BTCUSD- A Look at the Weekly Structure (Part III)
If you would like to view the Part II of this analysis, you can check it out here:
Let's begin.
On my own personal charts, I had been doing wave analysis on the hourly to get a look at the wave counts, which showed me finding a top around our current top, which sits very snugly between our current .5-.618 structure. As it stands, my charts are telling me that we need to complete an ABC retracement to around the 6800 level.
We may note that we have currently bounced off of the .5, but I'm still very skeptical of this trade. Not only that, but I feel the risk/reward is quite underwhelming at the moment; I personally exited at 7300 because I knew it would turn around the 7350 point, but I would only be pushing my luck at around 7500 for take profit right now. Truth be told, a pullback of some kind would be quite healthy right now, otherwise we would be climbing above our wedge structure, which would indicate some sort of instability in the structure. If you aren't long at the moment, your best bet is to stay out right now and consider opening a long if we break above the .618 on AT LEAST the daily, otherwise I would urge you to stay liquid or short for the time being.
If we can expect this to head up to the 8000s region, I really would feel more comfortable seeing this pull back. Until then, we wait to see what price tells us.
Let's begin.
On my own personal charts, I had been doing wave analysis on the hourly to get a look at the wave counts, which showed me finding a top around our current top, which sits very snugly between our current .5-.618 structure. As it stands, my charts are telling me that we need to complete an ABC retracement to around the 6800 level.
We may note that we have currently bounced off of the .5, but I'm still very skeptical of this trade. Not only that, but I feel the risk/reward is quite underwhelming at the moment; I personally exited at 7300 because I knew it would turn around the 7350 point, but I would only be pushing my luck at around 7500 for take profit right now. Truth be told, a pullback of some kind would be quite healthy right now, otherwise we would be climbing above our wedge structure, which would indicate some sort of instability in the structure. If you aren't long at the moment, your best bet is to stay out right now and consider opening a long if we break above the .618 on AT LEAST the daily, otherwise I would urge you to stay liquid or short for the time being.
If we can expect this to head up to the 8000s region, I really would feel more comfortable seeing this pull back. Until then, we wait to see what price tells us.
Comment:
Structure invalidated.