Looking at the 2 hour chart, we see that BTC continues in the uptrend channel that started in the beginning of April and the bulls have invalidated the formation of the recent Head and Shoulders formation. This is a very bullish signal that tells me there are plenty of optimistic traders right now and we are waiting for everyone to get on the train and reject mainstream FUD. The elliot waves will now begin as we've seen before after a failed head and shoulders formation and we will hit $10,000 by Friday, with a retracement as fundamental TA tells us and could be close to $11,000 in 7 days (at the end of the C wave) where we will hit some major resistance. But I believe the market is now turning and we will consolidate and finish the EW up to $11,800 in 2 weeks.
This is my personal strategy and am not advising anyone else to mimic my investment strategies: I have entered long at $8900 with a stop loss at $8600, will take some profits at $10,000 and re-enter at $9,300.
Have a great day!
This is my personal strategy and am not advising anyone else to mimic my investment strategies: I have entered long at $8900 with a stop loss at $8600, will take some profits at $10,000 and re-enter at $9,300.
Have a great day!
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Here's the longterm uptrend channel that began in the beginning of April.
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This rally is going crazy!!! But it will stop here at $9600 as it hits major resistance. I would expect going sideways or minor retrace back to the 9250 range which has turned from resistance to a support level. I'm still targeting $10k by Friday.
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And if you're wondering why my EW wave A starts "in the middle of nowhere", that is where the H&S would have completed (see my first chart on this idea). But as been typical with crypto and BTC especially, even a completed H&S formation performed the opposite as expected, and turned into a bull rally. This is history repeating itself since December.