Yesterday our subscribers were alerted about a possible reversal today that has all chances to become a major one. Let’s discuss the candlespeak, the EW, and the possible paths.
The monthly and weekly candles are discussed in the weekly/monthly reports. Links below.
Yesterday I mentioned that in order to continue the rally, BTC needed to close above $49850 today. It failed miserably, losing the position in the last few hours.
As the result, BTC formed a Deliberation combo that is viewed as a bearish one. While it frequently causes only minor corrections, it could also be a harbinger of a major one.
Indicators are supporting a bigger one, but it still remains to be seen.
A clear confirmation is required for a major downturn. A daily closure below $46530 would signal a big one down.
A closure at a new high would shift the odds to the bulls camp and I am neutral until a breakthrough.
Today I posted a bearish alert based on the formations of candles on the lower time frames. The alert still stands. So far, the 1/2/4hr candles confirmed the intent. The 5hr and daily would be next. If bears are serious, expect it to happen tomorrow.
In the department of Elliott Waves I got a few very strong indicators that added clarity to the current wave structure and I was able to identify some clear targets and the reversal/confirmation levels.
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Previous Monthly Analysis:
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This is the condensed Track Record of our most recent #crypto calls:
- $BTC – March 24 – call for imminent reversal, target $29000!
This happened when $BTC was $52k and approaching the top, when the experts were calling for $100k and $150k next.
- $ETH – May 16 – call for strong decline, target $1700!
This happened at the beginning of the decline when $ETH ws $3600 and everyone was saying it was a minor blip.
- $BTC, $ETH, $ADA, $LTC – July 21 – call on Bottom
This happened on the day the cryptos formed a strong reversal combo and started rallying.
- $BTC – July 24 – call on the 10 consecutive green days
This happened on the 4th day of the rally once we recognized a special pattern.
- $BTC – Aug 18 – call on Bottom
This happened within minutes after the bottom, at 9:45 pm PST, when $BTC was $44250. It has rallied 10+% after the call.