(Re-adjusted chart due to volatility) After a final inspection after the market played out overnight it does appear to finally be in position for a a bull run. The 10/18 impulse wave ended on the 4th wave and started a diagonal triangle formation. The 4th wave overlapped into the 1st wave thus ending the initial 10/18 impulse wave and a beginning of the of the diagonal triangle formation. The support from the 1st wave to (D) 4th wave of the diagonal triangle formation has held. Still in the point of control area of the volume profile with RSI still oversold. We will soon hopefully have a breakout from the wedge to finally have a last bull run to complete the (E) 5th wave of the diagonal triangle formation.
I should have put resistance up to 6200 for the (E) 5th wave but got ahead of myself
RiversAndMountains
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I like it. If we fail to bounce to the top of the wedge we are most certainly seeing 5300 from the looks of things. Charts are fun because they are real life fractals.
Black_Swan-
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@RiversAndMountains, Real life fractals, could have not said it any better. Let's keeps our fingers crossed 5480 dosent get broken and the wedge get's tested and a breakout occurs from the test.
RiversAndMountains
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@Alabaster111, Two hours later it looks like we're in the bearest of bear flags and are going to continue dropping.
Bitcoin appears to have lost all luft. Panic and capitulation haven't even set in.
Could get dark for a few days.
Black_Swan-
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@RiversAndMountains, If it breaks 5480 trust me I am gonna limit my losses, honestly the way the market has been here lately anything is game atm. Capitulation could deff be the next movement if 5480 breaks.