This technical analysis mainly used Elliott Wave count and Fibonacci retracement to analyse market trend of BTC over the next two week from 30 min timeframe.
Disregard a decent gain today 10/05/18 but the Elliott Wave has indicated some solid pattern of an ABC correction up ahead of BTCUSD. Using the 30 Min timeframe, Fibonacci retracement combined with Elliott Wave have indicated solid evidence of the 1st wave of ABC pattern. Having a closer look, the sub wave counts are accurate to support this statement. BTCUSD is predicted to bullish run at 0.5 retracement and hit the resistance level of the fourth EW. Then it will head down to around 8500. This analysis is very bearish compared to how BTC is running at the moment. However, due to the strong evidence, it is hard to ignore these signals in EW. Furthermore, using MACD, it has also indicated a strong signal of a descending triangle. Descending triangle implies a strengthening in bearish price action against the bullish price action. According to the pattern, this is an additional piece of evidence for a bearish scenario up ahead. If this bearish scenario happens, inn the next few days, the market will potentially bounce back and forth at 8900 and 8500 level to finish up the ABC correction.
Finally, short positions could with tight stop loss would be ideal for some gains over the next few days (risk&reward ratio is 4.71 and 6.94
I will keep seeking the correction signals and update on this TA.
Please give me a thumbs up and click follow as I dedicate lots of time in doing this.
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
Disregard a decent gain today 10/05/18 but the Elliott Wave has indicated some solid pattern of an ABC correction up ahead of BTCUSD. Using the 30 Min timeframe, Fibonacci retracement combined with Elliott Wave have indicated solid evidence of the 1st wave of ABC pattern. Having a closer look, the sub wave counts are accurate to support this statement. BTCUSD is predicted to bullish run at 0.5 retracement and hit the resistance level of the fourth EW. Then it will head down to around 8500. This analysis is very bearish compared to how BTC is running at the moment. However, due to the strong evidence, it is hard to ignore these signals in EW. Furthermore, using MACD, it has also indicated a strong signal of a descending triangle. Descending triangle implies a strengthening in bearish price action against the bullish price action. According to the pattern, this is an additional piece of evidence for a bearish scenario up ahead. If this bearish scenario happens, inn the next few days, the market will potentially bounce back and forth at 8900 and 8500 level to finish up the ABC correction.
Finally, short positions could with tight stop loss would be ideal for some gains over the next few days (risk&reward ratio is 4.71 and 6.94
I will keep seeking the correction signals and update on this TA.
Please give me a thumbs up and click follow as I dedicate lots of time in doing this.
Disclaimer
I am not a professional technical analyst or financial adviser. This should not be used for trading action but rather a contribution of knowledge to the community.
Comment:
My apologies for the second short position. It was meant to be at the same entry price and stop loss but longer long
Comment:
Stay tuned - the market will keep on correcting!!
