Part 1 – Weekly Chart – Cycles & The Big Picture
From an Elliott Wave standpoint, and also from the technical perspective, it can be established that the former bullish parabolic swing represents the
dominant trend. The down-trend presents multiple overlaps and corrective characteristics, making it a corrective bearish sequence.
In technical analysis, the bearish sequence could represent a “healthy” retracement, one which would be needed if BTC/USD were to resume its bullish
destiny.
The all-time-high and peak for BTC/USD seen on December 17th, 2017 has been labeled as Cycle Wave I (black). Moving towards the bearish corrective
cycle, this wave has been labeled as Cycle Wave II (black).
Cycle Wave I (black) started ever since the beginning and completed its Motive Wave sequence along with its peak. It is mandatory to state that this not just
any Motive Wave, it’s a Bullish Impulse.
The previous rally presents all the characteristics of an Impulse, and this is giving a fellow trader or investor a very valuable hint, thus resulting in thinking
that the next bullish cycle would take a Wave III form.
Cycle Wave III’s (black) swing could present an Extension in its impulsive sub-waves, hence the reason why, from a mathematical and Fibonacci point of
view, BTC/USD could increase 10 times in value from the price it would bottom out.
The bigger picture points towards the possibility that BTC/USD could rise towards the $35,177.20 levels, from around the $3,310.47 levels.
When would BTC bottom out?
For a clearer view and less noise, the corrective cycle would need to be analyzed carefully.
Cycle Wave II (black) has been labeled and classified as a Complex Corrective Structure, more exactly as a Triple Three in its Primary WXYXZ (red) sub-waves.
The Triple Three Pattern seems to be delimited by a Descending Channel, with the lower parallel trend-line pointing towards the next best point of interest.
According to the weekly chart, Bitcoin/US Dollar could continue falling in a bearish impulse towards the $3500 vibration zone, where it would be expected
to react violently and resume the dominant trend, with a never-seen-before rally.
Furthermore, the Daily chart will be closely examined, thus zooming in and getting even closer with this very courageous view on Bitcoin.
Idea created by Lionheart-EWA
Website & Services: lionheart-ewa.com
dominant trend. The down-trend presents multiple overlaps and corrective characteristics, making it a corrective bearish sequence.
In technical analysis, the bearish sequence could represent a “healthy” retracement, one which would be needed if BTC/USD were to resume its bullish
destiny.
The all-time-high and peak for BTC/USD seen on December 17th, 2017 has been labeled as Cycle Wave I (black). Moving towards the bearish corrective
cycle, this wave has been labeled as Cycle Wave II (black).
Cycle Wave I (black) started ever since the beginning and completed its Motive Wave sequence along with its peak. It is mandatory to state that this not just
any Motive Wave, it’s a Bullish Impulse.
The previous rally presents all the characteristics of an Impulse, and this is giving a fellow trader or investor a very valuable hint, thus resulting in thinking
that the next bullish cycle would take a Wave III form.
Cycle Wave III’s (black) swing could present an Extension in its impulsive sub-waves, hence the reason why, from a mathematical and Fibonacci point of
view, BTC/USD could increase 10 times in value from the price it would bottom out.
The bigger picture points towards the possibility that BTC/USD could rise towards the $35,177.20 levels, from around the $3,310.47 levels.
When would BTC bottom out?
For a clearer view and less noise, the corrective cycle would need to be analyzed carefully.
Cycle Wave II (black) has been labeled and classified as a Complex Corrective Structure, more exactly as a Triple Three in its Primary WXYXZ (red) sub-waves.
The Triple Three Pattern seems to be delimited by a Descending Channel, with the lower parallel trend-line pointing towards the next best point of interest.
According to the weekly chart, Bitcoin/US Dollar could continue falling in a bearish impulse towards the $3500 vibration zone, where it would be expected
to react violently and resume the dominant trend, with a never-seen-before rally.
Furthermore, the Daily chart will be closely examined, thus zooming in and getting even closer with this very courageous view on Bitcoin.
Idea created by Lionheart-EWA
Website & Services: lionheart-ewa.com
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.