It would appear that BTC has completed it's 3rd wave and is in it's correction phase. Depending on how I count this it is possible that we have already made an ABC correction into our fourth wave but my current count I'm trading off of is the count I have displayed. A wave to 8750.
As I played this out yesterday I had hoped we could see BTC complete wave 3 to the 8250 area 1:1 of wave 1. But we failed to reach that target so I'm removing 9,800 from my 5th wave target list (Daily resistance).
If we do see continued correction I have a target with 3 points of confluence. 8650 is the .5 retracement, nearest support zone, and the 4hr 55 EMA support. This would be a very likely point for reversal and where I will be adding to my position. I will be targeting 9450 as this is the 4hr 200 EMA resistance, prior resistance area, and $40 shy of the length of wave 3 assuming we reach 8650 since wave 1 is now our longest wave.
As always, these are my ideas for my trades and are not intended as advise on how to trade. Thanks for taking a look, any feedback is always welcome.
As I played this out yesterday I had hoped we could see BTC complete wave 3 to the 8250 area 1:1 of wave 1. But we failed to reach that target so I'm removing 9,800 from my 5th wave target list (Daily resistance).
If we do see continued correction I have a target with 3 points of confluence. 8650 is the .5 retracement, nearest support zone, and the 4hr 55 EMA support. This would be a very likely point for reversal and where I will be adding to my position. I will be targeting 9450 as this is the 4hr 200 EMA resistance, prior resistance area, and $40 shy of the length of wave 3 assuming we reach 8650 since wave 1 is now our longest wave.
As always, these are my ideas for my trades and are not intended as advise on how to trade. Thanks for taking a look, any feedback is always welcome.
Comment:
It would appear my alternative count may be in play this morning. We may see further correction off this low at 8630. The EMA resistance didn't bounce the price as I would have liked to seen and btc is struggling to break the 8700 level. I have set a target for partial profit at the 8820 level as this may be an area for reversal. I am continuing to see signs of bearish activity.
Comment:
This downtrend line is what is leading me to this conclusion. BTC has struggled with this line for a while now. You can see in the 15 min chart above this one how BTC failed to break this line 3 times before down trending. This is coupled with the fact that what I had originally labeled as a B wave seems to be too long and is probably the fifth wave of 3 that failed at the downtrend line.
This downtrend line is what is leading me to this conclusion. BTC has struggled with this line for a while now. You can see in the 15 min chart above this one how BTC failed to break this line 3 times before down trending. This is coupled with the fact that what I had originally labeled as a B wave seems to be too long and is probably the fifth wave of 3 that failed at the downtrend line.
Comment:
Looking for next support zone around the 8360 - 8240 zone. Previous resistance and .5 retracement.
Looking for next support zone around the 8360 - 8240 zone. Previous resistance and .5 retracement.
Comment:
Comment:
A wave is in. B wave target 8750. Then looking for a reversal into C wave with possible targets around .618 at 8000 but we shall see. I will be playing this trade with bearish bias as I believe continued correction below the previous low of 7200 is likely.
A wave is in. B wave target 8750. Then looking for a reversal into C wave with possible targets around .618 at 8000 but we shall see. I will be playing this trade with bearish bias as I believe continued correction below the previous low of 7200 is likely.
Trade closed: target reached:
Target reached, now lets see where it goes from here. Lets see if my count is right or if I need to back to the chart again. Journey of new trader, just telling myself not to FOMO just sell at your target and if you're wrong you can find re-entry later. Don't know what a lot of you do to handle that but I try to be as much of a robot as possible when I'm in a trade. I'm sure it gets better with time.
Target reached, now lets see where it goes from here. Lets see if my count is right or if I need to back to the chart again. Journey of new trader, just telling myself not to FOMO just sell at your target and if you're wrong you can find re-entry later. Don't know what a lot of you do to handle that but I try to be as much of a robot as possible when I'm in a trade. I'm sure it gets better with time.
BTC is feeling the squeeze between the EMA's and the trendline something has to give soon. Lets see which way it goes