It makes me happy, that most of you guys do appreciate all the work I put into this trying to educate you guys about TA and Trading. Thanks for the love and support. And obviously I can expect - no matter what - when one of my predictions are wrong, we will immediately see the first 20 people go into my charts taunting me like small bullies from the middle school :)
Even a death threat did I get on Private Message yesterday. LOL! WTF!
Before I start I want to say one very important thing to all the new traders out there. When I make charts here on TV, I'm trying to give you the most plausible directions. At the same time, I'm trying to educate you about TA and charting in general. You are NOT SUPPOSED to trade every single arrow I make, and when I say something is more likely than another scenario, you shall not necessarily trade that one.
It's very important for me to stress, that you have to distinguish between ideas and scenarios AND ACTUAL TRADES.
Ok, lets now take a look at, what this is all about. BITCOIN! Crazy days, huh? 14 days of boring sideways movement, and then we finally popped out of the descending wedge , as we have never seen before. BTC-record when it comes to volume and a spike which took us up more than 1,000 USD within 30 minutes and send the RSI in almost 90(!). Not only that, we also broke out from the downtrend channel .
We are right not at 8,190 USD.
So now what?
First of all, it's too early celebrate. As you can see, we are facing an enormous zone of confluence of resistance. Look at the 3 blue resistance lines. Also we have the EMA50 above us and 61,8 % retrace. On the 4h and smaller time frames the RSI shows totally overbought, which means, that we very soon need a retracement.
The 1D Chart gives us more room to go higher. We just had a bullish MACD Cross, BUT we will very soon face RSI Level 60, which is a crucial Resistance level for BTC 0.48% . If BTC 0.48% manage to break that level, the sun will finally start to shine and Freedom will be in the air.
I will now give you 3 scenarios:
BULLISH: We here assume, that we are done with our 1-5 EW down Wave C (in blue), and are right now in the process of restarting a new minor EW-Cycle (in purple). As you can see, we have to go through a lot of resistance, but it's not unlikely due to the new believe in the market.
NEUTRAL/Semi-bullish: We here assume, that the resistance above us, will be too hard a nut for us to crack, so we will here slowly move upwards as long the new up trendline for some while.
BEARISH: We here assume, that our initial blue Elliott Waves has to be adjusted. So our now 2nd wave will be our 1st wave. This could also be a possible scenario. If this is the case we are still in the process of the 5th subwave Wave C, which can send us down to 6k and the double bottom . There is also still a risk, that we have whales to out here to make a bull trap, now everyone slowly are becoming bullish , and they would easily could send us down in 7k again within 30 minutes and liquidate a lot of longs.
[Source: D4rkEnergY]