BTCUSD 4H
Hey guys, as already written on my Telegram, I am favouring - based on my analysis - a drop to the marked 8.6k-8k area first before heading to the upside and finally breaking the bigger counter-trendline that has been well respected since the beginning of the larger correction. You'll see a very similar pattern and behaviour in price on many other pairs, as many of them are now currently sitting just below a heavy dynamic resistance with many other confluences increasing the likelihood of seeing a downward move first. The forecasted drop might be the smaller wave c of 2, so once we're seeing some strong confluence at the 8.6-8k area, this might be the start of a wave 3. It is still a bit too early to call for a high probability target of the third wave, but first I would look out for the $11.800 resistance to be taken out. This will most likely lead us to a test of the 12.500-13k area. After all, I do not expect price to exceed the 15-17k level before seeing another corrective structure.
If you want more in-depth analysis and insights, feel free to join my free Telegram: t.me/bbgtv
Hey guys, as already written on my Telegram, I am favouring - based on my analysis - a drop to the marked 8.6k-8k area first before heading to the upside and finally breaking the bigger counter-trendline that has been well respected since the beginning of the larger correction. You'll see a very similar pattern and behaviour in price on many other pairs, as many of them are now currently sitting just below a heavy dynamic resistance with many other confluences increasing the likelihood of seeing a downward move first. The forecasted drop might be the smaller wave c of 2, so once we're seeing some strong confluence at the 8.6-8k area, this might be the start of a wave 3. It is still a bit too early to call for a high probability target of the third wave, but first I would look out for the $11.800 resistance to be taken out. This will most likely lead us to a test of the 12.500-13k area. After all, I do not expect price to exceed the 15-17k level before seeing another corrective structure.
If you want more in-depth analysis and insights, feel free to join my free Telegram: t.me/bbgtv
Trade active:
Buy zone has been hit