BTC short term alternative setup to go down to about $6600-$6750
I cut the fomo top off and drew the ABC wave after that. Yes i know you shouldnt cut of parts of the charts etc.. thats why i called in an alternative setup. This way C leg down comes right on top of the the green resistance line. what happens there.. i think down but thats just a feeling. trail the line a bit up and go down more. what do you guys think about it?
Earlier today i drew this setup where i included the fomo top which brings the target just under the green resistance line.
But the way i drew it here feels better fitting to me and as an exception i think we can ignore this fomo top as it didnt even close on the 4h as a new ATH and on the 4h the channel actually fits pretty fucking nice when ignoring the wicks!
Time will tell.
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Earlier today i drew this setup where i included the fomo top which brings the target just under the green resistance line.
But the way i drew it here feels better fitting to me and as an exception i think we can ignore this fomo top as it didnt even close on the 4h as a new ATH and on the 4h the channel actually fits pretty fucking nice when ignoring the wicks!
Time will tell.
If you like my posts and want to support me please use my ref links below and give me a thumbs up, you can also follow me on twitter at twitter.com/I_am_Bart_
Deribit:
A reletively new European (Netherlands) based exchange. Atm only $BTC futures and options. Soon $ETH as well. Still in Q4 $BTC and alt spot trading starting with erc20 tokens and more alts to follow. Super low fees, maker fees are even -% so you get payed! Super fast trading engine, no fucking lags!
www.deribit.com/reg-568.7620?q=home
Bitmex:
Gives 10% discount on fees for first 6 months!
www.bitmex.com/register/N87P8e
Bitfinex:
gives 10% discount on fees for first month!
www.bitfinex.com/?refcode=Y7...
Comment:
setup still valid. B leg up got a bit higher than i thought, just means the channel got a bit wider. updated chart here with wider channel. target area still about the same.
Comment:
So it hit my target, of the alternative setup, only to drop down to my target of the normal setup i usually would make. as i said it was an experiment but i was proven that my normal way of working is best.
This ABC is probably the A of a bigger ABC downtrend. if this is the case we go sideways a bit up following the green line as a B leg before going down for C.
This ABC is probably the A of a bigger ABC downtrend. if this is the case we go sideways a bit up following the green line as a B leg before going down for C.
Comment:
BTC setup for 5K. could even bounce a bit higher in b leg maybe 6900 before leg C