CRYPTO of the week BTCUSD interestingly follow the path so far
BTCUSD 4H UPDATE - 14/05/2018
Confirmation of cycle ended from 9,939.69 high has come with break of RSI trendline, and now I need to see how the current cycle develops. Below 9,939.69 high, we still can see a double correction (not preferred view) that would hold above 6,427.16.
As always, one step at a time.
From current level, a break above 9,939.69 would open door to equal leg area from 6,427.16 low cycle at 11,768.75-12,599.41 at minima.
As mentioned in the 1h comment, I will not hold the full position above 11,780 and in daily because first this is a 4h setup with 1h execution, second because we might very well revisit 8k levels when this sequence is completed.
Always remember that any motive 5 waves may eventually turn corrective in higher degree (5-3-5 zigzag is corrective in nature and turns motive if 3rd leg is beyond 161.8% and strong counter momentum after 3rd, and this does not always apply)
Invalidation level to the upside is 5,920.72
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Confirmation of cycle ended from 9,939.69 high has come with break of RSI trendline, and now I need to see how the current cycle develops. Below 9,939.69 high, we still can see a double correction (not preferred view) that would hold above 6,427.16.
As always, one step at a time.
From current level, a break above 9,939.69 would open door to equal leg area from 6,427.16 low cycle at 11,768.75-12,599.41 at minima.
As mentioned in the 1h comment, I will not hold the full position above 11,780 and in daily because first this is a 4h setup with 1h execution, second because we might very well revisit 8k levels when this sequence is completed.
Always remember that any motive 5 waves may eventually turn corrective in higher degree (5-3-5 zigzag is corrective in nature and turns motive if 3rd leg is beyond 161.8% and strong counter momentum after 3rd, and this does not always apply)
Invalidation level to the upside is 5,920.72
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 13/05/2018-19/05/2018, I propose BTCUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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