The breakout from Wave C ending diagonal indicates the end of correctio of Wave 2 and suggest a continuation of the bull market. Our first target will be the weekly channel resistance
SCENARIO Recommendation: Buy
Wait for price to break out from the ending diagonal resistance and look for correction on a lower timeframe and buy after completion of the correction
Nice chart, makes sense, thanks for sharing. I maintain target at 6100USD for BTCUSD next 4-8 weeks.
Clean and detailed trade plan with SL/TP - see chart. Good luck, traders!
mljones
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I had the same thought too that the recent upward spike looks more like a 1 wave than a bull trap. The size of that wave is pretty big and the fibs it makes could definitely form an impulse that goes all the way back to 20k.
SpartaBTC
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+
Amjadsid
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it can be wave c of X : y do u think primary wave 2 complete ?
peterpel
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@Amjadsid, It's possible and have an alternative wave count like that
Amjadsid
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5 of ending diagonal not complete yet
peterpel
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@Amjadsid, the ending diagonal might not be complete thats why I recommended we buy after price breakout from the ending diagonal resistance line
Blockshame
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IF we break out now(what i still believe). then fast & straight in the air, like the last green candle... not like you draw it diagonally, that pattern does not exist in my opinion..never seen that..
peterpel
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@Blockshame, If it breakout, it's going for the skies but that is my first target which is the weekly channel resistance
Clean and detailed trade plan with SL/TP - see chart. Good luck, traders!