This is a continuation of last weeks TA posts, Hold your breath. Now that we are closing in on a reversal. Lets look and see what this weekend is going to offer.
So far this structure hasn't formed exactly how I imagined it would and has raised some concerns for a much larger move down but we're not there yet and I'm always hopeful, that is the part I'm wrong about.
So short term we appear to be completing the 4th wave of a very defined 5 wave structure exactly as I've been laying out on my other post the last few days. Considering BTC's historic preference for the -.236 I would think the area around the .5 retrace of the move from 10k - 42k will be a likely area for reversal.
Of course if you've been around Crypto long enough you are familiar with news scare drops that somehow conveniently drop on big red days so a push to the 23k area wouldn't be surprising but I'm currently about 80% probability on the .5, 26k area. We'll have to watch and see how this 5th wave develops.
So far this structure hasn't formed exactly how I imagined it would and has raised some concerns for a much larger move down but we're not there yet and I'm always hopeful, that is the part I'm wrong about.
So short term we appear to be completing the 4th wave of a very defined 5 wave structure exactly as I've been laying out on my other post the last few days. Considering BTC's historic preference for the -.236 I would think the area around the .5 retrace of the move from 10k - 42k will be a likely area for reversal.
Of course if you've been around Crypto long enough you are familiar with news scare drops that somehow conveniently drop on big red days so a push to the 23k area wouldn't be surprising but I'm currently about 80% probability on the .5, 26k area. We'll have to watch and see how this 5th wave develops.
Comment:
Invalidated, guess I shouldn't have scalped that long position. Ill back off and look for a re-entry once we see a complete wave structure. So i know where I am.