jamesdbarnard

For me the 2 scenarios on the table right now are highlighted on the above chart in Green (bullish EIW) and Red (bearish EIW)The Green scenario suggests that the ‘bottom’ is already in for BTC, we closed weekly above 19.7k which was vital to this theory. There are also some major bullish indicators on multiple time frames of the charts which should signal the move up to the 32 – 27k region. This will form wave 1 in the bullish (green) scenario with wave 2 coming down to the 786 and holding it as support. We will need to hold this area as support on the larger timeframes for this to provide confirmation and then see a break of the major blue trendline above.The Red scenario suggest that the ‘bottom’ is not in and given the current global market sentiment it is very easy to believe this might be the case. With the S&P500, NDQ and the DJI all looking like they have further downside in them how can BTC not go down further? The move up to previously mentioned 32 – 27k region would be seen as wave 4 and a mere bear market relief rally in a further downtrading market. Although 19.7k held and confirmed as support, this area would break upon the retest closing lower than wave 3 red on the larger timeframes, which would in turn condemn BTC to 14k.As always leave a like and let me know your thoughts.

CAKE the local token for the PancakeSwap exchange on the Binance Smart Chain BSC has seen a significate drop after it's launch to ATH at $44.The bear market and drop in price for BTC has really hit it hard but the project remains great with genuine use case. 10's of coins are launched on the PancakeSwap exchange everyday it is still seen as the 'go to' for new coins and projects to launch.While I anticipate further moves to the downside to BTC and the market as a general I am looking for an entry into CAKE around the $2.5 zoneEIW theory puts it back up at $5.3 to put in wave 4 before a further dump to put in wave 5, possibly down to $2.2 which would be a great price to but in my opinion (depending on the state of the market and BTC)An ABC correction will be expected after wave 5 which according to EIW will put the price back up at $20 once wave C is in for a possible near x10 move.Combine this with the staking options that are available on the PancakeSwap website pancakeswap.finance/pools with the fixed syrup pool offering up to 125% APY if you stake for 52 weeks (1year) which is an incredible return.Add #CAKE to your watch list guys

200 moving average has provided vital support to us on many previous occasions particularly after ‘death crosses’ under the other major MA’sThe gap on the CME also aligns with this potential move to sub 30k and the ‘bottom’ for me will be once we hit the weekly 200SMAAs always leave a like and let me know your thoughts

A closer look at the EIW theroy for BTC's deeper correction

While I anticipate a fairly brief 'relief' rally, possibly up towards 44.6k, there can be little doubt that BTC looks set for yet further correction from it’s 2020 – 2021 chargeThe weekly moving averages of significance (50 & 20 MA) crossed down on 14th March and if we take a look back at the historical data regarding these crosses it makes for break reading.In 2014 they crossed and this saw the price fall by over 74% over a 154 day period before beginning to move back towards the upside.In 2018 they crossed again and this saw the price fall by over 50% over a 175 day period before again returning to it’s upside move.Early on in 202 there was a black swan event in the form on the COVID-19 crash which I will not count for this analysis.Looking at this historic data I am expecting a 150 – 175 day period of sustained bearishness with lower highs and lower lows on a weekly basis. With a potential 46% price drop falling at least to 30-35k and possibly even somewhere between 22-25k.A wick down to this area would also fill a much needed gap in the CME which has previously caused BTC to have it’s handbrake on when reaching for new highs.Coincide this with the DXY, which has a confirmed negative correlation with BTC, looking unstoppable on it’s charge to 102 and the bitcoin bull support band falling through everything seems to align to this idea.As always, please leave a like and let me know your thoughts.

Bitcoin remains indecisive with the long-term uptrend possibly slightly swaying us in favour of the bullish scenario.The only way we can tell who has taken over, the bulls or the bears, is if we close above or below the marked prices.A daily close above 54k would instigate the bulls taking overA daily close below 37.7k would instigate the bears taking overSomething to also bear in mind is the DXY (Dollar Currency Index) DXY, this has a huge impact on the crypto market, when it pumps the crypto market generally dumps and visa versa. The DXY is approaching a critical moment currently sitting around 99.9 after a move to the upside, a close above 100.452 would mean an almost certain dump off for crypto. While a move back down to 96.59 would mean some rest bite and allow the crypto market to recover somewhat.If we were to close below the support at 96.59 on the DXY we could begin to plan our crypto bull market return.As always let me know your thoughts and leave a like :)

A possible Elliott Wave theory for BitcoinShould we pull back for our ABC correction after an extensive run it is crutial that we hold above support and this could see the idea playout very nicely.It would also be a fantastic oppertunity to load up on Alt coins before a push to 52k then a new ATH

With the recent pump blasting us price over the 20 & 50 moving averages I will be looking for a pull back to the 43.6k area.This area has a lot of confluence as it marks the 0.382 level of the fib, there is historical support/resistance, it marks the neckline of the weekly double bottom and the weekly 20 moving average.If we can back test this area and hold it as support, we should see a move towards the upside and the 52k area which is the 0.618 level of the fib, historical resistance area and would be the target area of the double bottom.It will be interesting to see if we do indeed back test the 43.6k area or if we fly straight up to 52k there is a possibility of a deadcat bounce for a further move to the downside.As always leave a like and let me know your thoughts

Weekly semetrical wedge (blue trendlines) with a bearish pole (blue line) which has a target of around 27.5kBarring a large bullish divergence developing we should break below once the side trading is done

As I anticipate some more sideways trading for #BTC for the next month or so I will be looking for a short position if certain criteria are met.The DXY looks set for a pull back and a possible pump and if this occurs the price of #Bitcoin will be affected to the reverse effect.We could see a small rally back up to the top of the wedge around the 44k mark and will need to see if there is rejection from the trendline to enter a short position.This can then be managed down possibly even to the 25k mark as the logarithmic growth chart looks set to have its bottom touched.As this growth chart has been used in the past, anytime we have touched or surpassed the 'bottom' it has presented us with the greatest buying opportunities in history.The bottom target of the wedge we are currently consolidating in hits this very bottom, and history has shown that once we have touched the fib level of the log growth, we have gone on to touch the bottom every time. A large rally in the price has subsequently followed this.As always, we could still go the other way and break to the upside and the target of the wedge should we break the resistance is also shown, however the bias must be more for the downside move at this moment in time.Leave a like and let me know your thoughts.