MCO Global’s Post

$BTC: (1D) Still no 5 waves up and still below resistance. The daily RSI is now getting close to oversold territory. The daily chart does not show bullish divergences. What I am trying to say is this price action is not bearish, but we have no confirmation of a low and at this stage we could easily test the lower and larger support zone that has offered support in recent months. A small capitulation event would actually be good to get the next rally started. Still worth to be on the side of caution. What do you think? #Bitcoin #BTC #elliottwave

$BTC: I do not see any structure that would offer clear probabilities at the moment, but the last move to the upside ended after 3 waves, and could have been a wave 2 of a 1-2 setup to the downside. A break above $101,520 would invalidate this 1-2 setup to the downside, and I see probabilities on the micro level as quite balanced. Remember that I mentioned that we might spend some time in this sideways price range until there is a clear winner. #Bitcoin #BTC #ElliottWave

$BTC: I revert back to yesterday's micro structure, because wave (4) did not break below the 61.8% retracement of wave (3), so it is possible that the price is forming wave (5) of i in a leading diagonal pattern. If a higher low can hold after the price has formed a fifth wave, then this would indicate that the price is on its way to $90,000. Next upside levels to watch are $66,791 and $67,852. A sustained break above $67,852 indicates that we are possibly already in wave iii. #BTC #Bitcoin #ElliottWave #BullMarket

$BTC: It looks as if the price has formed 5 waves down from today's high. This suggests wave C of Y is unfolding, but this view requires that the price stays below the intraday high. It is possible that this C-wave ends early, maybe in the region between $57,504 and $60,140. If anything changes I will adjust my view. #Bitcoin #BTC #ElliottWave #BullMarket

$BTC: If the price has formed a high B-wave then ideally a top has formed and wave c is unfolding but further upside extensions in wave (3) are also still possible at this stage. It takes a break above the $65,000 resistance level to indicate that another upside extensions is unfolding, which could target $67,282. It also takes a break below $62,450 for a confirmation that wave c of (4) is unfolding, so we are in no-man's land as long as the price is below resistance and above support. I removed the fibonacci resistance area as the price is not respecting it, but B-waves often break above standard resistance levels. #BTC #Bitcoin #ElliottWave

$BTC: The price seems to try to form a high B-wave as per the white scenario. We have to see how it develops but this assumption is valid as long as the $66,000 swing low is holding, which could also be a reasonable stop loss if you want to trade for a high B-wave or even a more bullish interpretation, such as a direct upside breakout. However, a direct upside breakout to $80,000, while possible, is not a very reliable interpretation because there has not yet been an impulsive reversal to the upside. #BTC #Bitcoin #ElliottWave #BullMarket

$BTC Update 1h: The price has reached the Fibonacci support zone, and the current outlook holds as long as a reversal to the upside takes place soon. If the decline persists and breaks decisively below $64,780, the immediate bullish scenario targeting a rally toward $73,500+ will be under serious pressure. However, no significant changes have occurred in the last few hours. #Bitcoin #BTC

$BTC: The price should still move higher to complete blue or yellow wave 3. The ideal target zone is located between $73,526 and $74,430. At the moment the price has formed 3 waves to the upside from yesterday's low, which suggests a B-wave. However, one more high would lead to a 5-wave move. In this case a direct upside breakout becomes more likely. #Bitcoin #BTC #ElliottWave

$BTC has touched the DOWNTREND line six times these past few weeks. This tends to be bullish as the more times it hits the weaker the downtrend gets, eventually giving way to a rally. This #BTC peak is very different than the last two, by far. Worth noting, the longer it consolidates the BIGGER the move is likelier to be. #Bitcoin needs GOOD volume to upside to confirm. Tibor Baranski Jr. https://lnkd.in/eY59-xmf

$BTC: The price reacted to the standard resistance area earlier today and might therefore already have completed circle wave B, and circle wave C could already be unfolding and target the high $50,000 area. However, as long as the micro support zone is holding, I prefer a more pronounced circle wave B to develop. If wave (C) of circle wave B starts from here to the upside, then $71,100 is the ideal target level. #BTC #Bitcoin #ElliottWave #BullMarket