BTC Wave 5 completed, now going into consolidation?
After my CORRECT previous analysis here:
It seems that the big push upwards, through the main trendline and completion of Wave 5 Impulse on the Minor period, seems to have been completed and price action may start a consolidation move sideways. TDI shows overbought position with the RSI just inside the outer band so I'm not expecting a sharkfin which would suggest a hard move downwards.
All EMAs are still upwards in trend and are not showing any cross potential at present, although I would expect the Mustard to cross with the Ketchup EMA during the consolidation/correction period. If the Ketchup and Mustard cross with the Water EMA, we could then expect a deeper correction as a secondary move, however I don't see that happening at the moment. Zone flip area which conveniently is exactly where Wave A is forecast to reverse for the Wave B which would confirm additional support.
In my opinion, the end of Wave A would be a good place to go LONG again on this pair (eg. Purchase Bitcoins) and continue to hold long-term for the next impulse wave move to $4,500 ~ $5,000 range, which I firmly believe it will reach, within the next few months, if not sooner.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
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All EMAs are still upwards in trend and are not showing any cross potential at present, although I would expect the Mustard to cross with the Ketchup EMA during the consolidation/correction period. If the Ketchup and Mustard cross with the Water EMA, we could then expect a deeper correction as a secondary move, however I don't see that happening at the moment. Zone flip area which conveniently is exactly where Wave A is forecast to reverse for the Wave B which would confirm additional support.
In my opinion, the end of Wave A would be a good place to go LONG again on this pair (eg. Purchase Bitcoins) and continue to hold long-term for the next impulse wave move to $4,500 ~ $5,000 range, which I firmly believe it will reach, within the next few months, if not sooner.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Comment:
It now seems quite possible, that price action is in a continuation of Wave 3 instead of Wave 5, thus the Wave 3 could be an extended wave and we may see price action surpass the $4,000 Mark !
Comment:
Price action has surpassed $4,000 mark and has now completed the Wave 5 (with an extended Wave 3). Price action now seems to be in consolidation so now we wait to see where consolidation ends and the next Impulse move up (or down) begins.
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