Good morning, traders. Everyone continues to scream that the sky is falling but price action is telling us something different. Even I had taken a quick position that we may have completed subwave 5 even though I mentioned that I didn't like how short it was. After this weekend, I believe that we may not have completed it yet and, as a matter of fact, subwave 5 of wave 3 may be my $5900/$6000 target with wave 5 reaching my ~$6400 target that I was discussing last week. I've outlined it as I'm watching it at the moment. Currently, I'm still looking for price to target the $5335 level to complete wave B of subwave 4 of wave 3, which I mentioned as a possibility last week in my morning update video, since demand continues to show up. We currently have two pattern targets noting that level: the April 11th-14th TR and the flag that is printing. It is also the 78% retracement level.
The daily Stoch RSI is bottomed out and, with a little upward price movement, should print a bullish cross. Daily RSI is just under overbought and remains within the ascending channel. Other than that, we can see price printing a TR on the daily TF with a target of $5910/15. We should expect price to ultiamtely top out a bit higher than that for wave 3. The previous R5 pivot was at $5954, so likely somewhere between that and $6054. Based on current market structure and price action, it is projected that we will see a golden cross print on the daily TF around April 22nd. Notice price recently being supported at a HVN and the projected wave 5 target hitting the next HVN. I also mentioned last week that we could see price moving sideways through the end of this month, and the current price action continues to support that possibility as price prints a TR. This means that we may not see the move up to complete wave 3 until around the time of the CME futures expiry. If so, then alts should provide good opportunity to profit until then.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
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Posted this in the comments again. 1H chart as I'm watching it currently:
@TexasWestCapita lWhat do you think about my idea ?
Chris_Inks
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@IgorPorokh, I think that's a pretty good bullish case and seems to complete the current movement up before retracing. Also, the retracement holds above $4000 which would be bullish. It's a lot like what I'm looking for if we are bullish right now.
ReallyMe
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FWIW, my current idea of how it might continue
Chris_Inks
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@ReallyMe, It's possible, though that break below $4000 would likely set up a lot lower down. Also, the current movement up seems unfinished at this point. Elliott Waves, supply and demand zones, price action and volume, all seem to be suggesting a move toward $6000 before the retracement. But the weekly printed a doji last week which is potentially a reversal, but is definitely a pause at least.
ReallyMe
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@TexasWestCapital, I don't see any current movement up. BTC is sliding down the daily MA250 slope. Should it fall off MA250 it will be caught by MA150 as next support.