How I see BTC playing out.
Based on this amateur TA, I think we are may see a bounce off of either the 7058 or 7188 level - within this vicinity give or take. These seem to swing zones of support and resistance on prior waves, assuming we do not see a dump and my TA count for Elliott waves are correct; we should see a bounce within the next few days. The RSI is approaching 30 and historically this provides a bounce as indicated by the red horizontal lines. I am assuming the bounce will reach the previous high price action zones of 8786-9379 as the support/resistance levels we will see before an ultimate drop that takes us out of this sideways triangle down to further supports in the 6000 - 2000 range; YES! I believe we will retest the breakout zones - Elliotts theory states a retest is likely. But who am I to say?
Also noted, significant moves seemed to occur in 60-ish day periods up until the large big bull-run when BTC entered new territory - as stated by Elliot, entry into new territory results into an extended 5th wave made up of 5waves - this can be easily seen on the daily time frames but is not illustrated.
Noted, the run up to ~20k (extended 5th wave) bounced off of the RSI @ 45, rather than 30 as the typical move. This threw the cycle out of its usual 60ish day cycle and caused some over lapping in the time frame but seems to be reverting back during this bear cycle.
This is not financial advice, just my observations and thoughts to track my own ideas, do your own research and do not take my advice!
Also noted, significant moves seemed to occur in 60-ish day periods up until the large big bull-run when BTC entered new territory - as stated by Elliot, entry into new territory results into an extended 5th wave made up of 5waves - this can be easily seen on the daily time frames but is not illustrated.
Noted, the run up to ~20k (extended 5th wave) bounced off of the RSI @ 45, rather than 30 as the typical move. This threw the cycle out of its usual 60ish day cycle and caused some over lapping in the time frame but seems to be reverting back during this bear cycle.
This is not financial advice, just my observations and thoughts to track my own ideas, do your own research and do not take my advice!
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