Time to declare victory for the prior idea and give an update based on the potential upcoming price action, and see if my recent Hot Hand Run can’t make some money for you guys…
There is significant resistance at the bottom of the Flag / Pennant / Triangle at around 6000 that won’t be overcome until the real bottom gets put in.
Price is below the 200-day moving average so the trend is still down. The best thing to hope for here is for price to move sideways, because with time, the 200 day will become more assailable.
Judging by the price action since the recent low the ( c ) wave is over and the ( x ) fourth wave has begun. Second and fourth waves tend to be similar in price and time, although they alternate patterns. With Second wave down being a Simple Flat, this fourth wave will be either a Triangle or some sort of Sharp. Most likely, and preferable for the survivability of Bitcoin, would be some sort of Sharp that trades up and rolls over at the top so as to burn some time.
Remember, if you go long this fourth wave, that you need to make your exit at some point because after the 4th wave comes the 5th wave which I’m projecting trading down to about 2000 around July time frame, which hopefully should stay above the Bitcoin Line of Doom…
There is significant resistance at the bottom of the Flag / Pennant / Triangle at around 6000 that won’t be overcome until the real bottom gets put in.
Price is below the 200-day moving average so the trend is still down. The best thing to hope for here is for price to move sideways, because with time, the 200 day will become more assailable.
Judging by the price action since the recent low the ( c ) wave is over and the ( x ) fourth wave has begun. Second and fourth waves tend to be similar in price and time, although they alternate patterns. With Second wave down being a Simple Flat, this fourth wave will be either a Triangle or some sort of Sharp. Most likely, and preferable for the survivability of Bitcoin, would be some sort of Sharp that trades up and rolls over at the top so as to burn some time.
Remember, if you go long this fourth wave, that you need to make your exit at some point because after the 4th wave comes the 5th wave which I’m projecting trading down to about 2000 around July time frame, which hopefully should stay above the Bitcoin Line of Doom…
