Ascending or symmetrical triangle...again???
מעודכן
Back after a while, and still not for long.
Well Elliott waves seem effed up by all the pumps and dumps. After a truncated 5th wave and a failed ABC retracement (pumped B wave then shortened C wave), we are forming a triangle which can be ascending or symmetrical.
I will remind you that we had a perfectly mirrored situation in March 29 - April 12 time frame: we were in a downtrend, then shortened C wave, then descending or symmetrical triangle. The most probable scenario was to break down the triangle and fall, however there was a big pump, break up and started an uptrend.
Now, after an uptrend, shortened C wave, seemingly ascending or symmetrical triangle; should we expect it to break down instead of breaking up as it should? Just asking you and myself. It would do nothing else but repeat the previous events in opposite direction. The things are a confusing now as they were then.
I wouldn't enter any kind of trade before getting a clear trend.
Well Elliott waves seem effed up by all the pumps and dumps. After a truncated 5th wave and a failed ABC retracement (pumped B wave then shortened C wave), we are forming a triangle which can be ascending or symmetrical.
I will remind you that we had a perfectly mirrored situation in March 29 - April 12 time frame: we were in a downtrend, then shortened C wave, then descending or symmetrical triangle. The most probable scenario was to break down the triangle and fall, however there was a big pump, break up and started an uptrend.
Now, after an uptrend, shortened C wave, seemingly ascending or symmetrical triangle; should we expect it to break down instead of breaking up as it should? Just asking you and myself. It would do nothing else but repeat the previous events in opposite direction. The things are a confusing now as they were then.
I wouldn't enter any kind of trade before getting a clear trend.
הערה
Ok, the triangle has broken down as I supposed. However the volume was unexpectedly small and we got stopped at the old $8893 resistance which has now turned into support. Now a weak resistance at $9050 is holding us inside this support area. MACD is bearish on the 1h, 2h and 4h chart, but bitcoin shows a lot of indecision. If we break up, we might start a new bullish wave, but only if we can cross again the $9215 resistance; it would be still risky to enter a long position as long as we can't build more volume. Also, breaking down would stop us at the huge support at $8697; if we do it without volume, the most likely scenario is to retrace there and go bullish; that would be a buy signal, but not so strong neither. I think we are going to scan a large range of prices until we get a real trend.הערה
Note the bear flag forming on the 1h and 2h chart. Target would be $8700 if it confirms.
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