Correction will continue further down. Waiting for the next decent volume bull candle and a potential 2nd wave close to confirm the next bullish impulse series. Pay attention to no-trade zones, just because you are in front of a computer doesn't mean you have to be buying and selling.
Comment:
If we end up breaking out of the top of the wedge with some decent authority, we could see 7200 before running into some decent resistance. Either way, we are observing movement in a bearish channel. I think that channel will be broken in the not-so-distant future....but until that time it isn't a terrible idea to be conservative and use Risk/Reward prior to jumping in.
Comment:
Looks like we broke down off of both structures and now I believe BTC is now completing wave 1 of an impulse wave. It dropped out of the last wedge for what felt like roughly half a second and headed right back up into the impulse structure I have been waiting for. It is a bit early and I won't have an impulse confirmation nor a super accurate count until the close of wave 2...but here is my knee-jerk thought based off of wave 101 rules. I am very much on the conservative side of risk/reward so I will trade once the confirmation of the close of 2 comes through. I don't pull in the gains that I would if I always guess the start of wave 1, but my losing trades are few and far between.
