Alabaster111
Long

Third wave has started.

KRAKEN:XBTUSD   XBTUSD
BTC/USD The third wave has just started and it corresponds with a fib level of 5900, it should reach that level within 16-24hrs. We are still within 70% volume profile , RSI still oversold and momentum is picking up. See you at 5900!!!
good call, how did you know it wasn't going to break support today and head downards? (or how do you know it won't?) Fibonacci sequence is almost perfect at times, but there are plenty of indicators that are still pointing towards a further break of support. BTC has broken support/resistance on both the upside and downside, this was the only time i saw a clear bounce, almost somewhat of a technical reversal to the upside.. do you use a particular indicator that pointed this out a bit clearer than fib llevels and RSI?
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Alabaster111 Krisworldwide
@Krisworldwide, Well coming out of a major correction where the last impulse cycle failed at wave 5 and started a diagonal triangle formation I knew a reversal was bound to happen after the correction ended. Wave 1 was weak but a clear wave 1 and wave 2 never superseded wave 1. At the time of posting RSI was oversold and I also like the wave trend with crosses indicator also it helps to spot the reversals. Plus the volume profile is really helpful at finding s/r levels also, so with the understanding the correction had ended, wave 1 had completed and wave 2 did not supersede wave 1, RSI over sold and the wave trend indicator crossed over, plus the volume profile 70% area had been breached all signs pointed at the beginning of wave 3.
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