I think Bitcoin is approaching another wave upwards of $17,700. The 30 min MACD is starting to level out and the uptrend from the wave 4 correction should be ending soon and wave 5 should spark. I believe I've counted the bottom, but this V formation seems a little bearish for another push awards. It is possible that instead of another wave 5, we will see an upwards B wave in progress of an ABCDE correction.
If it reaches the target I think there will be a shorting opportunity from anywhere between the 0.328 and .618 fib levels of the current run shown on the chart. Watch for reversals and a weakened high on the RSI when the next wave approaches. Hopefully the fall is graceful and not a falling machete... If it does fall more (which it should).
If it reaches the target I think there will be a shorting opportunity from anywhere between the 0.328 and .618 fib levels of the current run shown on the chart. Watch for reversals and a weakened high on the RSI when the next wave approaches. Hopefully the fall is graceful and not a falling machete... If it does fall more (which it should).
Comment:
Dude, I really need to proof read before I publish... the "*downtrend from the wave 4" and "another push *upwards"
Comment:
Personally, it does not look like Bitcoin will hit that 5th wave. I expect a continuation of a downward correction to those lower fib points.
Trade closed manually:
My wave count has altered. This should be the bottom for the correction. Will upload a long position.