BTC is bullish - wait for the ABC correction to 16700 to long
As you guys can see, this is a really tricky spot to be in.
We are stupid close to making a higher high above wave five, which will completely kill the ABC idea. But price will still pull back to the bullish order block around 16800.
I would wait for confirmation, based on what price does here.
Scenario 1: We do not make a higher high, and reverse to C leg low of 16700 and break up higher
Scenario 2: We make a higher high, at some point price still declines to the lower bullish order block right below leg A of the correction.
I still favor scenario 1, but ultimately, price action will be the deciding factor. There is no position to take at the moment.
We are stupid close to making a higher high above wave five, which will completely kill the ABC idea. But price will still pull back to the bullish order block around 16800.
I would wait for confirmation, based on what price does here.
Scenario 1: We do not make a higher high, and reverse to C leg low of 16700 and break up higher
Scenario 2: We make a higher high, at some point price still declines to the lower bullish order block right below leg A of the correction.
I still favor scenario 1, but ultimately, price action will be the deciding factor. There is no position to take at the moment.