Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Elliot wave case 1: Waves 1,2,3 are over Long and get out just before the supply zone. Can short at the supply zone and with a target of 4800.
Elliot wave case 2: Waves 1,2,3,4,5 are over. Long and get out just before supply zone which is also around 0.32 of entire fib structure.
So there is confluence between the 2 elliot wave cases, you can Long and Exit around the same region. Shorting at the supply zone is up to you, since it is a FRESH zone, it will probably bounce downwards from that point.
Now the question becomes, WHEN to long, because as you can see it hasn't broken the yellow aggressive trend line yet, so it still might make its way to the demand zone at 4800.
We can long at 4800, or when the candle closes outside the aggressive trend line, preferably on a higher timeframe like the 1 hour. I personally, also be using the VCI (volatility channel index) indicator to enter IF there is low volatility going sideways for a bit after it breaks that trendline.
Bitcoin sentiment has been less fearful over the past few days even though price keeps dropping.That's why i believe we will break down 5000, that psychological support will really upset the market. alternative.me/crypto/fear-and-greed-index/
Comment
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Fib target moved to 5392.
Comment
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We want to see a strong bounce soon on this thing will keep going down.
@markies, 4600 is where you are supposed to look. when I was saying 4800 that was the target on the MONTHLY. We are supposed to zoom in on smaller timeframes, like the weekly, and even daily, to find our targets.
markies
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@SForwardtrading, I bought in around 4500. Happy with that. Did you get your orders filled ?
SForwardtrading
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@markies, they are filled. Though i wonder if it would have been wiser to wait for a sideways low volume consolidation first.
I'm looking at 4600