Publish possible structure of wave 1st this correction.
Now we are in 2nd correction Wave and waiting 5 local wave. More possible level for ending this is 9480 (also 0.236 fib level of this 1st wave). Next stop in Wave 3 is 8150 or 7850 support.
Write comments guys, what are you thinking about this correction? Sentiments very bullish but we not tested 7140-7560 zone. And this is can be very attractive levels to start new longs.
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Second scenario how it can be if we have triange here.
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Any thoughts?
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Ready for breakout. Next resistance 10800-11700.
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Nice breakout of triangle. It could be 1st wave of new cycle. Waiting for correction to 9400.
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Still moving through resistance. Risks to start new lons now very high.
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Bearish divergence
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Falling wedge reversal pattern.
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0.618 fib correction happen. Now we can get triangle or some like this.
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Bearish divergence
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BTC just got 0.5 fib correction of april run. I see pullback to around 8880 or we going to hell at 8280.
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Publish possible wave structure. This is positive view. Other is completely bearish scenario to around 5600 zone till the end of may.
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Update pullback target
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Long term support and Stoch RSI falling wedge reversal soon
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Wave structure of correction
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Wave 5 possible structure
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Big volume - possible breakout. Need to clear 8800 and 9200
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Flat dip. End of correction.
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Fake breakout.Volume not support us. 8000 re-bounce failed. Well, we going under. 7800 7500 7400-6800 major support I like 7500 level, also because this is 0.236 level of fib.
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I have for you 3 options to understanding current situation:
* Breakout of 8370 with volume mean starting new run * Flat bottom in the game * 7800 still possible
About deeper 7500-6500 -dont think so. Market shows signs of strength.
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VPVR reversal levels - 7340 and 7190
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Some info about correction duration
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Here is my thoughts about "why this is not the end" 1. Still low volume - big players waiting 2. We not finish figure (touch support at 6900) 3. It can be "false breakout" or just B wave to 7800-8100 4. According to Wyckoff accumulatoin scheme we need to see capitulation before big run up. Reasons? To remove weak hands from the market and get good price for large players. 5. Possible levels of correction end - 5200-5600
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VPVR + 4h MA99 target
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Moving to 7300 bounce/reversal zone. Short-term still bearish. 6900 need to be tested. 6500 and 6000 also in the game.