Following on from our last post on Bitcoin, we are now moving forward with the idea that we're in an expanded flat correction. We had a really nice trendline break, which resulted in running gains of just over 14%.
On the higher timeframe, we can see that we're in the 4th wave which is an ABC correction. The question is: where does the 4th wave end? Is it an expanded FLAT correction or expanding correction?
Weekly Timeframe:
We have 2 areas of interest we are looking at.
First area: Completion of expanded flat correction at around the 29k level where we can look for buys
Second area: Wave 1 structure level at around 20k , which wave 4 shouldn't go beyond. In this case wave 4 correction will become an expanding correction rather than an expanded flat correction.
In the meantime, we can look for bear flags and keep on selling Bitcoin until we reach one of those 2 areas mentioned above.
What do you guys think? Let us know below.
Goodluck and as always, trade safe!
On the higher timeframe, we can see that we're in the 4th wave which is an ABC correction. The question is: where does the 4th wave end? Is it an expanded FLAT correction or expanding correction?
Weekly Timeframe:
We have 2 areas of interest we are looking at.
First area: Completion of expanded flat correction at around the 29k level where we can look for buys
Second area: Wave 1 structure level at around 20k , which wave 4 shouldn't go beyond. In this case wave 4 correction will become an expanding correction rather than an expanded flat correction.
In the meantime, we can look for bear flags and keep on selling Bitcoin until we reach one of those 2 areas mentioned above.
What do you guys think? Let us know below.
Goodluck and as always, trade safe!
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