reynar

Where are we in the correction? BTC 28 JUN UPDATE

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
TL; DR
I am expecting a slight pump (motive) wave inside the correction that we are in right now.
(see 'c' to 'd' purple line).
This MAJOR correction started when BTC fell from 10k and it *COULD* end at $4.7-5k over the next coming weeks. But we shall talk about this point when we reach it.
Right now, we are in a 3rd subwave of correction which should be followed by a 4th motive wave of rising prices.

But first, I'd like it to hit $5.5-5.8k so it would finish the current "mini" wave of correction.
At $5.6k it would also hit the 0.236 Fibonacci Retracement which means it should've expanded it's downwards energy.

At the moment RSI & MACD don't tell me too much - they look neutral at the moment, even on short candles like 2h. I'd rather wait and see what happens next.
StochRSI says "oversold" - but this is just one indicator out of many, and the rest are not so positive.
BTC price struggles to breach MA(100) on 2h candles in the last few days - i will not that put that on the chart because it will look even more heavy.

I'll be waiting at that $5500-5800 level for an entry
OR
Having a buy-stop at 6200 ish and expecting to sell it fast or with a trailing stop loss.

Also, I'm watching that resistance at 50 RSI for any signs of breaking towards bull territory.

If you like this chart & analysis, please make sure to upvote - It really helps.
Trade active: Well, well, well....
So we hit best case scenario.
Right now it's 60/40 chance to go further upwards towards 7.2k or to go down towards 5k.
If my assumptions are correct, 7.2k is more likely.

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