After a 3-month long hiatus from steemit, here's my updated chart for BTC. Almost every day, I learn to get better and better with technical analysis. I highly recommend for anyone who are seriously considering trading to learn on their own - you won't get far following someone else's analysis.
I've attached two potential cases for BTC's current (short term) uptrend. Please have open, in another window, my chart to follow along (FYI, I am using Binance chart mainly because it is one of the biggest exchanges that contains high trading volume which, in turn, creates cleaner charts to do technical analysis).
Bull Case:
- Green wave A & B are complete. Green wave C reaches 12,000.
- Green wave C currently in play, with blue wave B possibly complete, with blue wave C in progress to complete green wave C.
- This means that blue wave C must impulse up with enough strength to be 2.618 extension of blue wave A.
- This also means that green wave C would be 1:1 fibonacci extension of green wave A, which is usually the case.
Bear Case:
- Green wave A & B are complete. Truncated green wave C reaches 10,100.
- Green wave C currently in play, with blue wave B possibly complete, with blue wave C in progress to complete green wave C.
- This means that blue wave C (bear case) is currently in play and will only extend up to 0.786 extension of blue wave A.
- This also means that green wave C would be 0.382 fibonacci extension of green wave A, which is also usually the case.
https://www.tradingview.com/x/nk4f3QTi/
Bear Case (detailed/shorter timeframe):
- Blue ABC is usually composed of 5-3-5 or 3-3-5 waves when broken down into detail.
- In this case, blue A is 5 waves up, blue B is 3 waves down, and that must mean blue C must be 5 waves up
- Blue C may currently be in play working on wave 1 of 5 and potentially reaching 10,100
- If 10k resistance is not broken then expect more downside correction
https://www.tradingview.com/x/dghLvDeJ/
