If your still in the internal wave C buy from my previous idea you would be at break even at the very least, as of this point I would suggest to take it all off for small profit and wait for next setup or at least take half off. We gained nice profit in wave A and a little profit in the C wave which is nothing to be ashamed of when were trading a correction.
In my previous H4 BTC idea I was looking for the correction up to complete wave X as a simple correction. Yes we are in a correction, price action in internal B wave convinced me of that (see previous idea and all the update's) but now as of this point internal wave C never broke above wave A. Is internal wave C over or not that is the question. If wave C broke above wave A we would have a much better idea what the go is so that's why I mentioned were in a tricky spot.
We can never be sure internal wave C up is over with the current structure until the low is broken, if we sell the break of the low for Z down that gives us very poor RR so that's clearly not an option. H4 TL still hold's so this market is very much still .
H1 we have divergence with 5 up and an impulse down, TL still hold's but it's looking like price is building a . The flag is incomplete at this stage so there is no hurry to jump into to the sell. If your looking for the H4 Z down sell be patient and wait for the H1 to form before jumping into the sell on the break. 1st TP will be the break of wave Y low, 2nd TP we will have to play it by ear but if we get a similar size wave as wave W we could be looking at the $1600 area.
For the longer term investors if we get the H4 Z down that will give you a nice opportunity to buy for the longer term, at this stage there is no buy setup's that I can see so you need patience before you start loading up! ( I will put out a new D1 longer term idea once I have more data that a low is in place)
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Previous H4 idea, Checkout the detail's and all the update's if you want to get up to speed on my point of view.
D1 idea. Checkout the idea and all the update's for the complete picture thank's.
For the bull's there is no buy setup's that I can see, price is very much bearish on H1, keep all your ammo for the right time.
H4 chart, take not of the blue boxes.
BTC D1 Wave C up, Running or Expanding flat.
Over all BTC I'v learnt since doing analysis on it, it likes to give long drawn out corrections so I could see it playing out like up the top there where my first X is on the H4 chart. After that internal C up completing the X you will see how long it stayed in consolidation before dropping so on this current consolidation after the C completing X we could see this consolidation playing out for a while yet.
In due course I will put out a new D1 idea one I have more data.