Yeahhh, gonna keep this post short. But that little bounce we had from the support line, looks like its not going to be anything we can rely on. A false hope of a bounce if you'd say. Well... Here are actually my 2 main counts. And if we break $6170 before bouncing to a B wave, then it's going to get very very ugly. I've recommended to take profit at the high 9k level, and I'm recommending to just sit this out and wait if you are long. There's not enough confirmation to go long, indicators are still bearish, and the we are playing at the hands of the whales.
After that most recent drop, I'm definitely going with one of these two counts. BTC really needed to hold that level in order to stay bullish in my opinion. Now its playing with fire, and it feels like its just going to snap down at any minute.
Please be careful if you are bullish. That last impulse move up from $7055 definitely looked like a correctional move. I don't see motive waves here yet, they are much cleaner, concise and with less overlaps. With that last drop, I hope we can even make it to $7700.
If you want more information on why this is happening, and to check out my other posts of nearly checking in every move of BTC, check out the related ideas! :)
God Bless. Safe trading!
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Looking like this is the main option with wave 4 forming this wedge
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It's always a concern if one side shoots up way too much. Shorts have been sky rocketing lately... Possible short squeeze? Be careful and use appropriate stops if you're shorting
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Guys be very careful here!!! We stopped at this critical resistance and can't seem to press through! Higher time frame indicators are resetting for another big drop so please please be careful with longs. I know my other post said a break above 7.6k is a buy, but this resistance is more critical than anything.
If we can't break through this resistance, we are going DOWN.
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My next play
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We actually broke the resistance are even finding it as support, which is really bullish to me, indicators are still overbought. So i'm not sure how long it can manage to sit up here. I'm still in the short position and I'm debating on whether or not I want to take the loss or wait it out a bit. Hmmm things to consider.
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Looks like the bearish count is happening.
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I'm actually neutral today. But be very cautious if you are in a long. I'm still in the short and am being patient with what BTC is going to show.
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Jumped up pretty hard, Here's an alternate count that we should consider. If we go up, I don't think we go up very far. This could also be a fake out.
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Levels to consider
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BTC struggling here, if we fall below the yellow line we're dumping hard.
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Should go up from here and hit 7.8k. Sorry I did not include the 7.8k update on here, I believe I did on twitter. I am just busier than I thought I'd be with school, football and this new job opportunity. I will update in the Bio about it :).
Playing a hardcore game now, better be ready for these moves. Smart money has been in crypto for the past few months. They're going to make money how they can.
Thanks Eball8. Hope u make a new update today. thanks for sharing!
kmPCLkjW2Ww
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Hello Eball, can you recommend some books or materials about trades? ( I forget the books you have mentioned in your earlier posts...
TheFomoKing
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Jeez, looking quite grim atm. Thank you for sharing eBall. I've been trying to count the EW for ADA/USDT and it's been a PIA. So many sideways movements then sudden jumps up or drops down. Also, the extensions in the impulse moves are really difficult for me to count as I'm still relatively new to EW. Gotta just keep at it and gain that experience to improve counting.
Elijah_Trading
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@TheFomoKing, Keep practicing and studying! It will come. Just make sure you really understand correctional counts, those are almost more important to know than actual impulse waves. It can help you differentiate the real from the BS :)