Papa Bear is still a Bear

Papa Bear Is Still A Bear January 2020 Premium Idea

Papa Bear is currently completing what could be a contracting triangle. This can be confirmed on completion of the pattern shown on the chart.

The triangle has been marked on the chart along with its forecasted movements (black arrows) over the next couple of weeks should it continue in this formation.

In this projection, I foresee it correcting downwards to the lower edge of the triangle for the next two to three days (it’s target point is an approximation only) followed by a small rise up to the upper trend line, ending the triangle with a final thrust towards the lower trend line.

What it does from there is anybody’s guess. What can be safely deduced from this is that it is still in correction and, therefore, not ideal for a long-term trade as yet.

As always, we will continue to use its movements to trade successfully in other rising cryptos.

Jumpa lagi.
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(Use this chart as a guide only, not a trade signal)

Trading View link: https://www.tradingview.com/chart/BTCUSDT/T5rBTbfe-Papa-Bear-is-still-a-Bear/

9 thoughts on “Papa Bear is still a Bear”

  1. Papa Bear has invalidated the triangle.

    This is a strong sign of an upwards correction. A trade will be entered into soon.

  2. On the daily, BTC has yet to fully break out of the triangle (see below). Overshooting a triangle is a normal occurence.

    If it doesn’t proceed with an upwards breakout of the triangle and instead validates the triangle with a downwards break, the following scenario could possibly play out where the target for corrective subwave 5 would be an appropriate extension value for the triangle.

  3. This point on subwave 5 would sit well with my analysis on the appropriate buy in position for BTC – around the .786 retracement level or 5470 for BTC/USDT.

  4. The above chart snapshots will only be applicable if BTC has retraced enough (subwave 4) and does not proceed further upwards. If it does, the targets will need to be re-drawn.

  5. Anybody who isn’t afraid of increasing negative divergence in the MacD with reducing volume and momentum is game.

    If all goes to plan, it should start to head down.

    ( MacD on a 6H chart on BTC/USDT)

  6. The ABCDE setup did eventually play out. Though Papa Bear now looks to be forming a descending widening wedge.

  7. Papa Bear’s descending widening wedge played out with a slight overshoot (adjusted Elliott wave displayed in the chart below), forming what I now believe is the end of a rare expanding triangle ( for which a private chart was shared on Twitter and Telegram).

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