Hi guys,
So we were due for an update. Pattern recognition of an expanded flat correction that respect all the rules about the form. A 2 subsequent ABC ending in a 1-5 wave. I do not exclude that wave 5 can be more extended to 0.08 ish lvl before being buy out as BTS behavior tend to support extended waves.
I share you an example of this pattern here : d.stockcharts.com/sc..._patterns/wave18.png
The fundamental of the pattern recognition are there. The MACD 4H is not on the best position but adding the RSI we can accept that the ongoing oversold state will prevent further lows for now.
That being said normally we should see a bounce toward 0.12 at the precedent major B.
I do not reject a continuation of the wave 5 since BTS often behave with extended wave but that should not compromise the projection.
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I can add this perspective too :
___________
If we prefer to base our projection of the anteriority we can see that ABCDE (compressive price) pattern on the oversold state and minimal negative histogram lead more than often to a re-up in price :
__________
The BTSBTC pair is very intesting, a triple combination structure. We can see very symmetrical pattern. Each WXY ( or you can use ABC) lead to form WYZ (this is where the 'triple' thing came from) to a relatively flat support and lvl. While each X is identical in their form with a 1-5 structure (both X need to have same structure because they are named X, otherwise this is not a WXYXZ). Each Sub W link together as well as each X links together forming a channel. There is many correlation in this structure
The triple, the WYZ, have the same correlation form on other indicators such as RSI and similarities on the MACD (if you exclude the compressive form of the MACD a.k.a. higher lows)
I discard a double zig zag with a lower Y (which is named Z in the triple combination structure) because the is no ABC between W & X that could lead me to include a lower low than Y of the Y in the WXYXZ. There is many correlations in this structure that why i share you this idea.
Of course this MACD on the BTSBTC pair isnt in the best position but I expect a relatively minimal negative histogram in regards of the compressive price we have
So we were due for an update. Pattern recognition of an expanded flat correction that respect all the rules about the form. A 2 subsequent ABC ending in a 1-5 wave. I do not exclude that wave 5 can be more extended to 0.08 ish lvl before being buy out as BTS behavior tend to support extended waves.
I share you an example of this pattern here : d.stockcharts.com/sc..._patterns/wave18.png
The fundamental of the pattern recognition are there. The MACD 4H is not on the best position but adding the RSI we can accept that the ongoing oversold state will prevent further lows for now.
That being said normally we should see a bounce toward 0.12 at the precedent major B.
I do not reject a continuation of the wave 5 since BTS often behave with extended wave but that should not compromise the projection.
_________________
I can add this perspective too :
___________
If we prefer to base our projection of the anteriority we can see that ABCDE (compressive price) pattern on the oversold state and minimal negative histogram lead more than often to a re-up in price :
__________
The BTSBTC pair is very intesting, a triple combination structure. We can see very symmetrical pattern. Each WXY ( or you can use ABC) lead to form WYZ (this is where the 'triple' thing came from) to a relatively flat support and lvl. While each X is identical in their form with a 1-5 structure (both X need to have same structure because they are named X, otherwise this is not a WXYXZ). Each Sub W link together as well as each X links together forming a channel. There is many correlation in this structure
The triple, the WYZ, have the same correlation form on other indicators such as RSI and similarities on the MACD (if you exclude the compressive form of the MACD a.k.a. higher lows)
I discard a double zig zag with a lower Y (which is named Z in the triple combination structure) because the is no ABC between W & X that could lead me to include a lower low than Y of the Y in the WXYXZ. There is many correlations in this structure that why i share you this idea.
Of course this MACD on the BTSBTC pair isnt in the best position but I expect a relatively minimal negative histogram in regards of the compressive price we have
Trade active:
almost reached. update after fully reached
Trade active:
MACD 1D bullish crossover. We can expect a continuationg toward restiance and MA 100 near 0.134 and 0.15 on a more mid-term projection
Trade closed: target reached
Comment:
while first target reached i keep 0.134 as second target. Update is not needed right now, no so much new data in play. update later in 24-48h. higher target remain.
Trade active:
second target idea.
Again BTS being BTS with his classic extended wave. wave 5 target is 0.125 or 0.134 to 0.14 depending on the extension :
Again BTS being BTS with his classic extended wave. wave 5 target is 0.125 or 0.134 to 0.14 depending on the extension :
Trade closed: target reached:
2nd target follow up : wave 4 reached. will update idea this afternoon
Link here : twitter.com/Wor...461898591793153?s=19
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