According to this low time frame analysis $BTC is well on it's way within wave 4 of the current impulse wave up (we assume a target of about $8600 for wave 5).
With Wave (A) of an ABC correction about to finish (the count suggests that we are currently finishing wave 5), we can assume a retest of the area of $8200 before finishing the wave 4 correction at $7700 (the golden Pocket of wave three of the higher degree).
Whilst long positions from here would be ill advised (volume profile doesn't give strong bullish overhead and we can expect a strong bearish reaction at the relevant levels), a short position into wave (C) from $8200 might give us a nice intermediate opportunity for profits - we would have to see how price reacts to the golden pocket.
The high time frame indicates a mid-term short opportunity in the vicinity of $8600 (see htf analysis on this issue). However, it remains unclear when we will see the target reached and whether bullish sentiment is strong enough to actually complete the wave 5 structure, or if we see a truncated 5th before moving to our high time frame target of $5500.
Stay safe and remember to manage risk at all times. Please share and comment.
With Wave (A) of an ABC correction about to finish (the count suggests that we are currently finishing wave 5), we can assume a retest of the area of $8200 before finishing the wave 4 correction at $7700 (the golden Pocket of wave three of the higher degree).
Whilst long positions from here would be ill advised (volume profile doesn't give strong bullish overhead and we can expect a strong bearish reaction at the relevant levels), a short position into wave (C) from $8200 might give us a nice intermediate opportunity for profits - we would have to see how price reacts to the golden pocket.
The high time frame indicates a mid-term short opportunity in the vicinity of $8600 (see htf analysis on this issue). However, it remains unclear when we will see the target reached and whether bullish sentiment is strong enough to actually complete the wave 5 structure, or if we see a truncated 5th before moving to our high time frame target of $5500.
Stay safe and remember to manage risk at all times. Please share and comment.
Trade closed: target reached:
Target reached