D4rkEnergY will not bother you with long stories today, so let's just jump in, and find out, why it's so important for the bulls to reach 9,8xx USD!
We are now taking a look at the 4h BTCUSD Chart. As you can see, we now have a real chance to go into a reversal. We have already finished our 1st and 2nd and are at this very moment riding on the 3rd.
Right now we are facing HUGE resistance, so it will be very hard for the bulls to penetrate the zone of confluence resistance (9,000 - 9,400 USD). Furthermore we also have the EMA100 just above our head. On top of that I want you to take notice of the . Yes, we are making higher lows, which is good, but as you can see we have huge resistance on 70.
So this will indeed be a huge challenge for the bulls to penetrate that zone. Aside from that the bulls are doing what they should do until now. I have made some Sub-Wave counts for you, so you have an idea, how it can play out. Let me once again stress, that we will adjust these waves, when we get more data.
So here are the 2 Scenarios - a and a bearish:
BEARISH: We here assume we will get rejected, and don't manage to get through the zone of resistance. We will then fall lower, and we will not be able to make a 3rd EW. If we fall to 8,400 USD, we will be caught in a , where it would be very hard to make 3 higher highs, due to the before mentioned resistance. Therefore we can expect go even lower.
BULLISH: We here manage to go through the zone of resistance and finish the 3rd . As you can see it's equal to around 9,8xx. This would be a huge victory for the bulls. And the reason for that is, that we now can have our 4th Wave retracement, which will create the right shoulder of the bigger inverse . The 5th impulse wave would finish the pattern and allow us to go up and through. Our target would for now be 11,000 USD.
Wow, wow... This will be a VERY EXCITING DAY for Bitcoin!
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But bulls are doing what they gotta do so far :)
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Again. The RSI on the 4h chart is not really our friend. It acts as huge resistance on 70 - we haven't been in the overbought zone for a LONG time.
It looks better on the 1D chart where a bullish MACD-Cross is about to happen. Also the RSI gives us room to go higher there.
I will as always follow up on this later - Thank you for listening to me <3 Pls give a LIKE.
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Please also pay attention to the yellow circle. 9 out of 10 volume bars have been less than the MA20 volume. That basically means indecision. People are patient, and wait for more confirmation.
I will follow up on this later - Thank you for supporting me <3 Remember to give a LIKE :)
Please also to pay attention to the yellow circle on the RSI. We have huge resistance here. It will be exciting if we can go through this level.
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Obviously as I mentioned before it would be better if we could go a bit higher, so we could retrace inside the red zone. We are now on the 5th impulse wave up.
And this WILL me the MOMENT of TRUTH. We now need to go through the dangerous zone of resistance to succeed. If we fall under the orange line at 8,700 USD we will have an immediately Elliot Wave Failure.
This will indeed be exciting! Thanks for all the love and support guys <3
As you can see (yellow circle) we had a PERFECT 50 % retracement on the 4th Elliott Subwave, and are now trying to climb the 5th subwave up. We are at this very moment in a up channel (dotted black lines), which is pretty good. It leads us in the right directions.
BUT. VERY SOON (4-8 hours) we will ONCE AGAIN stay face to face with the RED DANGER ZONE which we got rejected from last time.
This will be super interesting to follow, and you can count on D4rkEnergY. I will keep you updated.
A lot a love and support from me <3 Remember as always to give a BIG LIKE!
Will follow up on this later <3
But I cannot let you down. As you can see my bearish scenario played out. We got rejected hard at 9,100 USD.
So are we doomed now?? You will get an answer in my next chart I will make for you in 30 minutes.
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