Bitcoin Bull Run Start Soon !Trend Resumes.[Bitcoin Price Technical Analysis ]

Impulse up from the bottom here of the 3.2 k then we've corrected so these are our first two waves as you know I like to use pitch box using the first two waves using this original pitchfork which generally holds price in an impulsive when it's impulsive essentially you can see here it has really held price very nicely now I want to add on one further line which is very very key and will actually also explain why we bounced at the point that we have done in yesterday so the point that I want to add on is the zero point five you can see here this is a really significant line so first of all we test it here we tested here we test it here twice here so we can see price really rebounding and respecting this level very nicely and on top of that it's respecting it really really nicely here where it came down to it came down to nine thousand I think nine thousand and fifty roughly now I did explain in previous videos as well as the fact that obviously we've got this pitchfork support here the other thing I mentioned previous videos is just going back to when Bitcoin really trended upwards very fiercely not too long ago what happened is we get these consolidated blocks of price here and then when once we break out above price generally comes down and tests the high the rate the high of the range of these blogs so if you look for example if we just pull up horizontal line here marking out the top of this range look where price comes down to it goes up breaks out of the range then retests okay and we see this it's that often a recurring theme so again if we mark out the top where price comes up two marks out at the top of this range and you can see price again testing this level you can even plot it here where you could argue this the top of the range when we get more tests of it and again price test this really really nicely when it it breaks out comes down and is essentially what we've seen in Bitcoin I'll explain in a moment show you clearly how we've seen like a three wave count coming down testing the range and then it pumps and look how it really propagates upwards following that again mark out the top of your range so this is our bullish orders collected during this window here this is the top of the range price when it breaks out above it comes down tested okay now this range here was very first price but went very high and came nowhere near obviously testing this so the next bit of consolidation I've seen this bit here again three wave countdown breakout upwards we come down where do we come down to the top of the range so we see this recurring theme okay so just want to show you here it pretty much happens to the tea that we see this again so it's really zoom in here so this was our order block here this is our range consolidation sideways price action accumulation Wyckoff accumulation whatever you want to call it that led to this results an impulse to the upside and then price retraces whereas it retraced to pretty much to the tea comes down to this high here this horizontal line I've drawn out using magnet mode off this high you can see we hit it bang-on and then we start moving upwards there was confluence with this 0.5 line of the uptrending pitchfork and I'm going to show you in a moment some other key pitch box that helps us look on the short timeframes look at is precession there's WX wide play out so in fact let's have a look at that now so let's zoom in hourly timeframe is probably the best to look at this so as I say I've been discussing in depth how I've been looking for this wxy play out up until the point that price came down below here there was always the possibility for a trying though I was always skeptical about that because looking at the volume profile typically with a triangle you get very nice declining volume coming down what we saw here was a volume spike here and this made me very very skeptical about the triangle really this volume should be considerably lower than this volume for a nice triangle player so for me that gave an inclination that rather than a triangle we were going to come down lower and that's why I was always looking at the W XY z– being the most probable play out people also argued was it going to be an ABC typically with an ABC the B wave so let's just say a b c a lot of people were looking at it this way this is never account that i entertained and the reason being is the b way for me did not come high enough i think it came to just over 80% of this wave down ok obviously this was a clear three wave count down once you get your first three waves in there's several ways it can play out it can be a w XY which is the way I've labeled it it can be a flat pattern so you can have a 3 3 5 it's going to be a flat think of the flats it can be so it's clearly not running flat B wave does not go higher than the preceding impulse so it's not a running flat it's also not an expanded flat again B wave doesn't go higher than the preceding impulse and so the question is is it a regular flat now if it is a regular flat it's a B wave failure because the B wave does not come as high as the preceding impulse so typically the rule is as per mastering Elliott Wave like Glen Neeley with a B wave failure B wave should generally reverse his at around 81 percent yeah I think it did I think it kind of went over that suggesting that it wasn't quite in the realm's of a B wave failure so for me rather than looking for failure patterns I'd rather label it as a more regular pattern um much happier calling a wxy so where X wave yes they can be shallow sometimes 0.236 retracement sometimes of 0.38 2 but also they can retrace as high as the preceding impulse and even higher you can get a running W X Y if you want a reference to that check out mastering Elliott Wave Glen Neeley figure eight point nine he'll refer to it as a running double three which is essentially a running W X Y okay now so yes certainly you kind of X wave coming up very high like this okay before I start getting questions about can you call it an X ray it's gone so high the answer is yes so then we had our three wave camp down now it wasn't that clear first of all I was looking at this as three waves down to here yeah I know a lot of people be looking at this looking like it's five waves like a one two three four five obviously not impulsive but looking like a five wave count you could argue it's a WXYZ which is made up of five corrective waves but I was much happier calling it just a WX y over this being W X and then Y down to here and the pitchfork there was a pitch book I've been using for that so just pulling out our pitchforks now so yeah this was the pitch book that I used to look at this move down so this was all I was happy with with this being odd the W this being the Exile of us to draw the shift pitchfork and you can see price was adhering really nicely to these lines so following our third pivot which is here we come down hit the median line up to the upper median line down all the way to our lower median line bounce to the upper median line all the way down and then finding a bit of support around the lower median line where we now we're testing the upper warning line once it breaks this this is a clear shift in momentum to the upside okay so that pitchfork is one thing I wanted to demonstrate that's just given to that now there isn't it and the key pitchfork I wanna mention that's this one now this is the one that really helped me confirm the completion of the wxy so three ways down to make your W X wave up to here allows you to draw your pitchfork I generally like to use a picker shift pitchfork when it's corrective price action because price will adheres that much better and so what happens we come down very nicely median line yeah then we bounce go down retested median line where do we come down to the lower median line yeah this is what help me confirm the bottom obviously the volume at this point wasn't too high whilst if you look at aetherium I'm not going to pull up the etherium chart that's kind of beyond the scope of this video but if you look at the bottom on etherium it did have that high volume okay so from here yeah we see your bounce again there's a few things I was looking at so first of all we tested this previous consolidation here very nicely red line is the line offered support here so we've got the lower median line offering support W X Y with a Fibonacci relationship between y and w of a one point three eight two so the first W extend it from the end of X Y wave I excuse me so it's a one-to-one relationship that it's absolutely square on one to one okay so again perfect very nice Fibonacci relationship between W and Y wave so far so we bounced off the 0.5 of the large pitchfork here and where we come up to we've cord to the the median line so obviously a little bit of resistance we're going to be finding here as well as that I showed you on the previous pitch walk for this move down we're at the upper warning line of that so clearly two points of resistance at that level but we're seeing really nice volume coming in here with price moving up okay so lots of reasons to suggest this was the end of this correction and I'm looking now for these highs to get taken out and an expensive price to push much higher obviously we'll be happy to we'll have to look at the shorter timeframes for the looking at the price action looking at the wave counts for the next move up to determine where it's going to pull back obviously this upper warning line is what I'm going to be looking at as the next bit of resistance now this can take us certainly almost up to $20,000 in terms of the timeframe is likely to come up and hit this yeah so there's a good chance from here we test all-time highs of around $20,000 that's what I'm looking at obviously in validation of all of this is if price comes down below 9,000 okay that is the invalidation point but for me at this point there's a lot of reason to suggest that this is the end of our wxy it's the end of the correction and we're going to start moving up higher from here so one other point I want to mention and it's another indicator that I'm very very fond of you don't see many people talking about it but I think it's a really underrated tool so let's clean up the chart and let's put on camera love pivots so these are your camera pivots and I want to show you on the daily timeframe I want to show you so basically with the camera love pivots essentially for each time period when you're on the daily the range is one month okay and the R 3 R 4 s 3 S 4 are generally the lines that you look to offer either support or resistance S stands for support R stands for resistance okay and basically these levels are automated they're put on by the indicator itself based on the highs and lows of the previous range so it looks at the range of this data here to determine the the levels for this range here okay that's how it works and you'll find that these levels often work very well so you can see here we've got knots back at the R 3 where do we come down – all the way down to the s 3 that's where again another supporting indicator for a turnaround in price at this level here again rs3 taken out really nicely when you get our 4 or s4 taken out yes so basically we leave the range you can expect price to then propagate upwards and then use that level as support if in the case of the r4 here obviously we did have support temporarily bounce and then we've come down further once the range terminated okay again here breakout where do we come down to we retest the range you can see this indicator is used yeah time and time again we see these levels well respected I want to show you on the weekly timeframe what I'm looking for so this is so on the weekly we got rejected here at eleven thousand four hundred in terms of any weekly close yeah I'm looking for now a weekly close above the r4 when that happens we can ex price expect price to stay above the r4 also I would expect some kind of retest the retest of the r4 on the weekly Camarillo pivots would be a wonderful place to to get in you know so that's what I'm looking at but obviously first of all I want to see a closing weekly candle above this all for that will really show a lot of strength in this market you can see here again cameras s4 acted as you can see we overshot it slightly yeah a little bit of an overshoot hence why I never use camera indicators as an as a as a signal a buy or sell signal by itself I'm always going to use my Elliott Wave pitch bugs or blocks but this camera pivot is an excellent tool to add to your arsenal of indicators that's how I use it as a supportive indicator so you can see here S four very nice we kind of shot below it then we're testing it we leave the range slightly it'll move down below a bit further and since then because there was a lot of other things as I mentioned in many previous videos was very nice completion of a w X Y move down to here so there was as an Elliott Wave completion there was pitchfork supports and then we had obviously the Camarillo support also so yeah I just wanted to throw that in there for extra bit of Education it's a tool that I'm very fond of we talked about it in the discord a lot yeah so I did say you

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