Yo guys what's up
Pretty confusing price action since we started july
but i believe we 've just hit a local low for bitcoin considering most
major altcoins have reached their corrective targets.
The dump also appears to be low in volume which might indicate a trap
In addition to that there is hidden bullish divergence on 4H and 1D oscillators
which is normally found on triangle consolidations.
Also from a fractal standpoint we've been following the gold futures fractal
since the 3.2k Bottom this fits the triangle consolidation narrative.
From an elliot wave standpoint the proposed triangle fulfilled all the required measurements
But it hasn't fulfilled the duration requirement for a wave (iv)
so we can expect price to continue going sideways in order to retest the lower border of the channel
before continuation to ATH
Invalidation level : below 10k
Pretty confusing price action since we started july
but i believe we 've just hit a local low for bitcoin considering most
major altcoins have reached their corrective targets.
The dump also appears to be low in volume which might indicate a trap
In addition to that there is hidden bullish divergence on 4H and 1D oscillators
which is normally found on triangle consolidations.
Also from a fractal standpoint we've been following the gold futures fractal
since the 3.2k Bottom this fits the triangle consolidation narrative.
From an elliot wave standpoint the proposed triangle fulfilled all the required measurements
But it hasn't fulfilled the duration requirement for a wave (iv)
so we can expect price to continue going sideways in order to retest the lower border of the channel
before continuation to ATH
Invalidation level : below 10k
Trade active:
www.tradingview.com/chart/hknhpbFi/
it appears we've had a fakeout below 10k
but the ascending channel remains intact so the idea remains valid
Still bullish until the macro ascending channel breaks.
it appears we've had a fakeout below 10k
but the ascending channel remains intact so the idea remains valid
Still bullish until the macro ascending channel breaks.
Comment:
www.tradingview.com/chart/hknhpbFi/
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Triangle Scenario
This is still in play with most major coins potentially
consolidating for their 4th waves
This is still in play with most major coins potentially
consolidating for their 4th waves
Comment:
Majors