BITTY done with A wave of corrective structure, possible B wave
After looking at the charts and analysing the recent drops in price, i noticed that the price has reached an area where the A wave of the corrective move down (zig zag - 5,3,5) could culminate. This would be the .618 fib levels of the 1-4 waves and the 1:1 extension of wave 1 from wave 4 (guideline of wave equality). If my analysis is correct, then we are due to start a corrective wave uo to around the .5 - .618 levels of the current drop. This would put price near the 63800 (last strong resistance that made us dump hard) and 64800 level (previous ATH). After we have reached this level, then we may have another five waves down, culminating wither around this current prices or further down (58k) region). Will be looking to close positions there and open some low leverage shorts at those leves with a stop past the .707.
Lets see if my idea plays out, will keep the chart updated.
Not financial Advice
Keep crushing it Fam.
Lets see if my idea plays out, will keep the chart updated.
Not financial Advice
Keep crushing it Fam.
Comment:
THe price seems to be moving up now to the upper boundary of the channel.
Idea is to take profit at 63500 area but hold some in case the correction is complete, if we get clear break of that channel I will add and then add more at break of Previous ATH level 64800 area.
Idea is to take profit at 63500 area but hold some in case the correction is complete, if we get clear break of that channel I will add and then add more at break of Previous ATH level 64800 area.
Comment:
Seems to be working out, correction extended a bit, im keen to reduce targe for upper channel here.
Took some profit at 63200, now looking to take more at GZ or top of channel which ever comes first.
Took some profit at 63200, now looking to take more at GZ or top of channel which ever comes first.
Trade closed: target reached:
Closed postion at top of channel on failure to make higher high.
After droping and exiting hourly channel im looking at the possibility of C starting will publish new idea shortly.
After droping and exiting hourly channel im looking at the possibility of C starting will publish new idea shortly.
If price gets rejected at those areas 58k is possible.
I saw an idea for a head and shoñulders forming and that move could be the right shoulder, too early to tell but depending on volume at that level we can see if its likely to happen. For now hurry up and wait.