It's great to see BTC find support at the 50 DMA (orange TL). Things will be extremely bullish if we see the 15 DMA (blue TL) and 20 EMA (Pink TL) move above the 50. We haven't seen this move since back in April.
There will be major resistance at the 50% Fib extension level. Partial profits can be booked between the 61.8 to 78.6 Fib extension. Stop loss should be moved to break even for those who have been trading with me in this inverse H&S pattern.
We are nearing the end of Wave 3 of a 5 wave extension. Wave 4 should pull back to around 7,050 level and should be only purchased if we hold this level for 4 hours. As it is expected all indicators are looking very bullish with RSI near 66. This is one of my reasons for thinking wave 3 is near completing and once we hit near 70 I expect bitcoin to pull back in wave 4. This is fine as we need to reset and gather some more consolidation for the next leg up. Wave 5 should be an extended wave. We have a final profit target near the 100% extension level. If btc falls back below 6765 things turn bearish again.
let's see how things go. As soon as people start talking about the moon and lambos again I find this is a pretty good time to take partial profits :). Just kidding, but not really.
Bobby
There will be major resistance at the 50% Fib extension level. Partial profits can be booked between the 61.8 to 78.6 Fib extension. Stop loss should be moved to break even for those who have been trading with me in this inverse H&S pattern.
We are nearing the end of Wave 3 of a 5 wave extension. Wave 4 should pull back to around 7,050 level and should be only purchased if we hold this level for 4 hours. As it is expected all indicators are looking very bullish with RSI near 66. This is one of my reasons for thinking wave 3 is near completing and once we hit near 70 I expect bitcoin to pull back in wave 4. This is fine as we need to reset and gather some more consolidation for the next leg up. Wave 5 should be an extended wave. We have a final profit target near the 100% extension level. If btc falls back below 6765 things turn bearish again.
let's see how things go. As soon as people start talking about the moon and lambos again I find this is a pretty good time to take partial profits :). Just kidding, but not really.
Bobby