The recent pump on BTC has made everyone to believe that we have already seen the bottom, yet i differ to that opinion because there is already very low cases where we see a Flat correction, furthermore the possibility of truncated impulse waves combined with flat correction are even lower (on weekly and daily chart).
The amount of volatility in the market in the recent couple of days has been more than usual, both longs and shorts were squeezed. I am still expecting that we are yet to visit lower ranges and the dump is not over yet, I have reasons to believe that we are in ABC correction waves since once you remove all the noise in daily chart, the price action can be seen with more clarity as shown below.
Currently we have just one last wave (wave 5) of our correction wave C left and that is where I will be opening my short position. I am expecting Wave 5 to end near 61.8% of wave A, but it can go a bit higher depending on situation (plus in case there is manipulation) either way once the wave 5 is over, things can escalate quickly towards downside.
The amount of volatility in the market in the recent couple of days has been more than usual, both longs and shorts were squeezed. I am still expecting that we are yet to visit lower ranges and the dump is not over yet, I have reasons to believe that we are in ABC correction waves since once you remove all the noise in daily chart, the price action can be seen with more clarity as shown below.
Currently we have just one last wave (wave 5) of our correction wave C left and that is where I will be opening my short position. I am expecting Wave 5 to end near 61.8% of wave A, but it can go a bit higher depending on situation (plus in case there is manipulation) either way once the wave 5 is over, things can escalate quickly towards downside.
Note
Wave C consisted of bearish triangular waves as follows, i entered into short position upon confirmation of end of wave 3 which is being followed by downward impulsive move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.