BTCUSD: where to expect the reversal into the 5th wave down?
Hi community, hope everyone is ready for new opportunities. This is the update on the linked idea, which we published yesterday.
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- The market now is in the 4th wave (most probably ABC structure, now in A wave), as we finally see 5 waves down in the 3rd wave.
- We should wait for wave C.
- We should wait for RSI > 70% when we will be in the C wave. This will mean that the market is overbought and may reverse soon. The best is to see RSI divergence above 70% RSI level.
- We should wait for a downtick on the MACD histogram as a sign of possible market reversal when we will be in wave C.
- I think that all these signals will happen, when the price will reach the marked zone, as according to the EWT theory waves 2 and 4 usually are different, which means if wave 2 is fast and retraces the 1st wave a lot (up to 0.382 and more, FIB), the 4th wave will retrace less (will most probably stop between the FIB Golden Ratio 0.65-0.618 and 0.5 FIB level) and will last long.
- We also see strong support because of 144 and 200 EMAs in the same zone of reversal.
- I expect the market to reverse at 39 500$ - 40 500$. I think it will be a good range to start laddering.
- The market reverse zone will be good to increase short positions/put Stop Loss levels just above the pick of the 4th wave.
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