As we can see 40K support remains valid and bull candles are getting stronger and the price can easily pump hard if break this channel resistance here.
Notice: if once again the price starts to dump hard from channel resistance(44K resistance) then it can continue falling until touching strong support of 38K and channel lower side and then from that area start pumping again. (consider this too if the market gets bearish again)
DISCLAIMER: ((trade based on your own decision )) <<press likeđź‘Ť if you enjoyđź’š>>
Comment
â‹…
52K dump and start of this fall:
Comment
â‹…
44K resistance is touching and we may have some corrections again
Or breakout and pump now?(comment below)
Trade closed: target reached
â‹…
First resistance zone is touching and target reached
Analysis: We're allowing for the possibility the recent wave 2 of (5) correction ended at 39656.42 earlier this last week. Confirming price action would ultimately come with BTC's ability to exceed 48791.96. A move above here would rule out a continuing correction in wave 2.
Bottom Line: Watching for evidence of a wave 2 bottom.
Outlook: It's possible to consider the wave 2 low in place at 39656.42. However, we'll want to see BTC exceeding the 48791.96 key level in a five-wave pattern to bolster the case. A larger double zigzag correction for wave 2 can't be ruled out unless BTC can exceed this key level.
Analysis: The current recovery is looking increasingly like a corrective retracement, which cautions us not to be too bullish until we see the corroborating price action. The Alternate double zigzag count for wave 2 remains very much under consideration unless we see stronger five-wave advances that aren't easily sold into. Pullbacks should also be corrective.
AdrianZen
â‹…
@ferGOD, I understand pasting something to contribute to a discussion but you're essentially hijacking someone's thread. Not cool, man.