So long as the price of Wave 4 does not start making 4 hour or 1 day closes below the top of Wave 1 the Bulls are still in the game. Are the tables turning Bears? Did you get trapped by the Bitcoin Bear Slayer? LOL I guess we will all find out soon enough....
Comment:
The perfect place for a Wave 4 to complete is at the 38.2% Fib level. We have never touched it. This would also be a good place to scare out more Longs and trap more Bears by spiking a bit past the 38.2 and into the upper wick of Wave 1 thereby getting all to commit to the wrong side of the trade and then cutting off their heads in both directions. The result? Longs jump out early and Bear get trapped short. Then both groups jump back in and push prices higher. Just my hypothesis of course as anything could happen and usually does.
Comment:
The priced tagged the 38.2 Fib perfectly and bounced. This indicates to me that the market is still respecting certain technical levels. If this level holds then we could say Wave 4 is complete and the Bulls are still in control.
Trade closed: target reached