There are plenty of signs indicating a retracement:
1) Bearish divergence
2) Rising wedge (and a rising wedge with-in it)
3) Resistance of rising wedges
4) Completion of 5 EW (W1 is longer then W3, therefore, W5 can not be longer than W3.)
I will be shorting the top of W5 (starting from 7260, orders not filled yet) with TP at supports (6800 and 6600).
Constructive criticism quite welcome - I am doing this to learn after all.
1) Bearish divergence
2) Rising wedge (and a rising wedge with-in it)
3) Resistance of rising wedges
4) Completion of 5 EW (W1 is longer then W3, therefore, W5 can not be longer than W3.)
I will be shorting the top of W5 (starting from 7260, orders not filled yet) with TP at supports (6800 and 6600).
Constructive criticism quite welcome - I am doing this to learn after all.
Comment:
Clarification of point 4: this rule increases the probability (for me) that the 5th leg is close to an end.
Comment:
Started laddering my position from 7200 (earlier than planned), due to loss of momentum and drop in volume. I've set up limit sell orders up to high 72XX just in case.
Should BTC rise above 7370, the wave count will be invalidated, as W3 would now be the shortest or equal to W5.
Should BTC rise above 7370, the wave count will be invalidated, as W3 would now be the shortest or equal to W5.
Trade active:
Body of W5 still smaller, than that of W3.