BTCUSD trading idea: Elliott Waves and Support Levels. The 1-st impulse detected.
Ok, folks!
Here is the situation now.
Beautiful bounce on $6 000 level and the first impulse on the 15 mins chart. Hell knows, if it makes sense to count waves in this time range, but I am looking for tips anyway.
Also the right translation is detected (see my tutorial post on translations). The growth now is smooth and the correction downwards is sharp.
In that tutorial post I mentioned, that walking below $8 000 could project the jump to $20 000:
Now we are about to return to the $8 000 level. Will it be passed?
The first impulse did not reach $8 000, so I do not expect the flat correction:
My idea is that we are going the A-B-C and then triangle pattern knocking the $8 000. The strength of knocks will reflect the power of bulls. If there will be no knocks at all, I will consider it as a bearish signal.
Come back to you soon!
Good luck!
Volumes also looking pretty good on the way up. Sure, we will have some challenging sellers in the short term but bot sure how much BTC holders still willing to sell! Great update, thanks!
as always a good analysis my friend, i see 8076 as the 1s resistance point on the 1h, lets take things slowly.
What a spike! 8076 is touched!
interesting.
very reasonable count, DKN! HQ as always. We are about to remove overbought condition lasting since december - either now, or either prolonged sideways fluctuation for next months
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