BTC updated EW count
Bitcoin has reached its probability target for wave E @ 8265
https://ibb.co/e37VLd
And If we look a little closer we will see that wave (IV) has almost exactly reached the lower degree wave IV in wave A of (IV) (one of the main rules for the 4th waves) and wave E should be the last wave to complete this wave count.
The volatility implied targets are also almost reached and we should be bouncing from where we currently are reaching the volatility implied targets in afterwaves if we close below 8330 on a daily basis
https://www.mql5.com/en/charts/8687158/btcusd-d1-jafx-ltd
If we don't bounce from here and have 3 consecutive weekly closes below the white trend line the above wave count will be invalidated and we will continue all the way down to the bold red trend line.
https://www.mql5.com/en/charts/8687195/btcusd-w1-simplefx-ltd
thanks srezz!
Thanks srezz !
Thanks Srezz! If I understand correctly, it should theoretically bounce from anywhere between the current 8200 and the volatility implied 7700, and if it doesn't, three weekly closes below the white line will imply going to the bold trendline. Did I understand this correctly? I'm still learning! Thanks for the overview, have a great day.
Correct
Hi @srezz. thanks. Why 3 consecutive weeks? Why not 4 consecutive weeks?
it's just so happens. if there's 3 consecutive closes the 4th and 5th will follow almost certainly. So, 3 is a minimum necessary
empirical number
Hi @Srezz, thanks for the chart and awareness.
In your opinion what is the probability of breaking the trendline. I have the bigger stack as an investor and continuing since 2200 level. :(
at this point in time BTC looks pretty weak to me. Give it till the end of the week. If we continue to chop around and don't see any strong moves up then I'd put the probability of such a delopment as high.
Thanks Srezz !!
Great! Exactly my thoughts. I think we'll see a pump in a day or two.
Looks like BTC has broke down. Is it headed toward $5000?
Hi Srezz! Thanks a lot for sharing your knowledge. Do you think 7k is a good buy or you think it will go even in 5k region?