BTCUSDT - Throwover on a long term channel with falling volume
The channel is based on the logarithmic scale to see the over all context. The rally since the bottom of Wave 2 circle appears to be topping and here are the reasons to believe it so
1. The recent evidence is a throw over the upper channel line. It does suggest that any upside from here should be for short period.
2. The structure of Wave 3 can also be sub-divided in 5 Waves for which I have pointed out in various earlier posts.
3. The recent volume activity in on decline which indicates where the smart money is moving.
Once the topping process completes then a larger Wave 4 correction will take prices in a sideways consolidation pattern. An ideal target for Wave 4 bottom would be in mid 1000s. It could potentially take 6-8 months to reach that target.
Caveat:
This analysis is based on the price history available.
Elliot Waves is an effective tool for a market forecasting, should not be considered as a holy grail. It's easier to label the wave in hindsight however the future patterns can evolve as highly complex.
This is not a financial advice and I am not responsible for any loss you make on your investment.
1. The recent evidence is a throw over the upper channel line. It does suggest that any upside from here should be for short period.
2. The structure of Wave 3 can also be sub-divided in 5 Waves for which I have pointed out in various earlier posts.
3. The recent volume activity in on decline which indicates where the smart money is moving.
Once the topping process completes then a larger Wave 4 correction will take prices in a sideways consolidation pattern. An ideal target for Wave 4 bottom would be in mid 1000s. It could potentially take 6-8 months to reach that target.
Caveat:
This analysis is based on the price history available.
Elliot Waves is an effective tool for a market forecasting, should not be considered as a holy grail. It's easier to label the wave in hindsight however the future patterns can evolve as highly complex.
This is not a financial advice and I am not responsible for any loss you make on your investment.
הערה
Here is the short term wave structure.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.