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BTSBTC / Bullish Long Term Trend - 4H Elliot Wave Analysis

BINANCE:BTSBTC   BitShares / Bitcoin
BTS/BTC looks like a very text book Elliot Wave progression. The current price movement is in the initial motive wave of another 1,2,3,4,5 pattern. Remember these patterns are fractal and this idea is charted out on a 4H chart. Price could experience these same wave progressions on smaller time scales 5M,15M,60M. If you keep track of the major wave in progress, you should be able to make some nice trade setups on the smaller time scales. The prior pivot points become key levels for corrections before continuing on in bullish price movement.

I like to have a big picture perspective of a coin pair before I start looking for a shorter term position. This is a good example of having a big picture idea on what price is doing. If price is behaving with the big picture then paint your day trades with it. Let the market work for you not against you.

-Jared
Comment: Facing a key level, prior high. Notice RSI is still mid-range and plenty of room to move up. RSI can actually hit oversold and reverse, while price is still moving up. Refer to the 1st wave between Dec 11-18th; and From 18-25th.
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