Hi friends, meet new bitcoin analysis. Im looking for new forming Inverted Head and Shoulders pattern.
Technical analysis: Now we are looking at Log Chart, to see Downtrend resistance which we just break in Linear chart, but it seems doesn't break in Log chart! So I started to dig more, to understand wave structure, and possible next movement.
Elliot Waves analysis: Now we in 5 subwave of (1) wave, (1) is not completed yet, estimated wave 5 target is 12100-13360 zone. From this zone, we should wait for retracing in ABC correction (to complete bigger wave (1)-(2)). On chart i showed the possible wave (2) retracement area, so be ready for this levels 10600 down to 7700 levels.
IMPORTANT PROPERTIES of Second waves: Second waves often retrace so much of wave one that most of the profits gained up to that time are eroded away by the time it ends. At this point, investors are thoroughly convinced that bear market is back to stay. Second waves often end on very low volume and volatility, indicating a drying up of selling pressure.
So what to do? 1. Sell part at top of wave 5. 2. Buy partially at levels near wave 3-4 (right shoulder), and if going lower, buy the rest. 3. HODL whole (3) wave.
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Stay tuned, Artem Shevelev
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ABC started earlier than expected, Short Trade: Entry 10500-10600 Take Profit 1: 10100 Take Profit 2: 9500 Stop Loss: 11197
More new people have to be aware that the market was driven here with low volume and market bots since 9000 - whales make pure marketing of something without any other than speculative value. The funniest thing is that its value is measured with USD, the currency BTC makes prove is a bank scam. So ironic.
macintosh
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@KISStheProfit,
Not really true, the volume is there in every exchange what has fiat pairs (BTCUSD, BTCEUR, BTC ...)
atricoz
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@KISStheProfit, what would you misure BTC value with? Carrots?
madetrades77
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@KISStheProfit, Ironic that Bitcoin haters are missing out on easy gains lol.
angel_lobs
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Agreed! I had this
Same stuff!
Have a nice day!
Ecua_Trader
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I love it dude. We have the same idea of the HnS. ;) I have a long projection too perhaps I should also release it.
Commodore3
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We just finished the first wave of wave C of this minor correction. A tiny rally and then we start wave III of wave C
Commodore3
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@Commodore3, with the way things are going, it may go way beyond 9k
Acel
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You entered short too late, 11.6k was the best. And as of now you may be too early, since i think it will bounce higher than your entry.
umairceo
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@Acel, till where it can bounce before going down?