BITCOIN - Mid Term View: NEUTRAL
Target's Hit, What's Next?
- As expected and stated in previous post we smashed my main target at $6,300 and even went further down to $6,071 which I also flagged for in my post 9 days ago. (https://steemit.com/bitcoin/@benkalashnikov/3drhgp-bitcoin-short-term-view-bearish)
- Rising wedge pattern broke as expected and we have formed an ABC correction.
ABC Correction
- There are 2 possibilities of ABC corrections in this case.
- 1st is that we've already completed the correction (green waves). And this one is most likely to me cause we hit the fibonacci level at 61%.
- 2nd is a longer one and would indicate that we're on the B wave now and that we have one more leg down to the next support zone which is at $5,900 (red waves)
- Either way, to trade these scenarios, I would concentrate on buying on support and selling at resistance levels.
Where Do We Go From Here?
- Bullish divergence when RSI is gaining strength and price is moving down.
- However, we're at a resistance zone both in price and also in RSI strength so beware. If we get rejected here, I would expect a price dump to the orange line.
- Check next picture for mid term view.
Mid Term Elliott Wave Count
- Mid term target at around $7,600
- Currently in the 3rd impulse wave. This count will get a stronger confirmation if we see a lot of volume here. If not, I would be cautious.
- First obstacle is $6,800. Let's see if we can break that resistance zone.
Benkalashnikov Fund For Charity
I'm raising money through my charity fund. All profits I make with this fund will be shared to the upvoters and to charity. To claim your share and join for free, please upvote this post and sign up at http://www.benkalashnikov.com
Want to support me?
✅Upvote my blog posts on Steemit:
👉https://www.steemit.com/@benkalashnikov
✅Or, use the same web browser I'm using, called Brave (affiliated with BAT coin):
👉https://brave.com/ben180
🔴 Subscribe to my Youtube channel
Want instant buy recommendations?
🔥 Spreadsheet: https://www.benkalashnikov.com
🔥 Twitter: https://www.twitter.com/benkalashnikov
=====
Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
Option 3, as described by @ew-and-patterns, is that your white wave 3 is actually 5, followed by an expanded flat correction where your 5 is B. This fits better to me because the decline off of your white 5 looks like 5 waves not 3, so this fits for a C wave. Or it could be A of a 5-3-5 ABC.
Thanks for sharing. That's possible too yes, however, my first count will essentially result to the same bigger count, which is that we're in the 3rd impulse wave. I will hit @ew-and-patterns up and ask what he thinks too. Cheers.
Correct, the ultimate outcome is the same so we’re all happy!
good publication, in my blog there is interesting content that you may like to visit me I hope your optuve
I found this so interesting to read! Thanks for sharing your work!!
do u really think bitcoin will cross 10000$?