Bitcoin, 19 Dec. End of the Crypto Winter?
Bitcoin has been declining for 39 days, with two major selloffs that happened precisely during the two eclipses in that period. It will be interesting to observe if today’s full moon or the Winter solstice on 22 Dec. will bring a change of energy.
Elliott:
We are able to count an ABC (in blue) to the downside. The last wave appears to be an ending diagonal. BTC has retraced 50% of the previous wave, the minimum for a wave 2 of a higher degree.
Pitchfork:
The median line at 46k currently provides support. Price has respected the previous Fibs of this pitchfork, so that the support appears significant.
20 Week MA (orange):
This important MA provides resistance and indicated a bear market on 7 Dec. However, we find that many Altcoins are currently finding support on their own 20 week MA, which can be a sign of potential recovery.
MACD:
The MACD crossover on the daily has occurred, an important signal for algos.
How I trade it:
The pitchfork median support and the ending diagonal give us a bullish setup. The idea is to scale in when price breaks 48k with persistent buying volume. The assumption is then that the correction is complete and BTC enters a wave 3 to the upside, with new ATHs as targets. Below 46.5k the idea is invalidated.
Elliott:
We are able to count an ABC (in blue) to the downside. The last wave appears to be an ending diagonal. BTC has retraced 50% of the previous wave, the minimum for a wave 2 of a higher degree.
Pitchfork:
The median line at 46k currently provides support. Price has respected the previous Fibs of this pitchfork, so that the support appears significant.
20 Week MA (orange):
This important MA provides resistance and indicated a bear market on 7 Dec. However, we find that many Altcoins are currently finding support on their own 20 week MA, which can be a sign of potential recovery.
MACD:
The MACD crossover on the daily has occurred, an important signal for algos.
How I trade it:
The pitchfork median support and the ending diagonal give us a bullish setup. The idea is to scale in when price breaks 48k with persistent buying volume. The assumption is then that the correction is complete and BTC enters a wave 3 to the upside, with new ATHs as targets. Below 46.5k the idea is invalidated.
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