BTCUSD DAILY UPDATE - 08/07/2018
bitcoin ended a cycle from inception at 19,666.00 high and since then has been correcting. Since the first cycle is in a motive 5 waves, I expect another motive 5 waves to the upside once the correction is ended.
Now, since 19,666.00 high, I proposed the end of correction at 5,920.76 low on 06/02/2018 that has been denied on 04/06/2018 with a new low.
As RSI in weekly is not showing any divergence, I conclude that the move from 19,666.00 high is corrective and I propose a triple correction (WXYXZ), last leg being from 11,780.00. This last leg is to be in the form of a corrective structure and I propose a FLAT to 7,325.37 low recovering to 9,948.98 and ending at 5,780.00 where we have enough swings to the downside to have the cycle now very mature.
However, equal leg from 11,780.00 projects 5,494.35-2,741.49 which has not been reached yet. However, a cycle ended in the 4h, and while there is no reason to buy here in daily, I call the end of the correction at 24/06/2018 low.
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Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
bitcoin ended a cycle from inception at 19,666.00 high and since then has been correcting. Since the first cycle is in a motive 5 waves, I expect another motive 5 waves to the upside once the correction is ended.
Now, since 19,666.00 high, I proposed the end of correction at 5,920.76 low on 06/02/2018 that has been denied on 04/06/2018 with a new low.
As RSI in weekly is not showing any divergence, I conclude that the move from 19,666.00 high is corrective and I propose a triple correction (WXYXZ), last leg being from 11,780.00. This last leg is to be in the form of a corrective structure and I propose a FLAT to 7,325.37 low recovering to 9,948.98 and ending at 5,780.00 where we have enough swings to the downside to have the cycle now very mature.
However, equal leg from 11,780.00 projects 5,494.35-2,741.49 which has not been reached yet. However, a cycle ended in the 4h, and while there is no reason to buy here in daily, I call the end of the correction at 24/06/2018 low.
Don't forget to like, comment, subscribe if you like the idea. It helps the channel. Much appreciate it.
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
View is unchanged.
I need a break of the RSI trendline to confirm the end of a cycle from 19,666.00