How is our friend Bitcoin doing?

Today I performed TA in a bigger picture with Bitfinex daily chart. It currently touched the major resistance region. The fact that Bitcoin is getting higher highs every day, it seems like a positive signal. However, many indicators and theories (including Elliott) are implicating that correction might come soon. Moreover, the targets from the inverse head and shoulder at 5k~6k region, have been reached which means that many traders who have entered position from below with the pattern perspective, might be taking profits around these region. Therefore I still recommend conservative trading strategy. Maybe conservative traders can enter when Bitcoin breaks above yellow trendline and retests it.
More detailed explanations are in the chart above.

Please like my posts and follow me for more TAs.

Bình luận:

Sorry my yellow mid-term trendline was not drawn correctly.
Here is the chart that is correctly drawn.

Bình luận:

Bình luận:

Here is my Elliott wave counts and my mid-term targets for Bitfinex chart.

Bình luận:

Here is my short-term analysis for Bitcoin for Bitmex.

Bình luận:

Here is my detailed wave count for xbtusd 3min chart.