This update follow my last post where I mention about a potential little retracement before next major leg up, if you notice up till now market has not make much move especially to the upside instead its trying to drop but the momentum is holding all the drop attempt back.
My view still remain same as I expect potential drop towards 8500$-8800$ then if this happen it will easily facilitated the much expected rise that will push us towards my immediate sell off target around 9850$ to 10,550$.
By going back to the idea of which is usually characterized by overlapping wave 1 and 4 and also by the shape. However, overlap between wave 1 and 4 is not a condition and it may or may not happen.
While waiting for this little drop towards 8800$ have it in mind that price may tend to shoot up without reaching this level having already tested 89XX zone.
The plan here will be to have close eyes on our immediate to open a long if the level got broken upside.
Thank you and I hope you will find this analysis useful. I will appreciate if my effort can be appreciated with your likes.
This hge rising wedge should be it and it expect to break down at any time from the 10k zone
But, any successful breakout from here through 9470 will lead us to our potential sell off target around 10k zone. Just wait and long the pull back towards 9470$ with tight stop loss.
Looking closely on the wave length 5 we can see price is been trapped inside a wedge like pattern with representation abcde where wave length abcd has already been achieved, leaving only leg e floating.
Our trading Plan:
Plan 1: Waiting for price to test out leg e and go in with our long with stop loss below 8400$ and target at 10200$.
Plan 2: If price breakout from leg d, we should long the pull back with stop below 8850$ and have same target at 10,200$.
If all goes as expected the move we had just completed sub-wave 3 of my wave 5.
Then we should have a little retracement for wave 4 before next leg upside towards 12k5 zone and above.
BTC is not really easy to analyse these days because of the parabolic nature of its moves.