We are getting close

in #bitcoin5 years ago

Wave v of (v) has unfolded as expected and we seem to be approaching the end of it. Of course, an impulse can always extend so let's check the indicators to see how likely that is. An extended move means that this move up from June 18 is not wave v but subdivides in wave 1 of v with 2,3,4 and 5 to follow.





Weekly: at higher bollinger band, but stochastics are pulling back. The stochastics diverge somewhat, not so the MACD's
Daily: stochastics are high but not yet overbought. Also, at higher bollinger band, some divergence with the May 13 top
12 hour: overbought and near top bollinger band, divergence only with the fast MACD
8 hour: not yet overbought and overshooting top bollinger band, but there is divergence with the June 17 top
3 hour: overbought and at top bollinger band, no divergence

Conclusion: given the Elliott count + resistance at $10k + the indicators on several time frames are now overbought and diverging, I would say the most probable outcome is a bit more up and then a correction down for wave 2. That correction should go at least towards the bottom of minute wave iv, which is at $7400.

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Little more to go of wave 5 you think?
Maybe 12-13k then wave 2?

I don't know. I don't understand this move. Will have to wait for the waves to clear up.

Maybe something like below

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