We are now moving up, I'm fairly confident we'll make it to the primary descending resistance from the ATH, probably around 11.9 k, but what happens here still has to be decided. No one can tell you what will happen, if they do it's a guess at best or just wishful thinking. It's the market that decides.
There are two main possibilities:
Breakout If we overcome all resistance, including 50 MA and descending resistances as well as Ichimoku cloud, then and only then I will consider this a reversal of the downtrend.
Rejection If we are deflected back then we will likely retest the 6000 USD level. This requires new evaluation at that time.
I'm already long. First target is 11,900 but I'll hold for confirmation at that time as, if we do get a breakout, my plan is to hoard BTC :D
Good luck and happy days.
Kommentar
⋅
I'm revising my target back down to 10,300. Be careful around this level it's key.
Kommentar
⋅
We're at a descending resistance line. We could have a dip here if we don't break it soon.
Kommentar
⋅
I'm out at 9900. The price is being manipulated. In all honesty I don't care, but eventually these people are going to stop pumping and exit and the whole thing will come down maybe. It's stuck just under 10k and I know at least one large holder who's asking 50 btc holders to join them as reinforcements, they're obviously having difficulty moving this on, if that's indeed what they're doing. We should have corrected by now, but every time they throw down 50 btc on the order books to keep this up, volume is pretty low tbh.
I'll see if there's a solid breakout I'll rejoin.
Kommentar
⋅
Still watching closely. 10,300 is a much touted level among certain people and I think also one that I'm looking at. If there's a sell off it may occur here, or we might just get a pullback which provides a good entry point.
Kommentar
⋅
Quick update. Don't use Elliot Wave much, but this is how I see things now
Kommentar
⋅
Triple top! This has to be the top of the 3 wave now, please.
Hey did you hear, JP Morgan finally changes their stance on bitcoin and is now saying to invest.
RealMcafee
⋅
@Mikelikescrypto, Thanks I hadn't. This stuff only comes out on obscure business blogs it seems, but I don't doubt there interest in futures for an instant. Good news and well timed ;)