Well, I see a few problems here. First of all, we've essentially broken the major resistance line and guess what? No one showed up to buy after that happened. In fact, has dropped off. Weird huh?
Secondly, look at the - many time frames are close to peaking, so it seems odd that we would get a major push upward while they are almost spent.
Thirdly, we have Bear Divs, indicating a further drop.
and 4th, we have a classic formation.
That being said, I'm holding BTC with a stop above 10,200.
I'm being cautious here, and waiting for a REAL breakout over the to buy more. IMO downward movement with and momentum is possible here. Be careful and be safe while the market decides what to do next.
We had very little retrace of the wave up from 5900, so I would suspect we would get to .5 of the entire move (8900 area) or .618 (8100 area). We'll have to see how this wave shapes up and what the stoch rsi's tells us. Hope you have youir stop losses in place. Good Luck!
We will bounce here most likely but not for long. Ending target 7500 area for now. If you bought here I would consider taking profits on the way up at the 8600 area.
Bought the panic yesterday and sold half on the spike up. I was happy to see some continuation this morning, but we still haven't held the 8600 level well. I'm cautious and have stops set in profit in case this scenario plays out. If we can hold 8600, I'll buy more on dips.
Stopped out in profit, but going to buy at the end of wave 5 (if it comes). 5 waves down MAY indicate a wave 1 towards the 5k area. I won't be sure till we see the reaction from wave 5.
I'm assuming we'll see some decent selling in the next few days. If we break 6k, there will be a massive drop. Be careful.
i would also like to know why you call that area a bearish divergence?