We are still good in following our roadmap for longer term based on daily chart of BTC which I published nearly just over a month ago.
Since then as many of you already know, I have been sharing my shorter term updates charts in the Bitcoin Chat.
It is possible that we might have already topped for what might be wave 4 shown in our roadmap chart which in Finex is 307 spike high. Since we might have commence a next leg down with 5 wave decline. It is interesting that we have either declined in either 5 waves or a zigzag to 235 low.
Regardless since 235 anticipated a triangle formation has been breached by today's price action. Therefore, since the 235 low we now could have ABC zigzag retracement to the upside of which wave C, in the form of rising wedge could be in progress. If correct then we are in minor wave iv and wave v to follow. This could top around 257 260 zone
Minimum downside target could still be around 210 where we have confluence of several fibs and potential AB=CD measured move target zone.
But this could become really nasty, if we have commence the new bearish cycle from 307 spike high.
Further price action will enable us to update our roadmap on daily time frame chart. In the meantime a short trade could be considered as detailed above in 257 - 260 zone in Finex
Disclaimer: All of my work above could be completely wrong, so please use or disregard it at your discretion.
As, always please do your own analysis for your requirement. Select to follow me and the charts for notification of any updates. If you like the analysis show this by thumbs up and constructive comments or alternative ideas for all to learn from.
Yes I could agree with that. But not impossible. However, overall outlook is similar. Thank you for sharing your chart and comments.
Gravvi
⋅
It's not mine. Btw. sorry for double reply, first time made comment here. I follow you long time, thanks for fresh short ta.:-)
And oh, if 257-260 is target and after that down risk is in my opinion too high to wait and better close longs/sell now/open shorts.
DanV
⋅
Yes I agree. Still appreciate your comments and thanks to whoever is the Author of that charts.
DanV
⋅
Another triangle forming for sure. Which way will it break?
SunnyBTC
⋅
completely agree Dan. Long here
DanV
⋅
Thanks. Though actually the triangle now resolved to the downside. But overall it did does not alter the fact that we were looking for long in this area.
RamaDeda
⋅
Hi Dan. Which is your view for long term?
Thanks
DanV
⋅
It is not possible to give on going and continuous analysis and to keep in mind not a lot change that much when using longer term chart and view.
So not sure what you mean by longer term. However Overall our roadmap on daily time frame is still guide. Check it out here if you have not viewed it yet Link tradingview.com/v/yEw5v8MS/
oldstout
⋅
How you see situation after 218$ at finex? :) Rebound to 235$+ ?