I have been waiting for weeks on this Macro correction. There is no guarantee that this is what's at play here.
If it is though, there is no way that the entire correction will take just a few days or 1 week, that's why I am going with this triangle. On top of that, Bitcoin is very known to have a triangle W4.
Yesterday, we bounced beautifully from a smaller time frame 0.382 Fibonacci support I had on my chart, it's entirely possible that this was it, in which case we haven't finished that macro 3 wave yet and there is more ATH to come before our multi week (or multi month) macro 4 correction plays out.
For now though, longing the macro support struture (Fibonacci support levels on the bigger wave 3 since 9.8k), is the way to go. For me, that starts with a long at the 0.382 which is currently sitting at 25260$ as you can see.
If you are scared to miss the next rally, sure you can take a long here and might be able to keep the stop close enough. For me it's still worth waiting at this point, and hope for the macro support levels to get tested.
If it is though, there is no way that the entire correction will take just a few days or 1 week, that's why I am going with this triangle. On top of that, Bitcoin is very known to have a triangle W4.
Yesterday, we bounced beautifully from a smaller time frame 0.382 Fibonacci support I had on my chart, it's entirely possible that this was it, in which case we haven't finished that macro 3 wave yet and there is more ATH to come before our multi week (or multi month) macro 4 correction plays out.
For now though, longing the macro support struture (Fibonacci support levels on the bigger wave 3 since 9.8k), is the way to go. For me, that starts with a long at the 0.382 which is currently sitting at 25260$ as you can see.
If you are scared to miss the next rally, sure you can take a long here and might be able to keep the stop close enough. For me it's still worth waiting at this point, and hope for the macro support levels to get tested.
Comment:
Looks like our W3 wasn't entirely finished yet. Bullish confirmation just now.
