weslad

Bitcoin In Ending Diagonal Race( End of Rally)

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello guys,

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 bullish 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 Ending diagonal which is usually characterized by overlapping wave 1 and 4 and also by the wedge shape. However, overlap between wave 1 and 4 is not a condition and it may or may not happen.


NOTE:
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 resistance level 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.
Trade active: This look like complete cycle.

This hge rising wedge should be it and it expect to break down at any time from the 10k zone

Trade active:
Trade active: Price approaching our stronghold level around 9470$. I expect this level to proof stubborn to break. Failure to break this level will send price back to our possible wave iv level around 8500$-8800$.

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.

Trade active: Way to 10k is still very open and i see this happening soon.

Trade active: Ending diagonal still in play with price already completed wave leg 1,2,3,4 and we are on the last leg 5which should take us to the last expected target of 10k zone.

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$.
Trade active: Price breakout through leg D and our Second plan activated.
Trade closed: target reached: PRICE reached sell off zone. Fingers crossed to see what happen here.
Trade closed manually: After taking out our strong hold level tagged "SELL OFF ZONE" then the Fomo push the rally to hit nearly 11k which I believe should be the end of this impulsive wave.

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.

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Comments

Hey brother- this is almost EXACTLY what I had in my mind- just not the chart yet ahaha. Good job this will be a winner.
+1 Reply
Hey boss, another super classy analysis.
+1 Reply
Hey, guys. Use update.
Reply
New idea :D
Reply
weslad CryptoManiac101
@CryptoManiac101, thanks for sharing your view with us
Reply
same levels
Reply
weslad fract
@fract, thanks for sharing your view with us
Reply
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