TradingView
xcitedDelirium
Jul 26, 2022 9:00 AM

Formation of clean bullish Wolfe Waves on Bitcoin Long

Bitcoin / TetherUSBinance

Description

Bullish Wolfe Waves appear on Bitcoin's 1 hour chart. This could be an indicator for short term reversal. Point 5 having a relative increase in trading volume makes me more confident in this setup.

I would be using the 1-hour Fair Value Gaps / Imbalances as areas to take some profits with my last target being the local high marked with a green line. Golden pocket doesn't look that significant as it was visited with a reaction prior but we might see another retracement there or from an area close below it if we decided to dive a bit deeper with point 5.

Bear in mind that FOMC is really close (pun intended!) and an interest hike might mess things up for those longing.

Trade safe.

Trade closed: target reached

Final target reached. 🎯
Comments
PersisConsult
Agree ✌️✌️
xcitedDelirium
@PersisConsult, Things going really well so far!
More