Behind this little defiant title i see a part of truth : After a massive correction like that, market volatility need to calm down to attract investors and that take time... If you look at the 2014 krach (to stay in Bictoin chart, because there are so much others exemples of krach in the stockmarket) it took more or less 1 year, to keep calm, reduce volatility and comeback steadily to the rise.
The EW i drew are only here to give an idea to where you go, i don't expect the price to exactly follow it even if i drew it considering the different keys supports and resistances (daily / weekly WMA, ascending supports/resistances / fibonacci retracements areas, etc...).
During the massive dip to 5900$ we quickly broke the ascending support in red and somedays ago we dit it again. Possibility of cross 34 WMA and 89 have been rejected and the ascending triangle (or bear flag) have breakdown on the RSI.
My final target in the comings weeks/months is around 3000$ area where i expect a strong support from the massive support in red who hold all our krachs and worst corrections since 4 years. The price will probably consolidate in this zone before the resume of a new bullish-cycle.
I think all informations are already in the chart. If you are not sure about something please tell me in the comments.
Please remember, i'm not a financial advisor i do it only for my personal entertainment and trading. Do your own research.
Kommentar
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I have the feeling that we are in a consolidation ABCDE triangle and will retry 7k area before going deeper in the krach.
Trading is about patience and probability. Play it safe.
Kommentar
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Work in progress. Everyone is celebrating a double bottom, i don't trust it. I think bulls will not be able to pass 8400-8600 area.
LOVE your work ComeTcrypto!! Ok, i know this is a stupid question, but what the hell does "krach" mean? Is it the drop that a price falls into, meaning it's slang for a deep correction?
Also, the red rectangle you put in, showing the March 5th high failing to take out the Feb 20th high at 11775, that's a failed 5th and had seriously bearish implications, correct? It's easy to see now, but you called this deep of a correction WAY in advance. One last question. What are the best resources for learning to count Elliott in BTC? I already have Prechter's book "Elliott Wave Principles". Anything else for BTCUSD wave education? Do you have a YouTube channel, or is TradingView the best place to catch your thoughts? Ok, that was 3 more questions, not one, so, i'm done.
Thanks for all your posts man.
KassandrA_dotcom
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@fibs-R-us, Hello mate, many thanks for all your lovely feelings. "Krach" is "crash market" where i come from. Yes totally right for the wave count. There is no real book for EW in BTC in my knowledge, but i can be wrong. Your book is a nice one. I don't know if you have already read it and your level in trading but most of people here should begin by read : Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications of John Muprhy. It's basic, but on TV everyone forgot basic.
For now i'm only on trading view, i have not so much time for other things. But maybe one day i will make a Youtube channel or something else, i will keep my followers informed :).
Have a nice day.
Anu_Atrahasis
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5K8 is your target !! :)
KassandrA_dotcom
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@Anu_Atrahasis, No... where do i said this ? I was expecting 5K9 as wave 3 but it's end at 6k2 (not so bad right ?). We have just finish wave 4 so now we should see wave 5. I don't trust triple bottom, i think i have never see a single triple bottom in my life on a daily chart reverse a trend. So we will most probably break it and reach my targets. TP 1 is around 4K8, TP 2 around 3K. But it's too early to be sure for the exact low... I will keep it updated when it will be requires :)