Hi all, I have been showing bearish analysis of BTC for sometime now. However it is important to remain unbiased when it comes to the market.
When I reanalysis the chart I counted that the last drop of 3.8K could be the last bottom, wave 5, if this is true we are now in accumulation phase and waiting for a break to the upside. The Rising Wedge that we see now could be a leading diagonal waiting to break up.
Blue line shows that a correction is probable into the 5k range and the possibility of breaking straight up show by the Green arrow.
Trade your plan and risk what you can afford to lose.
Do click on the link to view my bearish analysis for BTC
When I reanalysis the chart I counted that the last drop of 3.8K could be the last bottom, wave 5, if this is true we are now in accumulation phase and waiting for a break to the upside. The Rising Wedge that we see now could be a leading diagonal waiting to break up.
Blue line shows that a correction is probable into the 5k range and the possibility of breaking straight up show by the Green arrow.
Trade your plan and risk what you can afford to lose.
Do click on the link to view my bearish analysis for BTC
Comment:
I am still holding on, Green Arrow Scenario in play now. However let's not be complacent and see if this does bring us to 12K
I have come up with 2 more possible scenarios apart from the first (Bearish) and second (Bullish, deep correction).
1) We will have a shallow retracement to the 38.2% (Yellow Line) of Wave E and price takes off
2) We will have a false breakout to the downside of the rising wedge and rebounce at the 61.8% (Green Line) retracement.
Let see if we can get in on this rocket at a good price!! Good luck Traders