This is a spot where the elliot count would expect the C point of the ABC after the 5 wave impulse to show its presence with some obvious bullishness.
Note that this C point is NOT confirmed yet, it's still just a potential region.
I'm mainly in HODL mode and expecting a pretty big run up before the halving so I am just watching this from the sidelines.
I am looking at this a little more closely than usual and might scalp it long a bit since it looks like the C point is near but overall my main focus is in not worrying too much about BTC's recent bearishness since it's actually just a very small correction even for the impulse it just formed; and also because I'm trading primarily according to the 4 year cycle with my eyes on the bull run that should complete sometime the end of next year.
Scalps on shorter term timeframes should be such that you can get at least a 5 RRR with an initial target under the 10500 recent high and then hold the rest as a runner into the teens. Buying accumulation patterns at the low of day will be my go-to short term setup here.
Note that this C point is NOT confirmed yet, it's still just a potential region.
I'm mainly in HODL mode and expecting a pretty big run up before the halving so I am just watching this from the sidelines.
I am looking at this a little more closely than usual and might scalp it long a bit since it looks like the C point is near but overall my main focus is in not worrying too much about BTC's recent bearishness since it's actually just a very small correction even for the impulse it just formed; and also because I'm trading primarily according to the 4 year cycle with my eyes on the bull run that should complete sometime the end of next year.
Scalps on shorter term timeframes should be such that you can get at least a 5 RRR with an initial target under the 10500 recent high and then hold the rest as a runner into the teens. Buying accumulation patterns at the low of day will be my go-to short term setup here.
Comment:
The support region did not hold strong buyers and it's smarter to wait for miner capitulation as posted on my most recent chart than to catch a falling knife.