the last low was on the 200 week average, a very powerful support traditionally.
I am not making a bold call that the ultra bottom is in. However looking at the TD D-wave 5 wave structure, we can speculate that price is finishing 2nd wave correction in a 5 wave up move.
This setup will be invalidated if BTC breaks below 3100.
But if we can form a higher low here and break above 4200, that may confirm a wave 3 up.
Should you buy here? I would say, traditionally, we should only start buying when price action breaks the high of wave 1, which is 4200. However, it is not a bad idea to start buying little by little from here, because even if we break below and form new low, that bottom would not be far away, at most 1500. Therefore dollar cost averaging BTC is still something to consider. Just me speculating.
You can make a trade if you want, but I highly recommend putting a stop loss just below 3000 in case the up wave is invalidated.
Stay safe, traders!
I am not making a bold call that the ultra bottom is in. However looking at the TD D-wave 5 wave structure, we can speculate that price is finishing 2nd wave correction in a 5 wave up move.
This setup will be invalidated if BTC breaks below 3100.
But if we can form a higher low here and break above 4200, that may confirm a wave 3 up.
Should you buy here? I would say, traditionally, we should only start buying when price action breaks the high of wave 1, which is 4200. However, it is not a bad idea to start buying little by little from here, because even if we break below and form new low, that bottom would not be far away, at most 1500. Therefore dollar cost averaging BTC is still something to consider. Just me speculating.
You can make a trade if you want, but I highly recommend putting a stop loss just below 3000 in case the up wave is invalidated.
Stay safe, traders!
Trade active:
just took some profit at 3640 earlier today. Hope we can run higher!
