Hello Crypto-Family <3
D4rkEnergY is feeling better. I'm really sorry, that I couldn't make an update yesterday, but I was on a flight from Seoul back to Bangkok, and when I finally arrived midnight I didn't have internet in my room. I just found out that I now have more than 10,000 followers here on TradingView - and I've only published PUBLIC charts for 1 month. Thank you so much guys :)
We are once again taking a look at the 4h BTCUSD Chart. 6 days ago I told you, that we probably had to go to 7,200 USD before we had a real chance to go into a reversal. That was not a coincidence - it was equal to a 78,6 % Fibonacci Retracement of the Elliott Wave Cycle. After the 1,2,3,4,5 C-down correction we just jumped out of the wedge and bounced our head into the EMA50.
So what will happen now?
On the chart I have illustrated 3 scenarios. A Blue, a Purple and a Red one. 2 of them take us above 11,000 USD soon. And the red one will take us down to around 6k. I've used Elliott Wave Theory and Trend based Fibonacci-tool to determine the waves. Just to make it clear - When we get more data we can and will adjust the wave structure.
Purple: This is the most bullish scenario. We here assume, that we not are done with the 1st EW. We will probably go to EMA100 and thereafter we will have our Wave 2-retracement. This is obviously the most preferable one, since we here can retrace outside the downtrend channel, and therefore we will also see more trust in the market.
Blue: We here assume we are done with the 1st EW, and now need a retracement. EW Theory guidelines suggest we need at least a 50 % retracement on the 2nd wave, which will take us down in the downtrend channel again. As you can see, at this very moment we are getting support from the Downtrend line which also is equal to 23,6 % retracement. This scenario is more likely to happen in the purple one.
Red: This will definitely happen if we get an Elliott Wave Failure, which means if we go under 7,200 USD we will also go down to around 6,000 USD. Normally we allow us self more than 50 % and up to 99,99 % retracement on the 2nd EW, but under these circumstances we don't want more than 61,8 %. It will create lack of trust in the market.
This will be super exciting to follow! I will give you updates.
D4 loves you <3
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