TUCK AND ROLL

Dear Reader,

I'm going to take a wild gander at this one. I know it might be too early to tell.

We appear to have an Elliot flat wave structure unfolding from a descending triangle. If wave C completes as an extended wave, BTC would also complete a head and shoulders pattern visible on the daily. This in turn would prompt a likely move to the lower channel bound (daily) which is at about $ 7000.

Let's see what happens.

Happy Trading !

PS: Will supply accurate target measurements, should my hypothesis have legs.

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Seems I had a good hunch! This is playing out as a flat wave structure. Bottom line .. get the moonshine ready, because we are going deep south !

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My targets were off ... but the idea is running it's course.

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Please notice the 4x MA's which are about to cross downwards. Confirmation of WAVE C (5 sub-waves) down. Max target is 161.8%.

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Sub-wave 1 of Wave C has completed and sub-wave 2 of Wave C is underway. Assuming sub-wave 2 completes as projected, the remainder of the targets should be reasonably accurate.

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Sub-wave 2 target reached ... now for the big dipper !

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Dear Reader,

See chart below.
Thin red line = short positions. Clearly a massive temptation to take out all those shorts. If we rise above $9200 my idea is toast! However, we may see this pattern resume.

Let's see.

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Final thoughts. See chart below.

RSI completely overbought. Divergence on MACD. Traders opening short positions like crazy. Long positions on the decline. Are we really going up ?