willing to lose.
Well then.
As can be seen from the weekly chart, BTC, when breaking the LTB (red line), started wave 1 of Elliot, in the region of $ 9.8k, extending up to the average price of $ 19k. There was a decrease in the price of the asset represented by wave 2 of Elliot, between the region of 0.236% -0.382% of the Fibo retraction, which averaged $ 15.9K.
Therefore, Elliot wave 3 (propulsion wave) began, which, incredibly, hit exactly the region of 2,272% of the Fibo extension, with an average price in the region of $ 34.9K, which coincides exactly at the top of the channel (blue), easily seen in the chart above.
Apparently, the recent fall of the asset is due to several factors, among them the lack of BTC in the exchange to purchase the asset in large volume (believe it, there is), extension of wave 3, indicators and oscillators in levels very high and even by the mathematical rule of the pivot formation market for the price movement. Withdrawals are always expected and this is normal!
In my view, we are, at the moment, on the most difficult and complex wave of all: the Elliot 4 retraction wave. The big secret is to know to what extent your retraction occurs.
We must take into account, initially, two aspects: a) when wave 2 is complex, wave 4 will not be; b) when the wave e is not complex, the 4 will be. But, after all, what is the complexity of a wave? It happens when the wave can go to the bottom, return to the top of wave 3 (if we have wave 4) or wave 1 (if we have wave 2) and return to the bottom again, several times. This characteristic is characteristic of retraction waves 2 and 4.
However, sometimes, the general rule is often not seen in practice, in situations where the asset is very agitated, the correction can be minimal and even there is no complexity. Therefore, the theory is relativized in practice.
Until the time of this posting, both on the daily and weekly charts, we will only know if wave 4 of Elliot will be complex on the chart when the price hits the top of wave 3 or if the price again goes deep in the region of 28.2k or even less , as long as it does not exceed Elliot wave 1. Elliot's wave 4 never invades wave 1!
That said, let's go to the bullish channel defined in the chart.
In the middle of the high channel, a dashed line is visible. It is very important that wave 4, if defined as complex due to the price action in the next candlesticks, do not miss the $ 24.5K region, which is exactly where this dashed line exists. It is important that bitcoin continues to make tops and bottoms at the top of the bullish channel, as if it goes down, the asset may seek new fund and become weakened. Care should be taken with regard to this analysis, as the scenario may worsen if this occurs.
In the end, I traced $ 40.6k as the final price as the end of wave 5, however, the allusive wave may hit larger Fibo targets depending on the buying force and how the media will report asset growth. It is a good time to make entries and exits manually.
Use stoploss according to your risk management. I use loud stoploss due to the manipulation of the big players in this market, but this is very personal. Do only according to what you are willing to lose.
Considering the weekly graphical time of the analysis, the reliability is higher, however the study may take days to consolidate. It is a swing trade.
I hope I helped everyone.
Success!