BullRider802
Long

BTC Preparing for Fifth Wave

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Analysis of Supply/Demand:
1. Liquidity @ 10250, and July 26 consolidation marked buying pressure before recent pump to 11400: demand block
2. Liquidity and numerous retests within July 28 ABCDE triangle correction tested 11030 as support: demand block
3. Selling pressure and slight liquidity @ 11400 mark resistance at 11400: supply block

Fibonacci Retracement:
1. Beginning of July 27 impulse at demand block @ 10250 --> 0% FIB retracement
2. End of 28 impulse at supply block @ 11400 --> 100% FIB retracement
3. Important S/R areas within the July 28 ABCDE triangle consolidation fell at 78.6% and 61.8% retracements.

The above analysis is the foundation upon which I will predict where we are heading.

What the Past Tells Us:
1. Resistance from July & August 2019 is about to be tested
2. July 3 & 11, 2019 resistance @ 11890
3. August 2019 resistance @ 12080

What the Future Holds:
1. Our 127.2% FIB extension lies @ 11890
2. Our 141.4% FIB extension lies @ 12080

Confirmation of Analysis (or is it confirmation bias?):
1. Wave count from 9100 breakout puts us at the end of a Wave 4 correction, with a move to the upper 11000s as a fifth wave
2. RSI Bullish Divergence on 4H
3. On LTF , such as 15m, you will see the dump from 11200 to 10900 is a falling wedge . Price tends to pump after a falling wedge ends.
4. Dynamic trend line S/R tested as resistance by July 26 wick, and support by July 28 wick.
5. Spinning top bear candle at this trend line hints a reversal is coming...

Potential Trade:
Entry --> 10950
Stop Loss --> 10865 (maybe upper 10700s if you're worried about nasty bear wicks)
Target 1 --> 11890 (127.2% extension)
Target 2 --> 12080 (141.4% extension)



Comments

Volume Decinle
HLs and LHs
= CONSOLIDATION

1H and 4H Bull Div....let's pop!
Reply
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