BTCUSD
From the December 2019 lows of about $6,400 dollar, in Elliott Wave Terms, we have a nice 5-wave move to the $10,500 dollar mark reach in mid-February of this year. A move that I will call Minor Wave 1.
After that, we have a clear 3-way move to the downside, a move that has retrace about 69% of the previous up-move. A move that I will call Minor Wave 2.
We can’t really be certain that Minor Wave 2 is finish, so far it has reached the lows of $7,685 dollars, but it is possible for it to go lower.
Another area of support will be the $7,500 USD dollar mark, and the $7,280 USD dollar mark, where the blue trendline lies, along with the 78.6% Fibonacci Level.
Right now it is trading at about $7,800 dollars, just below the critical support level of $8,000 USD, where the 61.8% Fibonacci Level stands. And it has already filled the last open GAP in the CME futures charts, as see below. Although, now there is another open GAP at about $9,100 USD.
It is also worth noticing that the RSI indictor is at the bottom, in the 4-hr chart, meaning that Bitcoin is oversold in the short term, which is bullish.
It may go all the way down to $7,500 USD or $7,300 USD, or it may not. It could have bottom already at $7,685. For me around the $7,800 USD level is good enough to get in. I’m opening longs here. Not a recommendation, just what I’m doing.
Good Luck in Your Decisions
Trade closed: stop reached:
Bitcoin closed below the critical $6,400 USD level, also, it invalidated the possible Inverse Head & Shoulders Pattern, and went back inside the blue downside channel.
I’m not talking about a rainy day; tsunami seems like a light thing here.
I didn’t expect that, I’m sorry.
Out and not looking to get back in any time soon.
Cheers
I’m not talking about a rainy day; tsunami seems like a light thing here.
I didn’t expect that, I’m sorry.
Out and not looking to get back in any time soon.
Cheers