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Bearish continuation: bear flag

Chart description:
- Expect (at least) one more low to be made.
- Finished ABC
- Potential 2 short setup with conservative targets laid out in the chart.
- Expect a minimum 1fib extension target to be reached.

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Could already partially close this short. C-wave (miniscule) looks almost completed. RSI(1h) shows some 5th wave divergence. Price will most likely move a bit lower towards $ 0.01567 and then move upwards for a b-wave.

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Counting 5 waves up. Waiting for confirmation, expect a pullback to the 0.5-0.618fib before continue higher.

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divergence got invalidated. still pushing higher.

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Divergence MACD(5m) still remains. RSI(5m) trend break, channel break, and MACD(15m) crossing would give me a reasonable indication that we're starting a consolidation for a ABC(wxy) retracement. As the prior move down was a c-wave, I'm expecting this entire move to become a zigzag.

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Relabelled ew count. 5min chart sometimes hard to read.

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Expect retracement to hit 0.764-0.854fib lvl before moving impulsive up.

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Idea still remains, still expect a b-wave (c-wave to finish).

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Update Bitcoin v0.6.

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**correction 'label: this structure is not impulsive' in bitcoin chart can be identified as a leading diagonal, see invalidation lvl in chart.

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Double top, potential short setup.

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RR 3.36

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Update Bitcoin v0.6.1.

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Bullish alternative for Bitcoin. Keeping it simple.

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Target reached

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This is the most rewarding short, RR 17.17 with low risk, invalidated lvl 0.618fib retracement. Expect an extended 3rd. In chart a standard 1.618fib extension, but can easily go further.

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Above scenario didn't play out. Potential other scenario might be a leading diagonal for a w1.

İşlem elle kapatılmış

Above scenario got invalidated and broke above $0.018224. Will close this thread and start fresh.

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Have several scenario's in mind, but no time to explore further. Could be a redestribution schematic (UTAD phase). Still leaning towards a bearish outlook for CKB. For example, I can only identify 3 waves (ABC) from the the low. Wave C can either be a rare ending expanding diagonal or in other classical terms a broading wedge pattern. 1.618 fib extension has a nice confluence with the length of wave-A (trend-based 1fib lvl), so that would make a nice final target.

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Good time to start accumulating (entry positions between $0.009x and $0.012).

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Have this Bitcoin scenario in mind, since we printed a double top. Let's see.

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Penny for your thoughts

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I was suprised we broke the .618lvl and consequently invalidated a w4. Thus indicating that this a corrective structure. Found the complete CKB price chart, which does support that, and suggests a very long consolidation. If history repeats we might still see a v-shape recovery with a potential 3x from here.

HeftyBreadRoll

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.

HeftyBreadRoll