What's around the corner for BTC from Elliott & Wyckoff on 1D?!
My TA on 1D is based on Elliott and Wyckoff pattern.
I did not include any indicators for this TA as at this time they do not show any confirmation for the price reversal. This may take a few days given today's drop. Therefore, there is no need to disregard a possibility of a price falling further down to around 40,300 USD or even to 33,500 USD. It may happen!
However, currently the price is bouncing off the local descending trend line in black colour and also off the blue colour line. The vertical volume shows divergence against price for the last 5 days (see the last 5 red candles). Along with its yesterday's longest red candle such action indicates a price reversal.
I will update this TA as price action moves along, so keep track of it!
I did not include any indicators for this TA as at this time they do not show any confirmation for the price reversal. This may take a few days given today's drop. Therefore, there is no need to disregard a possibility of a price falling further down to around 40,300 USD or even to 33,500 USD. It may happen!
However, currently the price is bouncing off the local descending trend line in black colour and also off the blue colour line. The vertical volume shows divergence against price for the last 5 days (see the last 5 red candles). Along with its yesterday's longest red candle such action indicates a price reversal.
I will update this TA as price action moves along, so keep track of it!
Trade active:
Vertical volumes showed regular bullish divergence 8 hours ago. A bullish crab pattern was also formed with point D on 4H. Also, 4H candle is currently showing a bullish engulfing reversal. Therefore, TP can be set at around 45,580 USD.
Trade closed: target reached:
Point C has been reached. TP successfully taken!
