Before looking the chart above, let's see what BTC did end of bear market at 2018?
1- Clear 5 waves to the downside (impulsive)
2- Market maker wick to fill their shorts (swing play)
3- RSI hit under 10 which is so rare
4- Length of 5th wave is range between 0.786-1.272 (length of wave 1)
5- Despite lower low on price action, higher high on RSI (divergence)
6- After that acumulation phase and trend change.
Similarities between NOW and 2018,
1- First 4 waves almost finished (3rd wave same magnitude with previous one)
2- Market maker wick to fill their shorts (swing play)
3- RSI hit under 13 (not exactly 10)
4- I am expecting 5th wave between 6500-5800 according to length of wave 1 (0.786-1.272)
5- If price drop for lower low RSI will give us divergence (high probability)
6- After that accumulation phase and trend change. (Hopefully) Because i am long term bullish
Thanks for reading... See you with other analysis...
1- Clear 5 waves to the downside (impulsive)
2- Market maker wick to fill their shorts (swing play)
3- RSI hit under 10 which is so rare
4- Length of 5th wave is range between 0.786-1.272 (length of wave 1)
5- Despite lower low on price action, higher high on RSI (divergence)
6- After that acumulation phase and trend change.
Similarities between NOW and 2018,
1- First 4 waves almost finished (3rd wave same magnitude with previous one)
2- Market maker wick to fill their shorts (swing play)
3- RSI hit under 13 (not exactly 10)
4- I am expecting 5th wave between 6500-5800 according to length of wave 1 (0.786-1.272)
5- If price drop for lower low RSI will give us divergence (high probability)
6- After that accumulation phase and trend change. (Hopefully) Because i am long term bullish
Thanks for reading... See you with other analysis...
Trade active:
BTC is in buying area once again. This kind of price actions generational buy opportunity for me. Nothing financial advice. Do your own research please.
Comment:
I forgot to write price here: $6600 12.17.2019
Trade active:
$6600 BTC and where we are at right now...
