بتكوينشراء
Bitcoin // Week #31 // CorREKTion continues
تم تحديثه
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
ملاحظة
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. ملاحظة
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.
ملاحظة
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.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.