BTC heads up at 67.3k: maybe Bears' last chance to make new lows

18 мая 2024 г.

Part of my ongoing analysis, see links below.

Our bounce is at a crucial level right now.
This level is where the retrace could end.
Possibly bears' last chance at lower lows.

Elliott Wave theory would call this an "ABC"
Which implies a correction within a trend.
So possible to resume downtrend from here.

Good news for bulls is that 63.3k was the KEY.
The red 2.618 at 63.3k was bears BEST chance.
Now the 1.618 might well be bears LAST chance.

If pulls back, the 2.618 at 63.3k is a MUST-HOLD.

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Previous charts that lead here (click):
- 73k Top Call no one else expected
- Retrace Roadmap of Support zones
- 52.8k imagined but not believed
- Impulse Redux confirms the targets
- Fine tuned plot calls 56,8k bottom

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19 мая 2024 г.

Заметка

We have a Breach!

After several rejecting we have a Breach.

Too early to celebrate yet, will probably retest.
But the lack of immediate rejection is a good sign.

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19 мая 2024 г.

Заметка

So much for the "breach"

Apparently a "bull trap" above the key resistance

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Zoom out a bit and adding fib of last push up

We can see what caught the Bull Trap's top,
although 10.089 is not a common wave ender,
unless the wave has overshot such as this case.

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Zoom IN (m1) with notes

Our main fib at 67.3k has been reinforced now.
Pierced golden fib at 66,632 is a bit worrisome,
but subsequent Pings thereafter are a good sign.

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SUMMARY:
- We got a "Bull Trap" above our key fib then fell.
- Original fib at 67.3 will be harder to break now.
- Bear pierce of local golden at 66,632 is worrisome.
- Upward bound fibs are still Pinging for a good sign.
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19 мая 2024 г.

Заметка

Pierces were worrisome for a reason (in follow up to last update)

We have cascaded through the local fib set,
wiping out that entire last wave up from 65,848.

It is currently Sunday before Asia market open.
Sundays are usually dump-days so no surprise.
Lets see if Asia/Europe can hold 65.8 until US.

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20 мая 2024 г.

Заметка

We have a BREACH

Nice recovery in US session, just breached our key fib, now look for retest

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20 мая 2024 г.

Заметка

PIng and another Ping and another up the ladder

US bulls took advantage of the breach and RAN wit hit.
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Zoom back out (h4)

We are retesting the "Impulse" now and its "Core" soon.

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That "Impulse Core" is what marked the top, per this Idea:

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SUMMARY:
- Bulls appear to be in full control.
- Bears have the Impulse Core to defend
- Very likely that we break to new highs.

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