More notes on the last V being tested. This is gonna make some waves on the rebounce and then we see if we get smaller or lower highs to break the down trend or not. I think not. Its going for 1870, but now it will be a full on dog fight. Brace for impact.
BTCUSD
BTCUSD
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The test of 2340 might fall:
and then we will drop deeeeeep
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tick tack tick tack... soooo exciting:
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Like a clock work... 2200 here we come with great propability
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So its gonna bounce on smaller and smaller Vs between 2400 and 2100 or so and either 2200 holds or it breaks down. The major MACD on the 1hr is in favor of crashing down through but its been close to crossing over several times...gosh!!!:
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The big picture idea is that since 30th of March BTCUSD has been severely overbought and its time to cool down:
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Or ... can you spell to M haha:
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testing 2020 now
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Like a clockwork - beautiful test of last big rebounce V at 2200 versus fibonacci retracement levels:
I got out of my big short from 2700 at 2200 to play on the swings just to have a thriller movie but that was too intense for me and I closed all positions at 2300 when the new channel upwards was formed as MACD crossed over on 30min and 1hr charts showing the market wants to buy combined with having had wave 5 on the Elliott waves downwards:
We are now swinging on new Elliott waves from the last down wave 5 going upwards with resistance at the 2420 level which could then trigger a reverse and create a new major downwards V after normally 5 swings upwards.
So be very careful, the daily chart still shows we are at risk of being in a correction downwards on MACD but for now it should be safe short term to trade Elliott waves as as long as we are in the channel that has been formed upwards by Elliott waves.
The two "mega" V we are looking at now could be waves of a greater Ellliott wave system so we are looking at "waves on waves" and the daily chart supports we are in a downwards correction with MACD still showing sell - I will update with a chart on that
I got out of my big short from 2700 at 2200 to play on the swings just to have a thriller movie but that was too intense for me and I closed all positions at 2300 when the new channel upwards was formed as MACD crossed over on 30min and 1hr charts showing the market wants to buy combined with having had wave 5 on the Elliott waves downwards:
We are now swinging on new Elliott waves from the last down wave 5 going upwards with resistance at the 2420 level which could then trigger a reverse and create a new major downwards V after normally 5 swings upwards.
So be very careful, the daily chart still shows we are at risk of being in a correction downwards on MACD but for now it should be safe short term to trade Elliott waves as as long as we are in the channel that has been formed upwards by Elliott waves.
The two "mega" V we are looking at now could be waves of a greater Ellliott wave system so we are looking at "waves on waves" and the daily chart supports we are in a downwards correction with MACD still showing sell - I will update with a chart on that
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Latest news:
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After shorting from 2700 down to the support at 2200 I closed there and swing traded (which is too intense for me). I missed the fifth Elliott wave upswing but now that it ended I took a short from 2420 and am expecting it to go back down to 2200 over the next day / days. It will bounce a bit around 2100-2200 as there's really strong support down there and if it pierces through (I'll do Fib Ret later for probabilities) then we are looking at 1900 (1860 to be exact).