In this idea we are looking at a move down for Wave E that cannot break support of 21,817.
Since Bitcoin had such a strong move up recently, like any move it requires some kind of pullback\correction.
I think that it is a good idea to wait until price comes back to this area before going long using one of these methods:
1: Buying at support.
2: Waiting for a trend line break after we see some kind of completed 5-Wave Move.
3: A break of 26,394.
I would not be surprised if we saw a .618 retracement which is just above support at around 22,100, given that the Wave D was so large.
The reason I believe Wave D was so larger was to break a trend-line down and previous resistance to show us that there is a continuation of the trend.
However in doing this it became temporarily over extended.
Other observations is the likelihood of traders trading this down like some kind of Head and Shoulders pattern which would measure out to roughly this same area.
I will post another update once I see something of interest.
See the posts below where I turned bullish on Bitcoin due to this breakout Wave D move.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
Since Bitcoin had such a strong move up recently, like any move it requires some kind of pullback\correction.
I think that it is a good idea to wait until price comes back to this area before going long using one of these methods:
1: Buying at support.
2: Waiting for a trend line break after we see some kind of completed 5-Wave Move.
3: A break of 26,394.
I would not be surprised if we saw a .618 retracement which is just above support at around 22,100, given that the Wave D was so large.
The reason I believe Wave D was so larger was to break a trend-line down and previous resistance to show us that there is a continuation of the trend.
However in doing this it became temporarily over extended.
Other observations is the likelihood of traders trading this down like some kind of Head and Shoulders pattern which would measure out to roughly this same area.
I will post another update once I see something of interest.
See the posts below where I turned bullish on Bitcoin due to this breakout Wave D move.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
