BTCUSD remains nicely and impulsively bearish in the 4-hour chart and with the recent extension below the base channel support line, it looks like a five-wave cycle is still in progress. At the moment we are tracking wave 4 that can be either a triangle or bigger (A)-(B)-(C) correction which can retest 32k-33k resistance area, from where we should be aware of another, maybe final decline for wave 5. On a daily basis, we are still observing A-B-C decline, ideally towards 24k-20k zone, where we will look for a strong reversal in trend.
Any move in five waves above 38572 level and out of a downward channel on a daily chart may indicate that low is already in place.
Something it's wrong with that target for wave 4 ( you use log chart? you use fib extension base on log chart? and if go in 10K invalidate all count because wave 1 = 14k area), just saying.
ew-forecast
⋅
@MynameisTeo, I am looking for 20k as strong support
AsapTrader8
⋅
thank you always
sopla
⋅
well done mate. not many spotted that.
ew-forecast
⋅
@sopla, thx. so far looks like a nice turn from res.