For the less experienced traders it is wise to see if this fift wave plays out, and then buy the retracement. Ideal would be to test the longterm resistance as a support. A close below 6250 will invalidade this count! 6000 would be ideal target.
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Today we broke the pennant and as expectec we moved right to the wave 1 support zone. As I mentioned above a close below 6250 would give us an elliotwave faillure. So far it seems to be holding but this is a warning!
Targets too the up and downside stay the same for now.
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So we got a reaction! We dropped below the 6250 to test the longer term resistance line as support and instantly had a reaction to the upside. although we did not get a EW faillure, we did drop below our wave 1 area (did not close). For me personally this is still a notrade zone. For now I will be trading the market like this :
Before we get an EW faillure (close below 6250) or a break above 6500 i personally conider this as a no trade zone.
This is how I am trading the market right now (chart above)
Im now looking for a lower low or a higher high during this tether spike correction fase, before I enter a trade.
Bragabra
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My current view on the tether spike correction, wich i believe to be a ABCDE wave 4 corrective wave. Best to be seen in the 3 hour chart. Btc will have to make a move soon.
I do agree that btc has the potential to reach this targets! but i am a day/swing trader and my charts shows a potential shortterm run. I still believe 4k scenario is still in the picture. Thanks for your input though !
Before we get an EW faillure (close below 6250) or a break above 6500 i personally conider this as a no trade zone.
This is how I am trading the market right now (chart above)