After predicting the ABC correction out of BTC, which overextended my target by around $100, I am now flipping long and playing for a 5 wave impulse up to the R2 on the daily at around 11,470. This should be a conservative target as we have hidden bullish divergence on the daily, along with a retest and bounce off the 50 moving average. On the daily, Stoch RSI is almost bearishly crossing, but trying to avoid it. Volume is looking fantastic on the daily, steadily increasing with the trend, retaining our bullish momentum. No reason why we can't see higher prices in the near future.
What indicators on the 4hr do I see that makes me think we will head up quick? First, Elliott Wave structure looks great so far, Stoch RSI is looking for a bullish cross, decreasing volume over the last like 20 candles tells me we are primed for a big move up. The red volume bars are simply because fear is always greater than greed, and those have come up because price rises so high. I believe off these indicators buyers will enter the market to catch this next wave up before another sell off to around 8,800 possibly.
Here is the daily:
What indicators on the 4hr do I see that makes me think we will head up quick? First, Elliott Wave structure looks great so far, Stoch RSI is looking for a bullish cross, decreasing volume over the last like 20 candles tells me we are primed for a big move up. The red volume bars are simply because fear is always greater than greed, and those have come up because price rises so high. I believe off these indicators buyers will enter the market to catch this next wave up before another sell off to around 8,800 possibly.
Here is the daily:
Trade active:
Price dropped a little bit more than I anticipated, but the next 5 wave impulse is still in play. Volume agrees as sellers lose interest.
Price dropped a little bit more than I anticipated, but the next 5 wave impulse is still in play. Volume agrees as sellers lose interest.