One of the observations we were looking out was if there will be a turn around at 0.382 Fib (see previous chart). This chard is based on that assumption and the fact that on the $ hour chart 200 EMA is offering support and we just broke above $200
But the 50 Day EMA and previous top ($230) must be breached for the final confirmation
I'm taking a trade with Stop Loss at 180-190. Need to be careful here
Previous chart
Comment
⋅
Crossing the 50 Day EMA (Orange) will not be easy, but going and staying above it will be very bullish
Comment
⋅
BTC decided to be a spoil sport, so back to the correction
Comment
⋅
As mentioned in the charts, we retraced to the 0.5 Fib retracement which also happened to be where 100 EMA (4H) was. So got support there and lets hope this ends here. We lose this level, then its $130 at 0.618 Fib
Comment
⋅
I'm leaning towards going down to 0.618 Fib level. Confirmation would be if C wave went below A
A major assumption is that the red C wave has 3 sub-waves(yellow abc) each with 5-3-5 subwaves