BTCUSD trading ideas: Elliott Waves and Support Levels
All right, folks!
Let's get straight to the point. Here is my wave count. We are now on the wave iii.
According to the pattern wave, iv cannot go above the top of i: $10 000. The strong support level.
The price went below the latest bottom and buyers are very calm now: the volume is lower then it was between 16th and 19th of Jan (marked with blue). There is no any support levels between $8 000 and $6 000 as well, so the volume is our main orienteer now. My plan is to hodl some fiat for purchasing somewhere below $7 000...
I expect a bounce on $8 000 - that will be the beginning of the wave iv. The length of the wave iv will domonstrate the readiness of bull to act. My idea is to get catch the wave iv, so I could fix some profits at the beginning of the wave v.
Crazy times, folks! But no worries. We are in the cryptotrading exactly for the moments like that.
I will give another update soon. Stay tuned!
Good luck
Yup, looks like your early analysis is working out. The only thing i can add, is that there is some psychological support @ the 200MA on the daily it was never really tested, but it is there, and it puts us in the 7500 area , give or take. So if right now we didn't bottomed out, for me my target area is probably in the 8500-7500 range.