BTCUSD remains long, but with every long we need to cool off and correct. It appears we may be at a clear stage of downside correction. I have been tracking this (see previous charts) and we are in a bearish crab pattern (not shown here) but these patterns tend to run hot, then a period of cool off before completion. I am demonstrating this cool off period using Elliot Wave. Top of 3rd wave- with 4th wave correction before going back upside (This should be an ABC corrective wave here).. so do not get caught in the fake bull breakout.
Also the Harmonic Pattern (not shown) proves itself with a lower price action and a slow and methodical consolidation zone. The consolidation zone can show signs of weakness- so also be careful not to get chased out of the market. BTCUSD is greatly bullish still. The retracement also contains a bullish pattern (not shown) here- which will lead us to the upside- if it does not fail. I would love to show everything, but it just makes the chart cluttered. This is a streamlined version of events- simplified and easy to read.
Lets just see how this plays out and note the BUY areas and STRONG BUYS area.
CHEERS!
Also the Harmonic Pattern (not shown) proves itself with a lower price action and a slow and methodical consolidation zone. The consolidation zone can show signs of weakness- so also be careful not to get chased out of the market. BTCUSD is greatly bullish still. The retracement also contains a bullish pattern (not shown) here- which will lead us to the upside- if it does not fail. I would love to show everything, but it just makes the chart cluttered. This is a streamlined version of events- simplified and easy to read.
Lets just see how this plays out and note the BUY areas and STRONG BUYS area.
CHEERS!
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The Buy zone is exaggerated to the down side. Ideal buy area is the BOTTOM YELLOW line 55,200-54,200. This may provide added confirmation of the zone as well
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This is the moment to BUY HARD! Right after that DUMP
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A lot of money to be made in the consolidation zone
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You wont find a better call than this one PERIOD lol...
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Any prolong move over 60k will be the break out..expect it to be FAST when it happens.
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Possible hard downside move coming as price is stagnant. Move to 51-52k. Be ready because it will rebound sharply if we get this move which I think is likely due to no upside movement and 2 bull rejections so far.
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If BTC cannot stay above 55800 we are coming back down.... the macro wave may have run its course if true.
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New resistance 60,100.. BTC is having a hard time here. It must get over to sustain the bull run
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Relative corrective target reached. Hang on tight
Moorsc0de aka Crypt0nomics aka Zaphkiel
