artgen567

BTC - Need 5th Wave To Complete This Leg

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC             now have 1 impulse zig-zag wave and classic 3rd wave. If so we need 5th wave to complete this leg.

Right now we not see big volume - it means that market want more dip levels to initiate new longs.
Possible moving in rising triangle - this pattern can go in any way but in current situation and no big volume can breaks down to get more support.

And now my IF-SO part.
IF we break $6800 - it will be signal for market that bears tired and market ready to test $7600 level.
IF price break bottom line of triangle - possible going down to the next support around $5500-$5600.

Write your comments and your charts. Its interesting situation - one side market create flat bottom, other side we have not completed wave structure.
Comment: Moving to $6850 resistance zone.
Comment: $6850 broken with momentum squeeze. There is no chance to trade movements like this if you not watch key levels around 6000.

Now you can see many "long" stories to 10k from the crowd. But all is already happened. If you play this little swing from 6300-6500 is ok. But now its gone.

Im playing my patience hand for 5th wave till the middle of Aug. If its gona upper 7600 - I can find some pullback to 7200 around for the enter little part of position.
Comment: Update wave counter for the last already passed leg. Also posting levels for initiate new longs.

Comment: $7620 - daily MA 100
Comment: This week market shows signs of strength. But looks like impulse is over. And now we want to know key levels for new longs.

Key level $6820-6850.

1. We want to see this level for starting any new longs.
2. On key level market should decide ready or not for retesting $7600
3. We will watch price action on this level and start little swing-trade if market shows signs of strength.
4. If on key level we will see big volume of sell - it means that market not ready to go up and then we will watch key levels 5600-4800-4500.

Comment: We not start new trades because key level not reached. This is normal for squeezed market. Market makers create wall of buy trades. Then they create a flat on $8300 and sell to crowd that they bought at $6400.

On the last days we can see many "bull" signals from "pro" trades. This signs almost always signs of reverse and pullback. When crowd wakeup...

About next months situation:
Weekly MA99 support is next point. Look at crossing with support line at 5200-5500. In this zone we have many overlays of support levels. Where $4500-4800 is extreme support.



Why we not start new trade from $7400 to $8300? Because RR from $7400 is not the best. We look at level $6800 IF it would be reached. But this type of market create squeeze for your emotionals. The best words here is MarkPMarkets words: No retrace - No trade.
correct - about 5000/5500
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artgen567 Eberzahn
@Eberzahn, Correct? Why? please provide with chart ))) Man this is unpredictable market and "correct" word here is uncorrect lol. You have "pro" and can watch VPVR levels - 5560 is border of big volume. If we go lower 5560 then 4500-4800 waiting us.
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I feel like your W1 is way too long, recheck that on a lower time frame and you may get a different count
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@ESSCRS, Yes, its difficult wave counter beacase first part of 'zig-zag' is 5 waves but second part is whole wave. If you have screenshot your waves for this leg - post it. Its interesting to see your thoughts.
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@ESSCRS, About timeframes - I can explain my decision that movements like this (2.5 months of fall) we can see only in 1D timeframes and more to get a whole picture.
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