BTC To Bounce at 9.2k For FINAL Push UP! Then...LOOK OUT BELOW!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Based on my EW count we are nearing the end of the 4th Wave down of this 5 Wave impulse (Blue Lines). Wave C is coming to an end and we are looking for it to end at approximately $9160. Ending here would make Wave C (of the ABC correction that Wave 4 is made up of) .618 the length of Wave A, and we know that Wave C and Wave A tend to relate to each other with a fib ratio (such as .618).

Furthermore, if we look within our Wave C and count the subwaves (Pink Lines) we can see that this Wave C is also made up of another smaller ABC correction, and ending at $9160 would also make this smaller Wave C .618 of the smaller Wave A (both drawn with Pink Lines).

For educational purposes only, entering a trade here would give us a very good risk to reward ratio. We would place a stop-loss at $9050 (going below about $9090 would invalidate this count as our Wave 4 would overlap Wave 1 high point) and enter long between now ($9300) and $9160. Upside is huge as our Wave 5 is likely to be extended since our Wave 1 and Wave 3 were not extended. This extension can take us to 13k or higher levels giving us a 1:10 (or higher) risk to reward ratio.

Wave 5 targets will be determined once Wave 4 ends (unless of course the idea is invalidated).

Finally, after this Wave 5 ends we can expect a larger correction that takes us to sub 9k levels (Hence the "LOOK OUT BELOW!" part). Ideally we want to exit the trade as close to the end of Wave 5 as we can and re-enter at sub 9k levels.

Comment: Wave 5 has begun. We didn't get quite as low as we had hoped (9.3k) and instead bounced earlier- a very bullish sign. Our first target for wave 5 is below in the RED zone.

Comment: Currently in Wave 2 and based on the price action thus far it seems this corrective Wave 2 will be a sideways correction. We should see Wave 3 begin soon and it will likely be a very strong one. Targets for Wave 3 will be posted once we see some movement and a breakout.

Comment: Its been a while since I updated this idea, but here it is!

Expecting a drop very soon. If this plays out, it would mean this first giant rising wedge was Wave 1 (of 5) of the 5th and final wave up before a larger correction. The drop that I believe we are about to see will be Wave 2, and Wave 3 will start after. This would mean we should see 12-13k levels easy, as Wave 1 took the form of a leading diagonal and was much larger than I had originally anticipated.
Trade closed manually: New idea posted, follow along there!

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out