Hello friends,
Last few days we have had a pattern change.
Currently BTC on the larger time frame is in a Contracting Diagonal since recent high of $14.000.00. BTC is nearing the end of wave 4.
Wave 4 has created a barrier triangle and it has 5 waves. These are measured moves and according EWT these rules can't be broken. So as of now BTC has finished creating the 3 wave high. There is a possibility to retest this but it can't go further up. So what I am saying is that a short opportunity is at hand.
The retrace of 4 wave can't go past the target indicated on this chart. It is not allowed according to the EWT rules. If it does pass, we will have a new pattern but I am doubtful it will happen. Once this completes, we will have a opportunity for a small long as indicated.
Please refer to chart for further details.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Trading is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Last few days we have had a pattern change.
Currently BTC on the larger time frame is in a Contracting Diagonal since recent high of $14.000.00. BTC is nearing the end of wave 4.
Wave 4 has created a barrier triangle and it has 5 waves. These are measured moves and according EWT these rules can't be broken. So as of now BTC has finished creating the 3 wave high. There is a possibility to retest this but it can't go further up. So what I am saying is that a short opportunity is at hand.
The retrace of 4 wave can't go past the target indicated on this chart. It is not allowed according to the EWT rules. If it does pass, we will have a new pattern but I am doubtful it will happen. Once this completes, we will have a opportunity for a small long as indicated.
Please refer to chart for further details.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Trading is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Comment:
In a contracting or barrier triangle many waves have a 61.8% – 78.6% relationship to the previous wave or alternating wave
Comment:
Comment:
Trade closed manually
