My Current Chart
General Ideas
The chart is full of too many failed impulse waves, therefore, Its very difficult to do an Elliott wave count. Despite this, I believe we are near the end of the correction as a perfect (golden ratio of fib) lies within the apex of two major trend lines. If the chart continues into the apex I expect a big move up or down and will have to be played with caution.
A bear view
A move down with volume will likely see 5915 as this is a support, however, I expect this to break and move towards the 0.781 fib retracement level, at 5007. This has other supports which increase the likelihood of a bounce here.
A bull view
To break upwards is difficult to set a target however if you do a 1:1 extension of wave one, an easy target of 26902 in the medium term, however, it took just under 1 year to complete the first wave so by the end of the year is accomplishable. and then 38800 as the target of wave 5. Realistically if a breakout occurs you gamble and buy, with a tight stop-loss. Ride the first wave up until the indicators show loss of momentum (RSI and MACD are my go too), and you can see 5 waves. I'm predicting 11821 as my target where ill take most my profit as its the previous swing high. Then 17096 and 19901.
I usually play the 3rd wave, once the 1st wave up within this 3rd wave is complete and correction complete is when I will set more precise targets for the future.
Death Cross
Watch out for the death cross as this is significant as last time it occurred a downtrend was set for over a year losing 50%(55 ema crossing down through the 200 ema )
As we hit this apex, it will be seen whether the death cross occurs or not.BTC breaks upwards out of the triangle-- NO
BTC breaks downwards out of the triangle -- LIKELY
Thank you for reading
