Hi traders. Hope you are having a great week!
Looks like consolidation might be over here on Bitcoin.
Elliot wave count looks messed up as 1st and 3rd waves are almost the same in size. Don't be fouled, it's not 3 wave move or (ABC). What that means then? It means 5th wave is going to be hyper - extended to compensate this bullish (short term) momentum.
Why do I think so? Look up Ethereum & Xrp daily charts. You might be looking at Bitcoin's future. These pairs are already in extended 5th wave and there's a lot of fuel left.
Macd is supporting this move as buying momentum is coming back slowly.
Targets:
@9240$ is obvious as it's Monthly Supply zone and a lot of big sell orders are placed there. 30-50% of the position could be closed here while waiting for 9800$.
@9800-9900$ targets are reachable knowing that intra month swings can overtake 9200$ easily. Keep in mind, only closing above 9240$ on Monthly would suggest that bullish momentum is coming back in macro perspective.
Trade safely! Hope you got something useful. This is not a financial advise.
xena.exchange/
Looks like consolidation might be over here on Bitcoin.
Elliot wave count looks messed up as 1st and 3rd waves are almost the same in size. Don't be fouled, it's not 3 wave move or (ABC). What that means then? It means 5th wave is going to be hyper - extended to compensate this bullish (short term) momentum.
Why do I think so? Look up Ethereum & Xrp daily charts. You might be looking at Bitcoin's future. These pairs are already in extended 5th wave and there's a lot of fuel left.
Macd is supporting this move as buying momentum is coming back slowly.
Targets:
@9240$ is obvious as it's Monthly Supply zone and a lot of big sell orders are placed there. 30-50% of the position could be closed here while waiting for 9800$.
@9800-9900$ targets are reachable knowing that intra month swings can overtake 9200$ easily. Keep in mind, only closing above 9240$ on Monthly would suggest that bullish momentum is coming back in macro perspective.
Trade safely! Hope you got something useful. This is not a financial advise.
xena.exchange/
Comment:
And we made it ladies and gents! Although not as expected, with new low printed, target has been reached. Take care.
