And I'm back (and happy) to posting here in TradingView. It's been a long time, lot's of change and new stuff... Anyhow, back to the chart.
Break of 5,920.72 was bad! Very bad! It was predictable as an option only but it is what it is, I guess. I'm out of all my positions in BTCUSD (stopped out at break even). The good point (for bulls) is that this has not been the big sell off and I explained that in one of my free video (I will do one here when I have fixed my mic). So, now what?
In daily, nothing, we wait because next equal leg area is 4,596.14-3,332.87 and we might not see it!
Indeed, on 28/06, I called the end of the 4h cycle from 9,948.98 high at 5,870.00 (explained the marginal new low that is ignored) and therefore the end of the cycle from 11,780.00 high and 19,666.00 despite we did not reach the equal leg area in daily and 4h.
I did not recommend to buy BTCUSD and I don't recommend to buy here (I bought ETHUSD and ZRXUSD within equal leg area lower), so now, we have to wait and see how the structure develops. Here is the path I propose as long as we stay above 404.98.
From current levels, if we break below 6,259.34, I don't like to buy lower as we are left with 3 waves to the upside from 5,780.00. If we have a marginal new high with divergence intact, I will buy any clear 3 waves pullback (purple 2), stop either 161.8% extension or 5,780.00 (depends on the level), repeat and rinse (3, 7 swings is same).
Also, seems to be back, especially in altcoins, so we have interesting time ahead. But remember, follow your system, your risk management and don't open the stops...
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