Hey Everyone.
looking at our expected daily update of bitcoin today and we can see the correction is playing out in tune to our previous charts. I highlighted critical points that would determine if the correction would play out deeper or if we were looking at a potential larger elliot wave playing out in the bulls favors.
We saw divergence in the volume vs the climb on the chart that confirmed we'd see an expected drop lower. Sign #1.
We are seeing that same divergence with the attempted retrace right now at 8600 which supports my belief we will drop further shortly out of this bear flag thats forming on the 1 hr chart.
Lastly, our end of Wave C projection is most likely 8100 to be a safe bet, and even 8300 is a safe entry i'll start stacking my longs at. A drop below 7900 should be worrisome and is worth looking at bitcoin agian to check indicators on whether we may be downtrending at that time rather than just experiencing a correction.
Hope this helps> As always, this is not financial advice. :) Take care and best of luck traders.
Look me up on Youtube
looking at our expected daily update of bitcoin today and we can see the correction is playing out in tune to our previous charts. I highlighted critical points that would determine if the correction would play out deeper or if we were looking at a potential larger elliot wave playing out in the bulls favors.
We saw divergence in the volume vs the climb on the chart that confirmed we'd see an expected drop lower. Sign #1.
We are seeing that same divergence with the attempted retrace right now at 8600 which supports my belief we will drop further shortly out of this bear flag thats forming on the 1 hr chart.
Lastly, our end of Wave C projection is most likely 8100 to be a safe bet, and even 8300 is a safe entry i'll start stacking my longs at. A drop below 7900 should be worrisome and is worth looking at bitcoin agian to check indicators on whether we may be downtrending at that time rather than just experiencing a correction.
Hope this helps> As always, this is not financial advice. :) Take care and best of luck traders.
Look me up on Youtube