Hello!
Looks like BTT is in correction forming a ABC and now forming the last wave C.
I thought as many traders we were in wave 4 and we would reach double top or go higher with the wave 5.
But this count was invalid in the moment we broke the top of the wave 1 at 0.00092 area
This is an alternative count Bearish count and it makes more sense to me because we broke .00090 area were we had a lot of support .
We are going to test for sure the green trend line support.
I expect to see some price reaction from here but there are a massive resistance at .0009 to .001 area I expect to be rejected and drop until to our last support .00076 - .00073 area forming a double bottom.
If we break this support we will go lower to the top of the wave 1 0.00060 area .
We are forming a falling wedge this is a bullish pattern but as I said before I don't expect to much about that because the resistance is massive.
In a bigger picture Stoch RSI, MACD are bearish and no signs of bullish divergences.
My best scenario is double bottom.
Looks like BTT is in correction forming a ABC and now forming the last wave C.
I thought as many traders we were in wave 4 and we would reach double top or go higher with the wave 5.
But this count was invalid in the moment we broke the top of the wave 1 at 0.00092 area
This is an alternative count Bearish count and it makes more sense to me because we broke .00090 area were we had a lot of support .
We are going to test for sure the green trend line support.
I expect to see some price reaction from here but there are a massive resistance at .0009 to .001 area I expect to be rejected and drop until to our last support .00076 - .00073 area forming a double bottom.
If we break this support we will go lower to the top of the wave 1 0.00060 area .
We are forming a falling wedge this is a bullish pattern but as I said before I don't expect to much about that because the resistance is massive.
In a bigger picture Stoch RSI, MACD are bearish and no signs of bullish divergences.
My best scenario is double bottom.
Trade closed manually:
This bear count is now invalid thanks to BTC.\
BTT could break the resistance at .0009 level but now need to hold this support to go higher.
But... If BTC crash again... because now in testing a very strong resistance BTT and all the alt coins will crash hard... be careful If you want to enter now.
BTT could break the resistance at .0009 level but now need to hold this support to go higher.
But... If BTC crash again... because now in testing a very strong resistance BTT and all the alt coins will crash hard... be careful If you want to enter now.
Trade closed manually
I am expecting a good reaction from this place.
Maybe we will see some wicks trying to break this support but we have .5 fib level in the bigger picture bellow of the main trend support.
with this reaction I expect touching the MA 200 1h as resistance or .009 region and get rejected again to test the trend support line.
If we break this line our next place to go is .618 fib level and try to make double bottom.