Presently BTC trading in a triangular pattern, the last wave hit the bottom of the triangle around 5755$, which form our yearly low for now.
We believe that end the major correction from the last year bullrun.
The bounced off from the triangle is what we look at to be the beginning of our new IMPULSIVE WAVE.
The post will be timely updated as the market unfold. Join our discussion room for more about our trading ideas.
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This is great price winks down to the top of wave i but quickly bounced off it, great sign, we might be on wave v now.
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BTC completed formation of Inverted SHS.
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BTC seems to be forming potential impulsive move for continuation of wave V.
For this setup to remain valid price must not close below red dotted line(6283).
Anything below this level means we can see a drop back to 6100 zone, where i have black dotted lines.
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BTC has been trading in Ascending triangle pattern on 1hr time frame,
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Triangle breakdown, next support ranges between 6105 and 6145
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First significant bounce off 6105 level.
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Price break through 6300$ resistance which has now turned to support. Currently price is attempting a re-test of this support zone. Let see if this support will hold.
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BTC achieved good milestone of closing above 2 solid resistance at once which are 6300 and 6400, now facing resistance at 6600.
From our wave counting we already achieved completion of wave 3 around 6540/6550 area.
We expect a retracement to form the base of our wave 4 which will be around 6435/6460.
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We may have some retracement now
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Support level to watch are: Immediate Support: 6670, 6650
If that fail then next support lies between: 6512, 6485
BTC trading in a range of 7265 - 7555 we await breakout of this range to make our next move.
Two outcome are possible.
1. Breaking up to test 7800$ and if that level break we will see BTC hitting our long term target of 8300$ or probably hitting 8500$.
2. Breaking down to form wave 4 which is expected to terminate around 7035-6980 or finally at 6840.
Anything below this above range will lead to BTC changing its course for a possible retest of 6000$ zone again. But I think the chance is very slim.
Level to watch as support:
7270 7035 6980 6840 6660 6410 6000
Level to watch as Resistance: 7595 7760 8040 8305 8535 8975
STOP LOSS TO EXIT BUY: 6710
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Moving as expected so far
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Look to be trading in an Ascending triangle pattern with target at 7800/7900.
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This target met only short with 100$, BTC tested 7700 and drop from there to closed yesterday with inverted hammer.
This signal the beginning of reversal and our target for reversal ranges from 7270 to 6775 area.
Level to watch: I spotted 3 safe levels( from this level if we have bounce it will signal for continuation of the current trend and target will be 8500/8800)
1. 7270 Been the bottom of the range and at same time 23.6% fib retracement level of previous move(wave 3)
2. 7045 that is where price will form Right Shoulder for the ISHS and at same time 38.2% fib retracement level of the previous move(wave 3)
3. 6830/6770 these level equivalent to 50% fib retracement level of wave 3, and at same time it was the top level of the Ascending triangle broke out from, so a possible re-test may occur.
Other level to watch are: 6690 6421
Anything below above mentioned level means we will head back down to re-test 6000$/5700$ again.
But overall BTC look good.
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Guys new thread form for continuation
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Another supportive thread posted
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New post created on BTC to follow up the previous analysis, guys do please have a look and leave your comments.
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Updated post opened to follow the current market effect.