Many here are obsessed with EW, so I figured that I can do one, too:
We can see already a clear triple-combination corrective wave (WXYXZ). Leading to relatively flat 0W & XZ, we have ending diagonals.
There was a bull trap / false breakout at WX, leading us to believe the simple correction (ABC) was done on Dec 30.
What's interesting is that it was immediately after the bull trap that the main corrective wave, XY, took place, with clear ABC & sub 12345 waves. The bounce from 5.9k was artificial. Many at the time thought the impulse waves were incomplete (only three), but in retrospect we see that it was in fact an ABC correction (YX wave).
Currently, there're some signs that we have finished XZ wave. There're hopes that this will be the bottom.
However, the irrational rallies in the last few days show us that the market has not found the bottom yet, because there can't be a parabolic movement right off the bottom.
This leads me to believe we'll witness one more leg down, ultimately forming a quad-combo (WXYXZXA).
XA wave is likely to resemble XY wave. It'll come in a sudden & with significant drops ending in large-scale capitulation.
I believe many long-time hodlers will cut losses at the bottom. News will be overwhelmingly negative. People will think crypto is dead.
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Was just thinking & maybe XZ isn't done yet:
That is, perhaps we're going to have 12345 down in XZ, & only 12 are done.
This post really is to show that EW is NOT A PREDICTIVE TOOL.
There're so many variants. Each can play out. Remember, there are also EXTENSION waves (1234567 or 123456789). It's good for telling people "I told ya".
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50W MA is the bulls' last hope It coincides with a support that to me doesn't mean much but to them is hope
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I think this is the "vomiting camel" pattern that's forming.
Crash to 2.5k
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just a little more & we'll be under 50W
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I see several posters here repeated mention MACD "bullish divergence":
MACD b.d. cannot be seen from the MAs because it's not bounded.
A 50% drop from $1000 to $500 will always look worse than an 80% drop from $500 to $100. Of course the 80% drop is in fact worse for your account.
This is not just my saying it. Just check how MACD works
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Again bounced off 50W MA
Bulls are guarding this position hard. Interesting to see what will happen on Sunday
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extreme manipulation. this has become a pink sheet junk market.
They pulled 60m tether out of circulation in the last day or so. Went back in right at the time of the pump. Still 300m waiting. This will either be a pump n dump or a push to the moon.
@majorlee, FYI the spitting elephant is a recently discovered pattern. It was discovered last December by a South African part-time trader only known as "stubborn mule". He was adviced to change the name of the pattern, (because of the obvious sexual connotations), but he wouldn't. No wonder his user name.