BTCUSDT WAVE 1/A IN PROGRESS

BTCUSDT wave 1/A in progress and currently the price is in the last wave 5 . Wait for trendline breakout and wave 4 breakout for confirmation.

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Comment:

price has high probability to drop to 38100, this idea is valid as long as the 4h candle closes above the 38550.

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Comment:

Trendline is broken up and 4 4h candles retested the trendline with long wicks but RSI (4H) is still below 50 and momentum still medium .There is a supply block (40350-41244) that also need to be broken up in order to build strong momentum
that will help the price break through the 41881 , 42200 resistance levels.

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Comment:

Possible wave 2 (abc now in wave c) of wave A

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Comment:

On the 4h frame ,price is currently in divergence with RSI and almost overbought and this signals a possibility of reversal or a corrections that is due . better to secure 50% of you profit .

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Comment:

Possible sideways trading for wave 4 of 3 in progress

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Comment:

Wave 4 of 3 possible target between 40580 - 41216

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Comment:

looks like wave 4 of 3 was completed on 41394 , wave 5 of 3 should continue up . i was wrong with previous target since wave 3 could be extended many times and depends on degrees

double tops are usually liquidity grabs so once once wave 5 is completed , price will need to form a deeper abc correction and take out previous wave 4 low .

trying not to waste bandwidth by uploading many ideas also take into consideration that by doing elliot wave i usually have 3-4 scenario .

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Trade closed: target reached:

will enter long again on pullback