BTCUSD H4 Correction up.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
H4 I'm looking for the larger correction up in X before we get Z down. Wave Y is very close to the 161.8fib extension.

H1 we broke the low so I think were in the Z down with bullish divergence forming. wait for impulse up breaking yellow TL and bullish flag to confirm more upside to come before jumping in to the buy (see H1 pic) targeting the 38.2fib retracement

If I'm correct and we are at the start of the H4 correction it could be quite choppy for the next few months so trade with care!

You can look for buys on the lower time frames but be sure to move to BE ASAP as I expect it will be choppy going off previous price action.

Were entering the Christmas holidays so we may see increase in volatility due to less order's placed in the market so take this into consideration when calculating your risk!

I won't be around much until after the new year so Merry Christmas everyone and enjoy your time with friends and family over the festive season!

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H1 count. Look for Impulse up breaking TL and bull flag before entering market.
Comment: If you got the buy setup on the lower time frames you should be looking to move to BE.
Comment: If your in a buy you could start to tighten your SL (see pic) If your not in a trade there's no rush. If your buying the bullish flag's it may pay to be a bit careful now as were starting to get m15 bear divergence, more experienced traders can take the flags but be sure to keep tight SL and move to BE ASAP
My entry
Comment: BTCUSD H1 C UP. Checkout the idea detail's and update's for the complete picture. Thank's
Comment: H4 correction playing out nicely, hit play on the idea!
We have an A up with ABC in B wave so start to look to buy the C up. I will be looking for impulse up on lower TF, bullish flag to confirm more upside to come before jumping in.
Comment: Getting nice bull flag, look for the buy!
Comment: H4 internal B wave structure could become more complex with the 333, were in a tricky spot. Wave Y never gave bull divergence so i'm not ruling out the Z down. Current price action very choppy as expected in a B wave, you can still look for buy setup's but trade with care!
H4 possible 333 complex correction structure I see.
Comment: Keep looking for the buy.
Comment: Ok, so price broke to the upside and if you took the trade long you should have got BE or taken the hit. Now BTC has become more complex giving a lower low on H1. Traders looking for the buy need to wait for the impulse up breaking the structure and bull flag before considering the buy. Looks like we maybe getting a sell setup but its very risky because were at a low with bullish divergence. This is a time where we need patience and wait for the next good buy setup. Even if the low get's broken in the H4 B wave we will still get the C up to complete the structure and thats the trade we don't want to miss.
H1 chart.
Comment: We got a spike down giving a lower low on M15 with bullish divergence potentially finishing off H1 wave Z. Look for buy signals to catch the H4 wave C up.
Comment: H1 chart there's the potential that we have a complete structure with bullish divergence and solid candle close. Look to buy bullish flag on lower time frames for the best entry. 1st targeting the H4 100fib
Comment: H4 Chart 1st TP, let's see if it goes. (Be sure to get nice bull flag on lower TF's before jumping in)
Comment: We are starting to get a nice bull flag on m15, wait for solid close break before jumping in. there are two place's you can place your SL, just under the flag or under the M15 C wave. BTC seems to like to give long drawn out correction's which become quite complex and for this reason I would suggest calculating your risk to the low of wave C.
Comment: We got the flag break which failed but you should be still in the trade if you calculated your SL to just under M15 wave C as mentioned in previous update. If you put your SL just under the flag you more than likely moved to BE when top was broken for BE trade or you took the small hit. Price broke flag, broke the top and now is giving a larger correction as I warned about in my last update. No one knows what the correction will end up to become or how drawn out it will be but its a correction for more upside. Look for buy's!
M15 chart i'm looking at a possible expanding flat at this stage but as we should know BTC loves to give long drawn out corrections so...... let's see
Comment: Bear flag forming but risky to take as it may just spike down and shoot back up forming bullish divergence. Look for buy setups. If you in the trade you may get a chance to add, if your not in the trade you may get nice buy opportunity.
Comment: Like I said in the detail's of this idea "If I'm correct and we are at the start of the H4 correction it could be quite choppy for the next few months so trade with care!" I think I hit the nail on the head and I hope my follower's took notice of that warning.

Were in the larger H4 correction and trading corrections is a risky business as no one knows what the correction will end up becoming so it's reserved for the more experienced trader's. At this stage the structure of my original idea of the simple ABC internal correction has not changed but as anyone that's studied EW will know we could get a flat correction in H4 wave X with price breaking the low before giving the C up to complete wave X.

Nothing has changed from my original idea and price action is confirming to me even more that this is only a correction before we get the H4 Z down, The low is not in place in my view!

At this stage I'm still expecting the H4 internal C up so experienced traders look for the buy's or if your in a trade be patient and wait for the C up.
Comment: For those that are not in the trade for the internal H4 C up you might be getting a nice bull flag buy opportunity.
Comment: Ok so everyone patient enough should be on this trade for the H4 internal C up, now's a good time to move to BE 1st targeting the 100fib. This could be the start of a much larger D1 C up so you can hold the 2nd half for that scenario.

I am still of the view of my original idea that this is just a correction before we get the Z down.
Trade closed manually: Head's up, New idea been put out. BTCUSD H4 Update, Z down?, Checkout the idea detail's and update's for the complete picture thank's.
Comment: New D1 idea out, Check it out thank's.
BTC D1 Wave C up, Running or Expanding flat.
Comment: BTCUSD W1 Basic EW ABC Correction. Checkout the idea detail's for the full run down thank's.


Thanks for the alert. Cheers.
+1 Reply
Boon2 keifer
@keifer, Your welcome, I'm glad to hear the idea helped. That's why i'm trying to get the idea out there to help as many as I can.
+1 Reply
+1 Reply
Well, now buy?
+1 Reply
Boon2 cardan6006
@cardan6006, If your not in I would wait for another bull flag to be on the safe side. BTC very choppy so I do think were in a correction so we should see the H4 internal C but the internal B wave is getting very complicated.
+1 Reply
@Boon2, and if you are in it like me, you're getting REKT!
+3 Reply
Boon2 TomPower
@TomPower, Well it's a long draw out correction that's for sure and I am on the trade with SL at the low of H4 wave Y.

As far as getting rekt my SL has not been hit and stops me from getting rekt.

+1 Reply
This works stunningly well with wyckoffian logic as well.
+1 Reply
Boon2 UnknownUnicorn2454397
@UnknownUnicorn2454397, O ok cheers, I'v never heard of that.
nice boon... same targets
+1 Reply
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