It’s looking like Bitcoin has completed an entire 1-12-3-4-5 Elliot wave in the 2020-2021 Bull Run, then had an ABC correction, followed by another 12345 wave, ending with another ABC correction that just finished recently.
Now, it appears a turnaround is due, but it also looks like it may be a while. I’m thinking we will be range bound until May inside this ascending triangle or penant depending on how you draw it. Basically 45,500 is the lime in the sand. We are bullish if we get back over it, but not necessarily bearish either. Trade the ranges and more micro patterns.
Sorry for all the blue lines. I trade way too much on small time frames and have a million small support/resistance lines.
Now, it appears a turnaround is due, but it also looks like it may be a while. I’m thinking we will be range bound until May inside this ascending triangle or penant depending on how you draw it. Basically 45,500 is the lime in the sand. We are bullish if we get back over it, but not necessarily bearish either. Trade the ranges and more micro patterns.
Sorry for all the blue lines. I trade way too much on small time frames and have a million small support/resistance lines.