BTC has been ranging this last week at around the price of 29 000 $ after having spiked up from its' bottom on the 12th of May 2022 around 25 400 $. I beleive that the coming week ahead is bullish. If you take a look at my previous daily analysis on BTC/USD, I described the move we currently are in as wave ((iv)) in the larger degree. This means that we should push up higher in prices in the short term and move as a 3 waves correction upwards.
TA:
The entire move looks to be a zigzag*.
>Wave a formed 5 waves up with its' 1st wave being extended following the ratio 61.8% * i = iii+v. It ended around the price of 31 000$ the 13 of May 2022.
>Wave b looks to be a contracting triangle which confirms the move as being a zigzag instead of an impulse (as a triangle always come before the last move of a trend).
>Wave c should be approximately as long as wave a which would put the price target around 35 000 $.
If you wish to take a long trade and wonder where a good stop loss should be, then by following this analysis, having it just under wave e of (b) at around 28 690 $ is a good place for it to be as, if it goes under this level, then the count would be unvalid. This would put a reward risk ratio at around 3.5 : 1 which is a good buy opportunity.
* Zigzag: A 3 waves move where the first and the third leg are themselves 5 waves impulses separated with the middle leg which is a 3 waves correction.
TA:
The entire move looks to be a zigzag*.
>Wave a formed 5 waves up with its' 1st wave being extended following the ratio 61.8% * i = iii+v. It ended around the price of 31 000$ the 13 of May 2022.
>Wave b looks to be a contracting triangle which confirms the move as being a zigzag instead of an impulse (as a triangle always come before the last move of a trend).
>Wave c should be approximately as long as wave a which would put the price target around 35 000 $.
If you wish to take a long trade and wonder where a good stop loss should be, then by following this analysis, having it just under wave e of (b) at around 28 690 $ is a good place for it to be as, if it goes under this level, then the count would be unvalid. This would put a reward risk ratio at around 3.5 : 1 which is a good buy opportunity.
* Zigzag: A 3 waves move where the first and the third leg are themselves 5 waves impulses separated with the middle leg which is a 3 waves correction.