Transcription
Snipers here, back for another update. Let's take a look at BTC here today.
Now, let's go back to the post I made here on September 4th. I did say we were going to come up to this yellow box at around 113,173, and we were just under the 21-day moving average, just under 112, uh, 110,410. And we did that, right? We came up to the yellow box. And then I did say we were going to come down for a C-wave, for a wave two. And this wave two is likely to, uh, form a running flat, coming down to around 110,340, and then we would see a pop off, uh, pop up from there. And so far, we've done that. We've came down to 110,340, and now we're seeing a pop off.
Okay, we are back above the 2100-day and 9-day moving average. So that's a very good start, uh, to the trend reversal. But like I said, what I would want to see, like I said in the last video, uh, what I would want to see here going forward is just a daily close above 113,852, which is the 78.6% fib, uh, measured from the August 23rd high down to the August 29th low. Okay. So, if we can get a daily close back above 113,852, and especially a daily close back above the 50-day moving average at 114,953, it would solidify, uh, the possibility that this over here is the bottom. Okay, it would solidify that this is a strong bottom. This is a wave one. This is a wave two. And now we're coming up for a wave three, four, and five, uh, all the way to the top of the range here at 123,323, and then north of 130,000. Okay.
So now, it's either that we reject, uh, in the coming days, right back down below the 9-day moving average. So now, going back below this 9-day moving average. Do you guys see this blue line over here? Okay, that sits at 110,616. If we go back below that on a closing basis, if we can get a, if we get a daily close back below that, then it's likely we're going to revisit the August 29th lows, take out the August 29th lows towards our initial point of interest would be, which was, uh, around the 106,000 to $103,000 region. Uh, you may even come down to the 200-day moving average at 101,927. But like I said, we would need to see a daily close back below the 9-day moving average at 110,616 in order to confirm that we're going to see that downside move to this point of interest. Okay.
Now, in the case we get a daily close back above the 786 at 113,852, and then we see a daily close back above the 50-day at 114,953, then it's very likely that this is the bottom over here. And instead of this being a triangle pattern, you see this blue count over here, this blue count that I made, instead of it being a triangle pattern, and this, uh, move over here being a one, two, and then we come down for a three, four, five. Instead of it being like that, what it would be is that this would be our wave one. This is our A, B, C. And now we're coming up for a wave three, four, and five, all the way, uh, north of 123,000. Okay.
So, uh, just remain vigilant. Uh, just continue to, well, I'll, I'll continue to monitor, and I'll make sure to keep you guys updated. But either this over here is a wave one, and we've successfully finished this wave two in the form of a running flat, as shown over here. I did say we were going to come down for this C-wave, and we came down for that C-wave. Okay. So now, all we would want to see here in order to confirm that this is a wave two, like I said, just a move above the 786 at 113,852, and just to solidify, uh, that this is the bottom, and that this is, and that we've bottomed out on, uh, September 1st, is just to see a daily close back above the 50-day at 114,953.
I also wanted to point out here, if we delete everything on this chart, we do see a little bit of an inverted head and shoulders pattern. This is your left shoulder, your head, your right shoulder, and your neckline is right over here. So now, this is, this is the fourth time coming up to this horizontal trend line resistance here. Okay. So, the odds are increasing that we're going to break above it, but we can't be so sure yet. Okay. Uh, we, we need some more confirmation. So, everything looks good. Uh, alts had a nice pump. Alts had a nice pump up yesterday, but, uh, I just want to see how the rest of the week plays out. Just want to see how we react to 113,852, and especially this 50-day at 114,953, in order to confirm if we're, if this move over here is impulsive or corrective.
I hope you guys enjoyed the video. I will be posting all these charts in the Discord as usual. Uh, if you want to, if you haven't joined the, uh, free Telegram chat, definitely do so. Click the link in the description below. Peace out and take it easy. See you guys in the next one.