Elliot Wave 5 still needs to form down to the 161.8% retrace around the $4500 area.I see major resistance and not enough volume to indicate a true reversal. You could make a strong counter argument but I think we have to let the cycle complete before speculating any trend reversals.
Yep, I agree with you. I will wait and watch if we see a breakout of the upper resistance line with strong volume. If not, will buy at 50% discount ;)
whoisthelorax
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would a 4 hour candlestick above 9280 invalidate this?
OgiK
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@whoisthelorax, I'd say at least a daily candle close would deem it invalid. 4h candles can be volatile at times where we break and close above resistance only to come back down again, but it would def be a good sign for the bulls.
moshearg
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Looks like its breaking out of pattern
Monka-S
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Your chart is probably the most accurate TA I have seen so far. Any update ? :D
OgiK
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@ClaudioTorresPrado, Allowing the price to play out a bit before making any updates, I'll keep everyone posted...but I'm still expecting a pullback towards that 6k level and possibly down to 5k as the fibs suggest.
devilninja777
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No one will let you buy their BTC for 6K.... its over :(
We are breaking though 9K becuase the market makers are filling the charts with traps. It makes total sense that BTC SHOULD correct again.. .but it aint happening
@moshearg, no because your wave 3 is way too short, also wave 1 needs to extend to your wave point 3, this will then give you the proper size wave 3. I looked at all of these variations and none make sense but the one where wave 5 still needs to complete.
OgiK
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@moshearg, I have considered this formation also, but it seems invalid to me...we need the last leg to form to complete the cycle.