3 Reasons Bitcoin is bottoming and the market doesn't even realize it.
Stage 1) Parabolic rise followed by sharp drop. Stage 2) A dead cat bounce to trap bulls. Stage 3) Flat-line followed by capitulation.
Notice how in both examples, stage 3 Bitcoin goes almost entirely flat, and as soon as support snaps, it falls off a cliff. Also, notice the percentages immediately prior to capitulation. 70%ish retrace support snapped, and BOOM. 3 bi-weekly candles in a row. In 2015, 3 bi-weekly candles ended the bear market. Can it do it again?
Monthly shows this cycle even clearer. Also notice the trend line.
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This 2w time frame shows a recently closed bearish engulfing candle. Why, for 2 weeks, has the market decided a bearish engulfing candle in that big of a time frame isn't worth following through yet? Notice sell volume is steadily decreasing?
Bullish divergence also keeps showing up in major time frames, indicating seller strength is beginning to dwindle.
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Monthly RSI is *slightly* lower right now than it was when we bottomed in 2015. This is multi-year hidden bullish divergence indicating AT PRESENT PRICE this is still a good buy.
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Until I see a break of $3,120 I am extremely bull bias. Where do you think Bitcoin is headed?
So, 5D MACD crossed for the first time since July, we have a green 9 on the TD sequential indicator...Need I say more? D;
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Another thing to keep in mind. Binance opened Credit/Debit purchases recently. If nothing else, this will cause alts to SOAR once Bitcoin picks up traction again.
Instead of having to do all the work of going to coinbase, paying THEIR fee, then having to send it over to CB Pro yada yada, you can just buy right off an exchange where you can place stops. This is a big deal to adoption - I can tell my friends to purchase Bitcoin, set a stop-loss right on Binance, and bam. They're covered in the event my stupid A** is wrong.
Not to mention the referral fees you can mount up by getting people to sign up. This is big news but I feel like nobody is talking about it.
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According to what I see, this is where big money is accumulating positions.
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We are at the bottom of this recent bear flag, so this next 4h candle will be pivotal. We need to clear at least the top of the flag in order to sustain any type of bullish momentum in this area, otherwise it's down to ~$3,300 or so.
Still think we could kiss $3,250, so I'd look for a long anywhere between $3,250 and $3,300 IMO.
Only $3,500+ can invalidate this bear flag.
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Whoops. This will be the first time out of 3 attempts that we do not fall from the bear flag if we go up from here. Looks very unlikely we'll hold this unless we get a very swift increase in volume during this next 4h
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StochRSI is showing slight bullish divergence early in the 4h as well as hidden bullish divergence from our recent drop. This is a crapshoot at the moment but $3,400 seems to be holding well.
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At the moment, this is what I'm seeing for our bearish side. $3,250 must hold IMO.
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Do I really need to remind people that the chart in this idea has absolutely nothing to do with Elliott theory? Jesus people get a brain
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At the moment, the bear flag is holding. Surprised at the fact that we've even made an attempt to break resistance. Bitcoin looks very weak here so today we're going to need to see a surge upwards or I believe we're going to fall to the next support point.
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As ludicrous as this probably looks, this is what my GUT tells me is going to happen.
I personally believe this drop will go down in history as the biggest bart Bitcoin has ever experienced.
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We have an attempt here. If bulls ACTUALLY follow through for once, and this isn't your standard short-fill pump, this could MOON. One thing that is interesting, is that this pump is coming off the back of very interesting price action. Each of the prior liquidity pumps resulted in textbook bear flags, which point UPWARDS and consistently lose RSI strength. Yet on this occasion, price highs continually kept getting lower.
Whether it means anything at this point is slim, as we are facing huge resistance, but if it breaks the entire market is going bull. Be warned, bears.
One reason why you (and many others) are wrong: you correctly counted 3 corrective subwaves in Wave 4 (December 2013 to November 2015).
Now you expect it to be only 3 this time as well.
The mistake, however, is that this time there are 5 subwaves, because Wave A, in which we are currently in, consists of 5 correcting subwaves.
@mc_peewee, yep, that's what I thought. Forget it, carry on ;-)
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@ReallyMe, It's all good. You're a hater. I have those. You love to discredit some of my TA and that's fine. Little do you realize you're missing the entire point.
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@ReallyMe, THIS chart has absolutely nothing to do with subwaves or Elliott waves. The 1,2,3 are examples of cycles I see which already include the full 5-wave Elliott Sequence. Don't look so hard for something that isn't there
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@mc_peewee, we will see who's right soon enough. have a nice day ;-)
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@ReallyMe, If you paid any attention at all to my TA rather than always showing up to spew hate, you'd realize that my bias is to the downside because any further advancement up would catch me entirely out of position. But feel free to continue feeling invincible lol
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@mc_peewee, I have just commented and explained my thoughts on it. Spitting hatred and "wtf" and feeling invincible is apparently your preferred way of dealing with comments and opinions.
Now you expect it to be only 3 this time as well.
The mistake, however, is that this time there are 5 subwaves, because Wave A, in which we are currently in, consists of 5 correcting subwaves.