BTCUSD ; ending diagonal, bearish and potential reversal zone
Hi guys,
so i dont think its an WXY like in the last post. I STILL THINK we have a 5-3-5 zig zag. But as an ending for the '3', we have something a little bit more complex : endding diagonal. ending diagonal can be labeled 1-2-3-4-5 or ABCDE, as subdivision of wave 5 in an impulse or subdivision of wave C in a zigzag. Here some lecture, point 3.4 : elliottwave-forecast...lliott-wave-theory/.
It is bearish or bullish ? Both case have particularities. What is particular with this ending diagonal is if you look at it, it is formed 3 wave, i.e. from A to B we can see 3 major direction that repeat between B to C, C to D, etc. We see in conjoncture an imminent 4H MACD bearish crossover, we see that 1D MACD is still in the negative spectrum but still is a bullish state. On the other hand histogram showing weakness. So since we have divergent scenario I have identified a potential reversal zone. If we go lower daily gonna switch on mid term bearish.
Weekly still looking bearish with a failed attempt to test MA100. 1W MACD remain bearish and is not near from a bearish state, in fact weekly is still in the negative spectrum and under the signal. To vote for a bullish scenario I would need at least a closer MACD-signal, from the bullish perspective nothing is imminent.
im still out of the market but if you are still in stop loss would be a great risk management.
so i dont think its an WXY like in the last post. I STILL THINK we have a 5-3-5 zig zag. But as an ending for the '3', we have something a little bit more complex : endding diagonal. ending diagonal can be labeled 1-2-3-4-5 or ABCDE, as subdivision of wave 5 in an impulse or subdivision of wave C in a zigzag. Here some lecture, point 3.4 : elliottwave-forecast...lliott-wave-theory/.
It is bearish or bullish ? Both case have particularities. What is particular with this ending diagonal is if you look at it, it is formed 3 wave, i.e. from A to B we can see 3 major direction that repeat between B to C, C to D, etc. We see in conjoncture an imminent 4H MACD bearish crossover, we see that 1D MACD is still in the negative spectrum but still is a bullish state. On the other hand histogram showing weakness. So since we have divergent scenario I have identified a potential reversal zone. If we go lower daily gonna switch on mid term bearish.
Weekly still looking bearish with a failed attempt to test MA100. 1W MACD remain bearish and is not near from a bearish state, in fact weekly is still in the negative spectrum and under the signal. To vote for a bullish scenario I would need at least a closer MACD-signal, from the bullish perspective nothing is imminent.
im still out of the market but if you are still in stop loss would be a great risk management.
Trade active:
i maintain my projection of further decrease in price in mig term, but wave analysis must be updated. update to follow. I projected a 1D MACD-signal bearish crossover, it happened recently. weekly still in a bearish state :