Bitcoin has not reached our target for the insane short setup, but I closed today all speculative longs. Have only tradevesting part of deposit. I remembered the Elliott wave’s analysis and decided to refresh it today.
On the 1D timeframe of the BTCUSDT chart of the WhiteBit exchange we can see the anticipated 12345 Elliott wave’s formation. We have short waves 1 and 2, super impulsive wave 3. I can understand it because of the minimal AO and Acceleration values. The current upward trend channel is very boring – this is the typical wave 4. We can see Bitcoin reached 3 times the 0.23 Fibonacci level, but was unable to break it through. The minimal correction target reached.
Moreover if we take a look at the Williams alligator of the 1W timeframe. The price corrected exactly to the green line in got a rejection. It’s maximum target is the red line, but I don’t think the price have enough strength to do it. Also I want the bring to your attention the key fractal level. Bitcoin was also unable to close above it – extreme weakness. Thus according to trading chaos method there are no reasons to grow above the current price and the wave 5 can start right now. If you read my articles you have already known that the divergence with AO and Acceleration is the top-1 signal that the trend is over. I try to be patient and follow my main analysis, but to be honest sometimes it is very difficult because of emotions.
Trade on WhiteBIT! Use this link to register and receive 40% of trading commissions from your invited users!