The recent upward move looks like the A point was only recently found.
This gives better confirmation that the B point around 4000 is yet to come.
My current plan is to SCALP long with a special interest picking up some coins around the 3774 point of control which is likely to form the 2 point of a 5 wave impulse up to the B point.
Once at the B point I am looking to get aggressively short with a target at the bottom of the monthly range in the low to mid 3k area.
That will be an area to consider accumulating a long term swing position for if BTC decides to eventually break from the long range and explore new highs up into the 10k area.
I will be using a relatively small stop for that trade however because there is also a potential for it to break through the bottom of the range and go to the $1000 to $2000 area which I would think is the final bottom.
This gives better confirmation that the B point around 4000 is yet to come.
My current plan is to SCALP long with a special interest picking up some coins around the 3774 point of control which is likely to form the 2 point of a 5 wave impulse up to the B point.
Once at the B point I am looking to get aggressively short with a target at the bottom of the monthly range in the low to mid 3k area.
That will be an area to consider accumulating a long term swing position for if BTC decides to eventually break from the long range and explore new highs up into the 10k area.
I will be using a relatively small stop for that trade however because there is also a potential for it to break through the bottom of the range and go to the $1000 to $2000 area which I would think is the final bottom.
Comment:
Made a mistake about the location of the POC. Also updated wave 2 entry area to 3789
Comment:
There's a trade idea on that chart but I am not actually taking that yet.
Comment:
Tentative trade plan for point 2 shows a scale-in region with RRR ranging from 2 to 9.
Comment:
Using rejection wick for fib extension to find wave 2 entry
Comment:
Updated buy zone 3797.94 to 3752.85 using recent fib zones
Comment:
Also I expect BNB to dump soon since it's on a nested 5th wave within a 5th wave. This could start the move down for the rest of the cryptos to the buy zone.
