The first impulse wave of five has been completed and the second wave is in full force. Wave 2 has to have a ABC correction. If you are looking to add on some bitcoin I think adding around the .5 fib and .618-.65 FIB will be a good area for a bounce into the 3rd wave. The 3rd wave should bring bitcoin to around 14500 to 15300 depending on how far wave 2 retraces. There is light at the end of the tunnel so hold on!
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red line on rsi should be raised to at last pivotNote
4 hour RSI looks very oversold
The MACD uptrend line might be support
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Looks like this could be the upcoming C wave down of wave 2. $8000 to $8200 will be good buys. Should bounce there
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Wave 2 likely complete. Buy it up!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.