BTC looking for Bulls

28 thg 12, 2018

On the daily, BTC is showing signs of potential bull run. Descending channel, RSI reversal divergence, psychological checkpoint of low 3's (halfway point of yearly lows). Elliot wave confirms 3 waves down to low 3's. 3.4-3.6 will act as reasonable support, if a bounce occurs, look for Inverse head and shoulders pattern, which would make for a nice little bull run to mid-high 5's. Unfortunatly, high 5's to low 6's will act as heavy resistance. I can't see a break on this zone. if a small bull run does occur, be prepared for a bear flag, potentially sending the price sub 3's. 2900 being the last support before the cliff. looking back at 2013-2017, it took 2 years to recover from the market correction. 2015 low found support on the high of the previous parabolic move of Apr 2013, unfortunatly for us, that puts the low target at 1.1-1.8. So, in conclusion, I'm looking for a reversal here, I don't expect to break high 5's, in fact, there is potential to find a lower base price. Obviously, if a reasonable bull run does occur and hits my target, I will need to reassess to find an appropriate entry.
note:
My opinion of Weekly and Monthly TA, No significant signs of reversal
lower time frames of 4hr/6hr/12hr are indicating that the price may need to drop lower to 3.4-3.6 before climbing back up
descending channel/expanding wedge have the minimum of 3 touches either side, indicating a reversal can occur, but doesn't have to yet.

Happy trading

Disclaimer: New to crypto, room to go down, havent published for awhile, but i see an opportunity here and my gut is backing it.