Forex Analysis 002 - Bitcoin (BtcUsd), waiting for our correction to catch the next bullish impulsive move

in forex •  11 months ago

Hello, thank you for taking the time out of your day to view this post. My intentions is to provide you with VALUE.

As a quick disclaimer, everything displayed is for analytical purposes as we track the movements of various currencies. My goal is to assist in understanding the movements and the anticipated patterns that the market may be attempting to complete. This should not be taken as financial/investment advice. Thank you for your understanding. @itsdanmark

Regarding this impressive bullish run on Bitcoin (BtcUsd), I have anticipated a larger correction for some time now.

I was hoping for this correction after the bullish run at the beginning of November which was recieved, however this was a very sharp correction which presented us with a new bullish opportunity, please see the following two screenshots:

So technically the correction anticipated was discovered, however I am anticipating a much BIGGER and much more COMPLEX correction before what I would then assume be a much larger bullish impulsive move.

Once price reached 10k, again my assumption is that we would discover said correction as shown here:

In purple im pointing out the location of this flat in reference to the previously anticipated correction. But keep in mind that this is still not the correction I was hoping for.:

So...I am STILL LOOKING for this LARGER and MORE COMPLEX correction to form.

Now at the present moment (12/15/17), we are now forming what I believe (and hope) to be the larger and more complex correction as previously anticipated:

So let us Disect and determine what we may be forming...

We can see yet again another correction similar to the previous, Bitcoin appears to be favoring this type of correction (noting this observation).

What follows appears to be the formation of the next impulse, what is now visually a 3 wave completing.

With this in mind, we have separate pieces of information which we can now begin to play detective with.

SO...

Firstly, If THIS is the end of the impulse, what follows may be the formation of an expanding Flat correction. There are several variants to this pattern however we are starting to see clues of this possibly forming:

If we were to begin roadmapping based on this assumption, we need to prepare for the possibilities. What they give us, noone will know...but we are PREPARED for the possibilities

Here are 3 possibilities based on the assumption that this may be forming an expanding flat at this area:

So we have to play the waiting game to see if our roadmap plays out (BASED ON THE ASSUMPTION THAT THIS IS MAKING A RUNNING FLAT):

Regarding price action for this, I will want to see a very sharp move to determine that this piece is indeed forming, as shown:

However we must be available to all possibilities, so what else can this be creating?

Lets now assume that this has not found the top of the impulse as of yet. Therefore will it be the end of this 3 wave bullish move?

If this is the case, thats quite alright. I will then prepare for the LARGE and COMPLEX correction to form after a break of this impulse as shown:

AFTER the formation of this information, we can then begin the process of determining if this is forming a CORRECTION for another IMPULSE to the upside? (continue the bull run)

OR if this is a potential REVERSAL, and the start of the IMPULSE to the DOWNSIDE to complete the much larger correction as anticipated (we will then dissect to catch the end of that correction, for the next bullish impulsive move)

If you have any questions or comments feel free to interact!

I appreciate your input and wish you luck in your trading and investment career.

If you would like for me to analyze any pair/crypto please feel free to send a message.

Thanks!

@itsdanmark

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