BTC 8.2k reached, Now where it is going?

BINANCE:BTCUSDT   Bitcoin / TetherUS

We are going through a corrective wave and they are always complex to interpret.

Lots of doubt comes in mind dusing this phase.

Diffrent count views also make it confusing to count corrective waves and predict next move.

Lets see both views:

1. Green color: as per this 5th wave was on 9800 level and after that we have completed A and B of ABC flat correction and some guys are saying the C is also completed, that means we are starting 3rd wave upside.

2. Teal color : As per this we completed 5th wave at 10k and we are going thorugh ABC zigzag correction and completed A wave and now in B wave which may reach aroun 8.9-9.0k or fell little bit shorter.

In next update i will go in detail explaining where may be our next move ? So make sure to goto my profile and press follow button.

Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
Trade active: Lets first take green waves scene, the C is being called completed by some but C always being 1-5 and to me it seems we have completed only 3rd here and going through 4th wave correction. Why? a triangle is forming which forms during 4th or B wave.

As this is 1-5 so i think we must have to come down to complete 5th wave. There is another reason to call it 4th wave , because middle of 3rd wave being steepest slope during whole 1-5.

Now question is how much down we can go? We can see 4th wave may form a flag or pennant so target can be 7500 for small pole and 6800 for big pole (pole and flags are in yellow ).

If price dips to 6800 then either 3rd or 5th will be extended. In this case C will be much lower.

Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.
Comment: For teal wave scene, we are in zigzag correction and have completed A wave, progressing in B wave but still have to complete C , which will always be sharp 1-5 down.

Pole and flag pattern also applies in this case and can take to same target, so no matter what, i am still bearish unless we see sharp upward movement 1-5 which is the charecter of start of impulse wave of any motive wave.

Follow and share for more ideas. Press thumb button at right bottom below the chart if like my work.

Trade active: Now in flag. ABCDE triangle taking place, E is known to undershoot or overshoot so be ready for some movement. In any case enter on next line breakout to upside and stoploss just below wave C.
First target 8700
Second Target 8900
Comment: Yes , E undershoot :
Comment: Target already given, representing on chart:
Comment: Put tight stop loss as break even point so if it come down, you loss nothing.
Comment: seems got rejected by bigger triangle's upper line around 8600, but i will still able to make some profit in above trade setup. Hope you too. If not, more coming. Follow for updates.

Trade active: That small H&S at top of Flag triggered it and it is breaking lower line of flag. One thing you should always keep in mind, if H &S is in sync of volume and most of time it will play out .
We need to see where this current candle close and that will decide where we will go.
Comment: Next candle got rejected by lower line of flag and working as resistance , we may print another bear flag here, fingers crossed.
Trade active: Yes, bear flag is building, if it does not cross above 8500 soon and get support on lower line from where it fell then bear flag may send us down to those green line supports. which is in play.
For downside i am waiting for it to break lower line of small bear flag
I am in cash right now.
Trade active: Looks like lower line of flag is broken, though need confirmation by next candle. If playout , flag target is 7950.
Comment: Aha, that is why need to wait for confirmation, it came down but next candle took it back again.
Comment: Wow , broke upside and breaking resistances like rocket.
Comment: Some guys messaging me about upside target of this pump. It is still 8900 as per old charts. I forget to tell you about how i came on this, it was using bottom diamond, i am posting that diamond now .
Comment: That teal color is structure and yellow vertical line to upside is target which is around 8900. First Target was 8700 and that is reached .
Comment: Ok guys, i will be off for some hour. I have placed limit buy order at 8950 in case BTC pump again . Though seems getting rejected by heavy resistance upside and expected to comedown for some time.
Trade active: We are still moving as per our interpretation. If this does not do double bottom here then , straight down , if bounce then will take some time.
Comment: Reversal Sign: Bullish divergence on 4 hour RSI in teal color. Reversal may be coming soon. May be 1 more wave down and then up.
Comment: That wave down is in progress guys.
Trade active: Looks like another diamond bottom? Target 8600
Trade active: Guys i was away so could not update. Here is update in current scene. An H&S and a bear flag . If you like my work , share with your friends.
Comment: A big green candle is trying to go up. If this cross 8450, flag and H&S will be invalidated:
Trade active: There is a bullish divergence on 15 mins chart. Buying on MACD cross and selling on next cross.
Trade active: Bullish crossover on MACD never happened so bear flag and H&S target was still valid and reached to it's target successfully. We reached at the upper line of falling wedge and below it we have another support so we should see some sideways action then next move will be clear. If bulls do not hold here for sometime and support broken, we will see 7600-7700 fast.
Comment: Looks like a diamond bottom on 1 h chart. On break, upside target 8k and downside 7150.
Trade active: Looks like a triangle type structure is building which may break either side :
welcome back
I am new to TA
What is the break up even point
@Sdq1, At the price you but + the exchange trading fee.
+1 Reply
SteveGRN Arpi2018
@Arpi2018, price you buy....
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